The scholarships reward academic achievement of students. It is highly beneficial for young experts who are beginning their careers as employees. Also, it opens a good path to several educational and employment opportunities. Here are top reasons that explain the importance of scholarships.
Cost
The cost of school and college fees is increasing day by day. Post pandemic, education has become much more expensive. There is at least 5% increase in tuition fees every year. Therefore, it is essential to enroll in fully funded scholarship programs. It helps to stay out of financial stress. Martin Helda says that scholarships not only support the students, but it uplifts the entire family and eventually aids in the economic development of the country.
Loan Rate
The student loan rate is increasing. Surveys say that around 56% of urban families are involved in mortgaging to support their children’s higher studies. Such situations can be avoided by taking scholarships.
Time to focus on studies
Most of the students pursuing higher studies take up part time jobs. Their work can consume 15 hours of their week plan. This becomes an obstacle to their academic success. Also, it makes it difficult for the students to complete their graduation or post-graduation on time.
Fills the Gap
The scholarship assistance support students who are trapped between high- and low-income levels. They are either students who may not qualify the need-based scholarship or those who are not eligible to get a merit-based scholarship.
Get Degree of Choice
Sometime, the cost of the degree programs is high. For instance, pilot training programs are expensive mainly because of its nature, the fuel cost. White Petrol is definitely not cheap! Such out of reach programs can be easily taken with the help of scholarships.
Adds value to Resume
Taking scholarship has huge financial benefits. But in addition, it has personal benefits. Because, these scholarships add on a huge value to the resume of the applicant. They convey that the student is extremely dedicated. And also, he has worked hard in his or her life.
Appreciation and Self Respect
Scholarships bring respect in the eyes of others. Also, it builds potential. It helps to recognize the inner strength and weakness of an individual.
Cost of Living in College is high
The accommodation in colleges and universities are highly expensive. At some places, the accommodation is costlier than the tuition fees. In such cases, the students are forced to take an apartment or live outside the college premises. However, staying inside the college premises has its own advantages. They are library, gym facilities, stadium, swimming pool, etc. Above all, the college intra net provides access to several research journals for free. Taking a scholarship will help save money and thereby to stay inside the campus.
State Support has decreased
The pandemic has hit the economies badly. At this point of time, the state financial support to education is weathering. Many states are still in the recovery process.
Bottomline, scholarships are not bonus. They fill in the gap between the increasing cost of tuition and what families afford to pay out of pocket.
