A scholarship is an award of financial aid for a student to further their education. Scholarships are awarded based upon various criteria, which usually reflect the values and purposes of the donor or founder of the award. Scholarship money is not required to be repaid.
The term '"scholarship"' is sometimes used to describe any financial aid given to a student that does not have to be repaid. However, more precisely, and universally among college financial aid offices, scholarships and grants are quite different.
A scholarship is given to a student because of a reason: the student has qualified for or won it by academic, artistic or athletic ability, or by agreeing to follow a particular career, or has some special ethnic or other characteristic. Scholarships are not given for financial need alone.
In the U.S., a grant is given on the basis of economic need, determined by the amount to which the college's Cost of Attendance (COA) exceeds the Expected Family Contribution (EFC), calculated by the U.S. Department of Education from information submitted on the Free Application for Federal Student Aid (FAFSA) following formulas set by the United States Congress. (The federal EFC is sometimes modified, usually upwards, in awarding non-federal grants.) The federal Pell grant program is an entitlement: if the applicant meets the requirements - has economic Need (COA exceeds EFC), is studying at least half time towards a first undergraduate degree, is a U.S. citizen or eligible alien - the award of the money is automatic. The student has a right to it (is entitled).
The scholarly method or scholarship is the body of principles and practices used by scholars to make their claims about the world as valid and trustworthy as possible, and to make them known to the scholarly public. It is the methods that systemically advance the teaching, research, and practice of a given scholarly or academic field of study through rigorous inquiry. Scholarship is noted by its significance to its particular profession, and is creative, can be documented, can be replicated or elaborated, and can be and is peer-reviewed through various methods.
Originally started to reconcile the philosophy of the ancient classical philosophers with medieval Christian theology, scholasticism is not a philosophy or theology in itself but a tool and method for learning which places emphasis on dialectical reasoning. The primary purpose of scholasticism is to find the answer to a question or to resolve a contradiction. It was once well known for its application in medieval theology, but was eventually applied to classical philosophy and many other fields of study.