Scholarships are not all the same. In fact, they offer different packages and cover various specialties in order to suit the needs of numerous students. Usually, students want to apply for scholarships to receive financial aid to pay for their college tuition. Also, students with excellent performance in school find scholarships encouraging and motivational. Dr. Philip Baldeo, a family medical physician in New York, is of the view that scholarships help gifted students get the proper education that can shape their entire future.
Why do you need a scholarship?
There are various reasons that make getting a scholarship not a luxury for many students. These reasons include:
Costs are constantly rising.
The cost of college education is never the same in the U.S. It keeps rising almost every year. For instance, the cost of academic education in public universities increased by at least 13 in the last decade. And the other colleges raised their fees at different rates as well. So, scholarships are a reliable solution for many ambitious and hard-working students.
An unstable economy and more inflation
The international economy has been going from bad to worse recently. The inflation rates are only getting higher, and this is translating into an increase in the prices of everything. This applies to college tuition fees in the U.S. as well. In such an economy, many parents can’t really afford even a fraction of the tuition costs. Although parents are willingly trying to contribute to their kids’ education, the economy would be really discouraging.
Increasing living expenses
In addition to the cost of the academic, living in a dorm can present an additional financial challenge. You need to find another arrangement. For example, you can live in an area near the campus. This can help you save a lot when compared to living in a dorm. In the case of qualifying for a scholarship, you can use some of the money for living expenses. But without a scholarship, living expenses, whether in a dorm or in an apartment, will be all on you.
Reducing the burden of loans
Student loans are still a top option for many students nationwide. It is not because it has the best terms, but it is a lot easier to obtain. But the numerous loans have led to a big debt crisis for many people. Billions of dollars are owed on student loans in the United States. This is not a very healthy situation economically. So, encouraging more students to get scholarships can reduce the severity of this debt crisis.
Things to keep in mind before applying for a scholarship
If you’ve made up your mind to apply for a scholarship, you should know scholarships are diverse. They are offered by various non-profit organizations, businesses, entrepreneurs and some federal agencies. And each one of these places have requirements and conditions for applications. You need to study the requirements carefully to apply properly. This can increase your chances of getting accepted into a scholarship program. Also, you need to know that scholarships are very competitive, as many students are trying as hard as they can to get accepted.