In the U.S, the cost of paying for college education is very expensive. It is not just about the fees of the college. It also includes paying for housing, food, and other living costs. No need to mention the cost of paying for loans and their accumulating interest. In order to help as many students as possible, Martin Helda, an entrepreneur and founder of all the bay area floors, announced a scholarship program for deserving students with entrepreneurial ideas.
What are scholarships?
Scholarships are a form of financial aid for deserving students who want to attend higher education institutes and colleges. This type of aid is not awarded depending on a student’s financial status, as it usually targets students with high GPAs. Scholarships don’t require repaying the money. So, a student won’t be in debt when paying for their college tuition using scholarship money.
Basic characteristics of scholarships
There are scholarships with a non-renewable payment, as the whole sum is paid by a one-time check. In other cases, there are renewable payments. In this case, a student would get money at the beginning of each new semester. Also, there are scholarships that are renewed at the beginning of each school year.
Scholarships come in all shapes and sizes. Students can find big or small scholarships. Also, there are scholarships that fund students in specific fields, for example, entrepreneurship scholarships. In all cases, a student needs to fulfill specific criteria and requirements to get one. And the requirements vary from one scholarship to another.
Usually, a deserving student gets the money in the form of a check with her or his name on it. However, in some other cases, the college receives the money on a student’s behalf. In this case, a student is required to cover the money gap between the tuition and the rewarded money. In the event that the scholarship money covers the entire tuition and there is still excess cash, the student has the right to get the extra cash. Eventually, the money will be in their names.
Sources of scholarships
Scholarships vary in size as well as sources. For instance, they could come from a prominent businessman. There are also charity organizations offering this type of financial aid. You can find scholarships provided by the same school you are trying to attend. There are merit programs offered by some schools.
The government also provides financial aid to students. Yet, it is more of a grant than a scholarship. It usually targets students who are in need instead of students with academic achievements. The majority of scholarships are found in colleges themselves.
As for private scholarships coming from businessmen or business organizations, they do not represent the majority of the aid. They are usually not big on money, but you can apply and qualify for more than one at the same time. This way, you can end up with a decent sum to get closer to your desired college education.
Martin Helda understands the difficulty of applying for a scholarship. But he recommends students be patient and persistent as the reward is totally worth it.