Scholarships and exhibitions are awarded by schools, on the strength of the pupil’s potential, usually judged by an exam, test or audition. Scholarships may be broadly honorary, with a token amount of money attached (say £50). More usually, scholarships have a value of up to 50% of fees (with the possibility of further means-tested help to 100% or even more). Exhibitions are usually worth less. The well-endowed schools often have scores of scholarships; most have at least a handful.

Depending on the individual school, scholarships may be given to pupils of various ages and for excellence in different areas − academic ability, art, music, prowess at sport and, indeed, for all-rounders. A few well-endowed schools offer continuation (or prep school) scholarships to young pupils (normally aged 11), allowing them to spend some time at a feeder prep school before joining at the standard entry age, still with their scholarship.