A scholarship is a financial aid reward to students centered on academic achievement or other criteria that may involve a financial need for schooling purposes. Besides, scholarships often reflect the core values and objectives of the donor or founder of the award. Most importantly, students don’t have to repay the scholarship money. So, students with limited financial means can earn scholarships to attain an excellent education.
The funds offered through scholarships are employed to cover the cost of books, tuition, room, board, and various other vital expenses directly related to a student’s educational cost through the university. Thus, there are several common types of scholarships like: