A scholarship or grant-in-aid for students — typically financial support that does not need to be repaid, awarded based on merit or need.
彼は奨学金をもらって大学に通っている。
He attends university on a scholarship.
奨学金の申請書を図書館で見つけた。
I found the scholarship application form at the library.
成績が良ければ奨学金が支給される場合がある。
If your grades are good, you may be awarded a scholarship.
Can also refer to a student loan — an aid that must be repaid. Usage varies by country and program, so some 奨学金 are loans rather than grants.
奨学金が貸与（ローン）だったので、将来返済しなければならない。
Because the scholarship was a loan, I have to repay it in the future.
奨学金（貸与）の返済計画を立てている。
I'm making a repayment plan for my student loan.