What are Scholarships?

What are Scholarships? Scholarships are financial aids that help students fund their education without having to worry about high tuition fees or living costs. But what exactly are scholarships, what types exist, and how can you receive one? In this blog, we’ve gathered everything you need to know about scholarships.  

Definition: What is a Scholarship? 

A scholarship is a financial grant typically awarded by foundations, companies, governments, or universities. Unlike a loan, a scholarship does not need to be repaid. The goal of scholarships is to support talented or dedicated students who might otherwise struggle to finance their education. Whether you're looking for a scholarship for students, a scholarship for master's degree, or even a second degree scholarship – there are numerous opportunities available. 

What is not a Scholarship? 

A scholarship is not a form of loan or credit that you have to repay later. It is also not compensation for work or unconditional study funding. Many scholarships require engagement, whether through volunteer work or academic achievements. Additionally, scholarships are not exclusively for high-achieving students – social criteria or special life circumstances are often considered as well. 

Find all the details in our Scholarship Guide. 

These 5 Types of Scholarships You Should Know! 

Scholarships are diverse and can serve different purposes and target groups. Here are some of the most common types: 

1. Merit-based Scholarships – for students with outstanding academic or scholastic achievements. 

2. Need-based Scholarships – for students who require financial support. 

3. Specialized Scholarships – for specific fields of study or groups (e.g., women in STEM fields, students from the Global South or Eastern Europe). 

4. Engagement Scholarships – for students who are socially or volunteer-driven. 

5. Corporate Scholarships – scholarships funded by companies for students in certain fields of study, with the possibility of future employment. 

In our scholarship guide, you’ll find a comprehensive overview of scholarships and valuable tips for applying 

Why are Scholarships Important?

Education is the key to a better future – but what role do scholarships play in this context? Many talented young people face financial barriers. Scholarships provide them with the opportunity to continue their education without worrying about financial burdens. In addition to financial support, many scholarship recipients also gain access to mentoring programs, networks, and additional qualifications that can significantly improve their career prospects. 

How to Get a Scholarship: Step-by-Step Guide ​​​​​​

Applying for a scholarship requires preparation and commitment. Here are some steps that can help you: 

1. Research: Find out which scholarships are available to you. University websites, foundations, and nonprofit organizations are good starting points for an overview of scholarships. Specialized databases or regional funding programs can also be helpful resources to find the right scholarship. 

2. Check Requirements: Every scholarship has specific criteria. Some require excellent grades, while others focus on social engagement or a particular field of study. There are also scholarships tailored to certain regions, academic disciplines, or personal backgrounds. It’s important to thoroughly understand the requirements to maximize your chances of a successful application. 

3. Prepare Application Documents: This often includes a motivational letter, CV, transcripts, and letters of recommendation. Make sure your documents are well-structured and error-free, as they create a first impression of you. 

4. Meet Deadlines: Don’t miss any application deadlines! Create a schedule to submit all your documents on time. Many organizations have fixed application periods, which are often set well in advance. Be sure to check early, as some scholarships are only awarded once a year. 

5. Ace the Interview: Some scholarships require a personal interview. Be well-prepared, show your motivation, and explain your goals. Honesty is particularly important – be authentic and ensure that your information is truthful. 

How Can Fund for Education (FFE) Help? 

The Fund for Education supports students with strong social engagement. Their goal is to enable young people to pursue an education so that they can strengthen their communities. If you would like to support our mission, please contact us: 
https://www.fundforeducation.at/en/contact-us

Your Next Step 

What are Scholarships? Scholarships are a great way to receive financial support for your studies. They can not only help you finance your education but also open valuable networks and career opportunities. Whether you’re looking for a scholarship for students, a scholarship for Master's degree, or a second degree scholarship – there’s a suitable option for many life situations. Take advantage of the opportunity and explore your options! 

Learn more in our main article: "Everything You Need to Know About Scholarships".