What Are Scholarships and How Do They Work?


Scholarships exist to make it easier for college and university students to pay for their studies. Despite scholarships having been around for a long time, many students are often confused regarding how the whole process works. Some students don’t even know how to apply for a scholarship such as the one awarded by Jeremy Schulman while most students don’t understand how the whole process works and what they can use the money awarded to them on. In this article, I will be addressing some of these questions in brief so as to dispel any doubts students may have about this process.

What is a scholarship?

Scholarships refer to financial aid awards that are given to students so as to help them pay for undergraduate degrees and other kinds of studies. Scholarships are awarded based on different criteria and they may be a one-time check or they may be recurrent. Recurrent scholarships are usually renewed every year or semester until the student finishes their studies. The main difference between student loans and scholarships is that the former has to be paid back by the student while the latter are awards that don’t need to be repaid.

Scholarships are awarded in different forms. In the most cases, the money is given to the school where the student will be attending their studies. If the money is given to the school and it turns out that there are some arrears, the student will have to pay the balance from their own pocket. In some cases, the scholarship money is awarded directly to the student who then in turn pays the school.

Where do scholarships come from?

Scholarships are usually sponsored by different sources ranging from individuals and organizations to governments and foreign bodies. Major sources of scholarships are universities, colleges, businesses, foundations, charities, clubs, governments, individuals, and organizations.

How can scholarship money be spent?

Like we have learned above, scholarship money is usually awarded directly to students in some cases, but in most cases, it is given to the learning institution. If the scholarship money is awarded to a student directly, they are at liberty to spend it on anything they like. Some choose to spend the money on video games and concert tickets, but that is not a wise decision. It is wise to look at scholarship money as an investment and use it wisely. Every expenditure should be completely worth it. For example, you could spend the money on books, college housing, tuition, food, software, and computers.

 Who can qualify for scholarships?

Most people think that scholarships are only awarded to students who have outstanding academic records, but that couldn’t be further from the truth. There are several different criteria for awarding scholarships, ranging from academic excellence to athletic soundness. There are many scholarships that are awarded to students based on needy situations. For instance, students in hardship regions are awarded scholarships because they need them. The same goes for students who are orphaned at an early stage in their lives.

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