A scholarship is a money-based award specifically designated for education-related expenses.

Qualification for scholarships depends on the individual scholarship program and awards can be based on merit, talent, or academic performance.

They come in a variety of amounts, but the typical scholarship award is $9,520 per undergraduate student as of 2018-2019 and can cover the cost of a single class or your entire college education. Scholarships are also available through a wide variety of sources, including schools, private businesses, foundations, and nonprofit organizations.

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