A scholarship is an award of access to an institution, or a financial aid award for a student to further education. Scholarships are awarded on various criteria usually reflecting the values and purposes of the donor or founder of the award. Types The most common scholarships may be classified as: Merit-based: These awards are based on a student's athletic, academic, artistic or other abilities, and often factor in an applicant's community service record and extracurricular activities. The most… (More on Scholarship)