The scholarship is financial support awarded to a student, based on academic achievement or other criteria that may include financial need, for the purpose of schooling. There are various types of scholarships – the two most common being merit-based and need-based. The donor or department funding the scholarship sets the criteria for recipient selection, and the grantor specifically defines how the money is to be applied. 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.
The scholarships are awarded to the deserving candidates and are not limited only to the academics. The scholarships are also for the individuals for their work in departmental and community involvement, employment experience, areas of study, and financial need etc.