Scholarship is financial support that comes as ‘free money’ that is awarded to students with above-average academic performances, other achievements, or talents. There are numerous types of scholarships- Government-funded scholarships, institution-funded scholarships, and non-governmental-funded scholarships. This financial support is received by the students and can be used by the students for any purpose, to cover the tuition fees, health insurance, accommodation, travel costs, and other expenses allied to a student’s personal needs or educational cost through university. 

A waiver is a reduction. A tuition waiver is granted by the institution or school that reduces the total tuition. The students usually do not receive any financial support, rather in a waiver the full or part of the tuition fee is reduced/waived for a certain period or credit hours.