Scholarships are awards given to students based on academic excellence and/or talent. Additionally, students may receive scholarships based on other factors, such as ethnic background, field of study, or financial need. Scholarships vary in their amounts and the number of years given aid. For example, they can be awarded a one time payment or receive aid annually for a certain number of years (Ex/ $1000 scholarship vs. $5000 per year for four years). Like a grant, students do not need to payback the money awarded in a scholarship.

Scholarships can be awarded through your school or through private sources. Institutions offer various scholarships based on merit, talent, and/or need. Contact your school for a list of scholarships being offered to students. Private scholarships are offered through organizations or companies. Some organizations make students compete for awards through performance or essay writing, whereas some look for students that fit specific requirements and standards. You can search for private scholarships on the internet, through online scholarship search engines, scholarship books, or by contacting your school.