Scholarship programs are monetary awards that help cover some or all costs linked to education, like tuition fees and textbooks. They can be offered by the government, universities, non-profit organisations and businesses, among others.
Companies sometimes offer scholarships as part of their corporate social responsibility efforts. Some of them are aimed at encouraging employees to continue their education or pursue a master’s degree, for example. Others focus on diversity and encourage students from under-served communities to pursue careers in the company’s industry.
Some scholarships are college-specific and require that students attend a particular university in order to receive the funds. Others are a bit more flexible and may be available to students attending any school, but have specific rules around what expenses they can be used for. For example, the World Trade Center Memorial Scholarship is only available to students who are the children or spouses of victims of the 9/11 attacks and pays for their tuition, fees and living expenses.
The main benefits of a scholarship program include easing the burden of tuition fees and providing access to higher educational opportunities that would otherwise be unaffordable. It also helps build a student’s confidence and sense of achievement, and instills a sense of philanthropy. In addition, scholarships can be tied to conditions that encourage students to perform well or maintain certain standards, such as a minimum GPA, participation in activities or a promise to work for a specified period of time after graduation.
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