A scholarship is a direct payment made to the student or the institution that student is attending. It is a set amount of funds awarded on the basis of academic or other achievement or financial need, along with demonstrated success and interest in specific areas defined by the scholarship.
In some cases, these scholarships can come in the form of a forgivable loan, which is paid out like a scholarship to individuals committed to teaching for a certain number of years, in a particular subject or in a low-performing school. However, if you do not fulfill all the requirements of the program within the allotted time, these "scholarships" can be reclaimed and you will have to pay the money back (just as you would a loan). The North Carolina Teaching Fellows program is one such program.