What does a scholarship really mean for students?

I hear a lot about scholarships being important for college, but I'm not entirely sure what it truly means. Can someone explain what qualifies as a scholarship and how it differs from financial aid or grants? Also, how do colleges decide who gets a scholarship? Any tips on how I might increase my chances of getting one?

A scholarship is a form of financial aid that does not need to be repaid. It's awarded to students based on various criteria, often reflecting the values and purposes of the donor or founder of the award. Scholarships can be merit-based, need-based, or based on specific qualifications like academic and athletic achievement, cultural or community experiences, etc.

Comparatively, financial aid is a broad term that encompasses all kinds of help that aid students in paying for college, which includes scholarships, grants, work-study, and loans. Grants, much like scholarships, are forms of "gift aid" that do not need to be repaid. The key difference is that grants are usually need-based and come from the government, while scholarships can come from a variety of sources and can be merit-based, need-based, or based on other criteria.

Colleges and external organizations each have their own selection criteria for scholarships. Merit-based scholarships are often awarded based on academic, sports, or artistic talents. Need-based scholarships consider the financial need of the student. Other scholarships may be awarded based on factors like area of study, community service, leadership, or other specific criteria set by the scholarship provider.

Generally, you can increase your chances of getting a scholarship by maintaining a strong GPA, participating in extracurricular activities (especially leadership roles), and volunteering in your community. You should also be proactive in looking for scholarship opportunities; explore what scholarships are offered by your intended colleges, local community organizations, and national organizations. Detailed and well-completed applications increase your chances of success, as does applying to a number of different scholarship opportunities.

It's also worth considering that some scholarships may have renewal criteria such as maintaining a certain GPA or completing service hours, so it's crucial to understand the terms and conditions before accepting a scholarship.