Scholarship is financial help awards designed to support students based on academic success or other criteria that may contain financial necessity, for the purpose of education. scholarship is varying from student loans because they don’t have to be repaid. There are different types of scholarships that can be mentioned as a one-time cheque and renewable one which provide monetary support for students each semester or school year. Students may obtain the money directly as a cheque in their name. In other cases, the money will be given to the student’s school. The student would then pay to cover the costs of tuition, books, room, board and other expenses directly related to its educational cost through the university. If the scholarships and other forms of financial aid are enough to cover the direct college costs, the excess money is refunded to the student.