Financial assistance is a necessity for many college students, particularly those planning careers that require many years of education beyond the undergraduate level. Scholarships have unique benefits and are the most desirable form of financial aid. Many are merit-based or awarded as recognition for certain achievements. Like grants, scholarships do not have to be repaid. But grants are often need-based, so scholarships are more prestigious and can enhance your resume as well as help you pay for your education.
Financial Benefit
Many students graduate from college with enormous student loan debt or limit their education in an attempt to control costs. Because scholarships are free money, however, students can focus on their careers instead of thinking about how they will repay loans. This allows them to go into fields like law or medicine that require postgraduate training or to pursue careers in public service or other areas that don't pay high salaries. By removing financial barriers, scholarships make education and career goals easier to obtain.
Educational Benefit
Having a scholarship that pays for your education and living expenses can actually reduce your risk of dropping out and not getting the degree you want. You may even be able to consider a more selective institution or major. By reducing financial concerns, scholarships can also mean more time for studying and learning, which can lead to better grades and retention of knowledge and increase your chances for continuing on to graduate school.
Career Benefit
Earning a prestigious or merit-based scholarship can actually make you a more attractive job candidate. Employers who understand the competitive nature of the scholarship will recognize it as an accomplishment. Generally, a merit-based scholarship demonstrates to future employers that you have exceptional ability in the academic, athletic or artistic realm. Competitive scholarships are accomplishments worth listing on your resume and can help you stand out when you search for a job -- possibly helping you achieve the career you want.
Personal Benefit
A scholarship can make a big difference in your education. The money from a scholarship helps by allowing you to be more selective in how you spend your free time. You'll be able to maximize the college experience through service-learning, volunteer opportunities and internships. If your scholarship award is small, and you still need to work while going to school, use this time wisely. Make the most of it; instead of working at any minimum-wage job you can find to support yourself, select work that is meaningful and adds value to your degree.
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