A scholarship program is a monetary award that can help fund the costs associated with your college education. They can range from paying a portion of your tuition to fully funding all the expenses linked to your study. Unlike student loans, scholarships do not need to be repaid and they can significantly reduce your financial burden. They can also allow you to focus on your academics and other important things, like work or community service.
Scholarships are awarded by a variety of sources, including the government, universities, businesses, and professional associations. They can be either need-based or merit-based. Need-based scholarships are awarded based on your family’s financial situation, while merit-based scholarships are awarded for your academic, athletic or artistic achievements, and other attributes. Many scholarships are designed to target specific communities or fields of interest, such as the arts, STEM, and minority students. For example, the Palantir Women in Technology scholarship is aimed at supporting female-identifying students who want to pursue careers in technology.
Some scholarships are provided directly to the student, while others are paid to your school first, which then uses them to cover your tuition fees. Those that are paid to you will typically be used for living expenses, books, and other educational supplies. Check the terms of each one to find out what you can and cannot spend it on, and make sure you save receipts and records.
Before applying, have a frank discussion with your parents about how much they can afford to contribute towards your education. This will inform the schools you build a list of, and ensure that you only apply to those that are both a good fit for your talents and budget.