A scholarship is financial assistance given to a student for the purpose of education, based on their academic achievement or other requirements that may include financial need. There are several types of scholarships, the most common of which are merit-based and need-based. The criteria for the selection of students who would receive the scholarship are set by the funding department of a university, and the grantor explains how the money will be used. The funds usually cover tuition fees, academic books, dorms, and other expenses of a student’s educational costs at the university.
Scholarships are usually awarded to students based on a number of criteria, which are not just limited to academic achievement, but also departmental and community involvement, employment experience, fields of study, and financial need.
Scholarships are life-saving options for many students as it fulfils the dream of students of studying at their dream universities. It helps students in empowering their academic and career goals by removing the financial barrier, as it provides free money. Achieving a scholarship also reduces the financial stress of students and therefore, helps them to focus more on their studies, ultimately benefitting them to score better marks.