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Apr 26, 2017 10:37 AM EDT

While obtaining a college degree is not easy these days considering the rising costs of education, the female artist Beyonce has just announced a scholarship offer to female college students. This announcement was made exactly a year after she released her album Lemonade, which was April 23.

This event was very momentous for the Queen Bey, and that is why she has set up a scholarship herself for eligible students which she called the Formation Scholars, Buzzfeed reported. The scholarship is designed for students who are interested to establish their career in the fields of creative arts, music, literature and African-American studies.

Beyonce, in a statement, said that she aims for the scholarship to encourage and support young female students who are not afraid to think outside the box, BBC reported. It will also be made eligible for young women in the following universities namely Berklee College of Music, Howard University, Parsons School of Design, and Spelman College.

One lucky student from each participating school will be granted the scholarship and it will be valid for the academic year 2017 to 2018. The name of scholarship Formation Scholars was taken from one of Beyonce's tracks on her 2016 albums.

The Lemonade album was the singer's sixth studio album and was also her second visual album. It comes with individual music videos for each track. The full statement says that Beyonce Knowles-Carter announced the establishment of the Formation Scholars awards to add to Beyonce's celebration of the one year anniversary of Lemonade, and in order to support young women who are bold, creative, conscious and confident.

The students who can be entitled to the scholarship can be any female who is an incoming college student, or current or graduate student who pursues the said fields of studies.

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