What is a scholarship? A type of financial aid. It is free money that a school, individual, organization, company, charity or government gives to a student. Other types of financial aid are loans and grants. Get notifications!Sign-up to receive an email when new articles are released from BetterCollegeStudent.com. SUBSCRIBE! You have Successfully Subscribed! We won't sell or give away your info, ever. This is for new article notifications and major announcements only, promise.