A scholarship is an amount of money a student receives to lower the costs of college. Scholarships are awarded to students with good academic and athletic results. It can be seen as a financial reward to help cover the costs of your studies.
In the United States, scholarships are very common. This is different in many other countries. Universities in the US have a scholarship budget to give out scholarships to the best students. Bringing in the best students and student-athletes is important for an American university because this allows them to compete with other universities on an academic and athletic level!