Directions: The critical reasoning question is based on a short argument, a set of statements, or a plan of action. For each question, select the best answer of the choices given and explain why the chosen answer is the right fit.

Statement: The word scholarship brings a smile on the face of not only the student but also on the faces of parents because in case of scholarship the expenses related to college or school are paid by either school and college authorities or by the third party. Scholarships are intended to reward a student's academic achievement and educational progression.

Which of the following statements brings forward the problems in receiving a scholarship?

I: Scholarships have more stringent requirements in terms of career options, institutes covered under it, etc.

II: In scholarships, there are a limited number of seats which results in only a few students getting the benefit.

III: Scholarship is a boon for bright students who do not get sufficient financial support.