Award given to student for exceptional erudition? (11)
I believe the answer is:
scholarship
I believe this is a double definition.
'award given to student' is the first definition.
(grant awarded to a student)
'exceptional erudition?' is the second definition.
(being scholarly or erudite)
'for' is the link.
(Other definitions for scholarship that I've seen before include "Finance provided for academic merit" , "Educational grant" , "financial aid" , "Academic achievement" , "(Award for) academic skill" .)