One who has obtained the right to study (through financial aid, merit, status ..etc.) under the privileges of a scholarship. Word usually used in past-tense, however, can be used in reference to future occurences (example below;)
According to Donald Trump, Hillary Clinton got schlonged by Barack Obama in the 2008 democratic presidential primary. This is akin to getting screwed; slighted; severely whooped; underhandedly beaten; having your ass handed to you ,etc.
She (Hillary) was gonna beat (Obama), she was favored to win (the 2008 Democraticpresidential primary), and she got schlonged, she lost.