A scholarship program provides financial aid for students, easing their burden of tuition fees and opening access to education that would otherwise be unaffordable. Scholarships can be awarded based on different criteria, such as academic merit, financial need, athletic skill or specific research experience, and range in generosity from one-time grants to ‘full ride’ scholarships covering tuition, books and living expenses.
Winning a scholarship can make a huge difference in a student’s life. In addition to alleviating the stress of paying for school, it can provide networking opportunities with peers and mentors and boost a student’s self-esteem and sense of achievement. In some cases, scholarships can even lead to employment.
Many scholarships have conditions that a winner must meet in order to keep the award. These can include maintaining a certain GPA, participating in activities or committing to work in a particular field after graduation. In other cases, scholarships can be paid out in installments throughout the year, helping students manage their finances during school.
The most common use of scholarship money is to cover tuition and other mandatory school fees, reducing the overall cost of a degree. However, some awards can also be used for living expenses, books or equipment (like a new laptop) and even travel for internships or research fellowships. Regardless of the type of scholarship, it’s important to read the rules carefully before spending the funds, and not treat it like a free pass to spend on video games or concert tickets.