A Scholarship is an award of financial aid for student to further their education. Scholarships help reduce instructional fees related to direct services. Scholarships are awarded based upon various criteria, which usually reflect the values and purposes of the donor or founder of the award. Scholarship money is not required to be repaid. There are various types of scholarships like: Merit-based, Need-based, student-specific, career-specific, college-specific, Athletic, Brand Scholarships, creative contest scholarships etc. Scholarships may have a financial need component but rely on other criteria as well.

• Academic Scholarships typically use a minimum Grade Point Average or standardized test score such as the ACT or SAT to select awardees.
• Athletic Scholarships are generally based on athletic performance of a student and used as a tool to recruit high-performing athletes for their school's athletic teams.
• Merit Scholarships can be based on a number of criteria, including performance in a particular school subject or even club participation or community service.

Grants, however, are offered based exclusively on financial need and determined using the applicant's FAFSA information.

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