What are Scholarships?
Scholarships are sums of money (or other promised aid) gifted to students to pursue their graduate or undergraduate education—no repayment necessary. While college scholarships are granted for a variety of reasons, the most common are student merit, financial need, athleticism, ethnicity and field of study.
Scholarships are gifts that do not need to be repaid, although some college scholarships are awarded with certain stipulations (such as enrolling in a particular field of study or working with a certain organization).
Like grants, scholarships are money that is given by governments, foundations and non-profit organizations. The significant difference between college scholarships and grants is that scholarships tend to have more rigid requirements for selection, and are typically ear-marked for those going to college. Scholarships will require students to meet certain requirements, both before and after they've obtained it, while grants vary widely in their requirements, amounts and expectations. Plus they can be given under a variety of different circumstances.