A scholarship is financial support awarded to a student, based on academic achievement or other criteria that may include financial need, for the purpose of schooling. There are various types of scholarships – the two most common being merit-based and need-based.
The donor or department funding the scholarship sets the criteria for recipient selection, and the grantor specifically defines how the money is to be applied. The funds are used to defray the costs of tuition, books, room, board and other expenses directly tied to a student’s educational cost through the university.
A scholarship is an award of financial aid for a student to further their education at a private elementary or secondary school, or a private or public post-secondary college, university, or other academic institution.
Scholarships are awarded based upon various criteria, such as academic merit, diversity and inclusion, athletic skill, financial need, among others. Or some combination of these criteria.
Scholarship criteria usually reflect the values and goals of the donor or founder of the award.
Scholarships are typically awarded using a variety of factors, including – but not limited to, academic achievement, departmental and community involvement, employment experience, areas of study, and financial need
Here are the top ten reasons why applying for scholarships are important
Scholarships Encourage Philanthropy
If you win a scholarship, it’s hoped that your approach to life will change. If you’ve been helped by this donation, then you may go on to become more philanthropic yourself. Perhaps you’ll go on to found another scholarship or support the college with charitable donations.
Scholarships Give You Access to More Colleges
Even if you aren’t from a poor background, there are likely to be some colleges that are off-limits if you don’t get a scholarship. Some Ivy League colleges, for instance, can saddle you with six figures of debt if you self-fund your way through your studies.
Secured job after graduation
With unemployment slowly rising, getting a bond doesn’t seem that bad afterall. Let’s be realistic, many graduates are currently having a difficult time finding a job after their graduation. Even if you were to graduate in another 4 years from now, you can’t assume that it will guarantee you a job. Your scholarship with the company will increase your chances of getting employed even if you are not bonded as you have a ‘relationship’ with them.
Scholarships Make Education Easier to Access
College is expensive. If you’re a gifted student from a poorer background, accessing higher education can seem impossible. This is one of the key answers to the question of “why are scholarships important?” No one should have their education limited due to a lack of household income. One of the most important scholarship benefits for society is that it gives us engineers, doctors, academics, nurses, lawyers, and scientists from backgrounds that would make traditional college financial aid hard to secure.
No Need to Work
According to government statistics, nearly half of all undergraduate students have a job to help them finance their studies and living costs. Getting a job can help college students tremendously, yet they can also detract from the quality of their work. If you have to work 16 hours per week or more, will you be able to put in as much effort on your paper? This is a compromise that many college students need to make.
Scholarships Help You Network
This is one of the lesser-known benefits of scholarships. When you are awarded a scholarship, you’ll be able to network with other people who have also won the award. As you’re likely to be in the same academic field, this can provide huge networking bonuses when you’ve graduated. For instance, if you win a scholarship in business administration, you’ll be able to stay in touch with sophomores and seniors who have also been given the award.
State support for students has decreased substantially
Although it looks like America may have weathered the worst of the recession (let’s hope), many states are still reeling from the economic slump and most have made large cuts in public service funding—including higher education. As a result, public colleges and universities have increased tuition, meaning you’re probably going to pay more now.
Depending on who awards your scholarship, you may be required to carry out voluntary work in your industry. This is far from a burden: it gives you fantastic real-world experience that will improve your resume and help you in your career. Even if it isn’t mandatory, you should look for voluntary work to go along with your scholarship. This kind of industry experience is invaluable.
You will be ecstatic if you are awarded the scholarship because you depend on your own ability to outshine the rest. You understand yourself – your strengths and weaknesses and improved the areas lacking. This is something not everyone is able to manage easily especially so when facing a group of interviewers with attention all on you and questions flying through the room.
You should always consider studying as an investment for your future. Although the tuition fees may make you think twice, that’s exactly why you should start finding and applying for scholarships so that you won’t struggle with a debt upon graduation. Scholarships are not for those with good grades only.
Gives Your Resume a Boost
Winning scholarships can be difficult. Some scholarships have thousands of applicants which means that if you are awarded the scholarship, your pre-college achievements are given additional recognition.
When you apply to jobs with a scholarship on your resume, it shows that not only did you work hard in college, but you worked hard before. If the college saw fit to choose you over thousands of others, why shouldn’t an employer do the same?
We began this article by asking “why are scholarships important?” We hope that we’ve shown you why you should apply for scholarships: there is an incredible range of benefits of scholarships, and they can help you get the most out of college and your life after graduation.