A type of financial support that doesn't need to be repaid. This award is based on a student’s financial situation. You must submit the Free Application for Federal Student Aid, also known as the FAFSA, to determine your family’s eligibility. A scholarship might cover the entire cost of your tuition, or it might be a one-time award of a few hundred dollars. Either way, it’s worth applying for, because it could help reduce the cost of your education.