A scholarship program is a fund set up to give financial assistance to students, and usually has specific eligibility requirements. Most scholarships are merit-based or need-based, and can be awarded by schools, colleges, universities, government agencies, businesses, civic groups, and charitable organisations.

Merit-based scholarships recognise academic achievements, such as high GPAs and test scores, or extracurricular activities like athletic or artistic performance. Need-based scholarships take into account a student’s family financial situation and aim to bridge the gap between what students can afford and the cost of higher education.

The majority of scholarship funds are directed straight to the university, and applied towards tuition fees and other mandatory costs. Scholarships that are not used for these expenses, can be applied toward other costs, such as books or equipment. Scholarships can also be distributed in lump sum before the start of the school year, or in installments throughout a semester.

Some scholarships have a condition or obligation attached to them, which may include maintaining a certain GPA, participating in specific activities, or working in a particular industry after graduation. It’s important to understand these conditions so you don’t end up paying for your degree out of pocket.

Lastly, many scholarships come with networking opportunities that will help you stand out to potential employers. Having a scholarship on your resume can show commitment, dedication, and achievement – all qualities that employers look for in employees. It’s an excellent way to demonstrate your value and build a strong career.