Scholarship
EducationGlossary term
Definition
A financial award given to a student based on academic achievement, athletic ability, community involvement, or other criteria that does not need to be repaid. Scholarships can come from colleges, private organizations, employers, community groups, and government agencies. Applying for scholarships widely and early is one of the best strategies for reducing the overall cost of higher education.
Related terms
- Merit AidFinancial assistance awarded by colleges based on a student's academic achievements, talents, or other accomplishments rather than financial need. Merit aid can take the form of scholarships, tuition discounts, or honors program benefits and can significantly reduce the cost of attendance. Some schools offer merit aid automatically based on your application, while others require separate scholarship applications.
- Pell GrantA federal grant awarded to undergraduate students who demonstrate exceptional financial need, as determined by the FAFSA. Unlike loans, Pell Grants do not need to be repaid, making them one of the most valuable forms of financial aid. The maximum award amount is adjusted annually and for the 2026-2027 academic year is $7,395.
- Cost of AttendanceThe total estimated cost of attending a college for one year, including tuition and fees, room and board, books and supplies, transportation, and personal expenses. Colleges use the cost of attendance to determine your financial need by subtracting your Expected Family Contribution. Understanding the full cost of attendance helps you compare colleges more accurately beyond just their listed tuition prices.
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