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How Does a Scholarship Work?

 

The Creation of a Scholarship
Scholarship funds can be created by a variety of people. Corporations often create scholarship funds. Some colleges also have specific scholarships. Additionally, some people establish scholarship funds. These are sometimes given through a specific college.
 
Scholarship Committees
 
Scholarship committees are the group of people who reviews scholarship applications, conducts interviews (if necessary) and ultimately decides who receives the scholarship.
 
Scholarship Applications
 
Scholarship applications vary immensely. To apply for a scholarship, you will traditionally need to fill out a form and submit relevant information to the committee. What information is necessary is based on the specifications of the scholarship.
 
How You Get the Money
 
The money for the scholarship is traditionally received one of two ways. When the scholarship is given through a university, the scholarship is generally deposited directly into your account. This is convenient in that it is often automatic and straightforward. When the scholarship is given by a third party, it may be given in the form of a personal check. This is convenient in that the money you receive can be used towards books and other school expenses.

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