by Quick answer: A scholarship is money given to a student to help pay for their education, and you do not pay it back. Some awards cover only part of the cost, such as tuition. Others are fully funded and also pay for travel and living costs. Universities, governments and private organisations all offer them, and each sets its own rules on who can apply.
This guide explains the meaning, the main types and how it differs from a loan or grant, with real examples.
Last verified: 4 October 2026 against official scholarship websites.
What is a scholarship? The meaning in simple words
It is an award that pays some or all of your study costs. Because it is not a loan, you keep it as long as you follow its rules. For example, many awards expect you to stay enrolled and keep up your results, while some also ask you to return home after your studies.
Types of awards
| Type | What it pays | Example |
|---|---|---|
| Fully funded | Tuition, travel and living costs | Chevening (UK master’s) |
| Tuition and living stipend | Fees plus a monthly allowance | Commonwealth Master’s Scholarship: £1,712 a month outside London |
| Full undergraduate award | Tuition, books, fees and residence | Lester B. Pearson Scholarship at the University of Toronto |
| Partial | Part of the tuition | Many university fee discounts |
Awards are also grouped by why they are given. Merit awards reward strong results or leadership, while need-based awards help students who cannot afford to study otherwise. Some look at both. Commonwealth Shared Scholarships, for example, ask for a strong degree and that you could not afford UK study without the award.
Scholarship vs loan vs grant
- Scholarship: you do not repay it, because it is an award.
- Loan: you must repay it, often with interest.
- Grant: usually not repaid, and often based on financial need.
So, if you can choose, a scholarship or grant will cost you less in the long run than a loan.
What fully funded really covers
“Fully funded” means different things in different schemes, so read the small print. Chevening, for example, lists tuition fees, economy travel, arrival and departure allowances, one visa application and a monthly stipend. But its travel and visa support is for the scholar only, so family costs are extra.
Who can apply?
Anyone can, as long as they meet the rules. Some awards are open to students from any country, such as Erasmus Mundus. Others are limited to certain countries. Commonwealth Master’s Scholarships, for instance, are only for citizens of eligible Commonwealth countries such as Nigeria, Ghana, Kenya, India and Pakistan.
Frequently asked questions
What is the meaning of scholarship?
It means financial support for education that you do not have to pay back.
Do you have to pay it back?
No. However, you may lose it if you break its rules, for example by leaving your course.
How do I get a scholarship?
First, start early. Then check eligibility carefully and apply to several schemes. Read our step-by-step guide on how to get a scholarship to study abroad, then browse current scholarships.
Official sources
- Chevening: What a scholarship covers
- CSC: Commonwealth Master’s Scholarships
- University of Toronto: Pearson Scholarship
- European Commission: Erasmus Mundus
This is general information. Each scholarship sets its own rules, so check the official website before you apply.
