A scholarship is a form of financial aid awarded to students for further education. Scholarships are typically awarded based on a set of criteria such as academic merit, diversity and inclusion, financial need, athletic or artistic accomplishments, or community service. Scholarships can be merit-based, need-based, or a combination of both. They are financial support awarded to a student, based on academic achievement or other criteria, for the purpose of schooling. Scholarships can provide a one-time lump sum, or some scholarships are renewable, meaning you can use them to cover several semesters or even several years of your education. Scholarships are a type of gift aid, so they don’t need to be repaid. Scholarships come from various sources, including clubs, organizations, charities, foundations, businesses, colleges and universities, the government, and individuals. The funds are used to defray the costs of tuition, books, room, board, and other expenses directly tied to a student’s educational cost through the university. Scholarships are typically awarded using a variety of factors, including academic achievement, departmental and community involvement, employment experience, areas of study, and financial need.