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Scholarshit 

n. When one who is expecting a large scholarship receives one that is, well, shit.
I can't afford to go to (insert college here) because all I got there was scholarshit.
Scholarshit by shannabanana310 June 10, 2011

Scholarship 

Getting a scholarship will save your ass from being 30 years in debt.

athletic scholarship

How people get into a college they otherwise would have no hope of getting in to.
James: Yo I heard Tyshawn got in to Duke and got a full scholarship, too.

Bill: WHAT I cracked like 2000 on my SATs and had a 4.0 and I got waitlisted. He didn't even score 1000 and he had a 2.0.

James: Yeah but he's the number one basketball prospect in the country. He's on that athletic scholarship.

scholarship 

getting something,anything for nothing....
Knowing the bartender as well as he did meant Paul was on full scholarship for his drinks for the night

scholarship 

Something adults tell you to apply for, because supposedly they lie in abundance. Like all other things adults say, it's a lie. Unless you scored a 2200 + on your SATS, spent your free time tutoring children with dyslexia, wrote your college entrance essay on the human genome project and its relation to modern feminism, your chances of getting one are slim.
Parent: "Mike got a full-ride to Baylor. He can't even spell his own name but he's the nations #1 200 meter runner, and has been All-American every since he sprinted out of the birth canal. You see Jake you could get a scholarship too".

Jake:"Fuck off mom you said the same thing about college.

scholarshipping

the act of looking at a scholarship website and praying that something applicable will turn up. then mailing out countless applications in hopes that someone else will be kind enough to pay your substantial college debts for you
I wasted a perfectly good Saturday scholarshipping by writing a fictitious letter to my congressman about suggestions for controlling overpopulation in the United States for the Negative Population Growth (NPG) scholarship
scholarshipping by faerie16 March 29, 2009