When it comes to paying for college, many people see scholarships as the answer to all their problems.
After all, they can help cover much of the cost of your education, so why wouldn’t you want to earn one?
If you’re reading this guide, then we’re guessing that you’re just such a person – and if so, congratulations!
Getting a scholarship is one of the smartest financial moves you can make right now – both for yourself and your future career.
Here are reasons why getting a scholarship is important
Scholarships help students afford higher education
The cost of higher education can be overwhelming for students, and some might not be able to afford it without scholarships.
Scholarships can help students pay for college and graduate debt-free, allowing them to pursue their dreams as well as contribute to society.
Scholarships provide more flexibility in career choices
Scholarships usually don’t come with specific career paths attached, meaning that you’re able to create your own path for yourself and your future career.
Scholarships increase employment opportunities after graduation
Although it may seem counterintuitive, having a college degree often results in lower unemployment rates and higher salaries.
This is largely due to scholarships students receive during their time in school.
Scholarships mean better student employment prospects
You’ll have more money for college expenses, and you’ll be able to work less, which means that you can focus on your studies and get better grades.
This increases your chances of getting a good job upon graduation.
Scholarships mean less student debt and financial hardship
The average college graduate in 2017 is leaving school with $37,172 in student loan debt. That’s more than two-and-half times what they had to pay off 20 years ago.
Impact of scholarship on students
Scholarships are typically awarded to individuals who have been identified as meeting specific criteria of excellence.
Being awarded a scholarship means that you are set apart from other students. When you’re given an award or recognition for your achievements, it boosts your self-confidence and adds importance to what you’ve done, both in your eyes and in those of others.
It allows you to see yourself as someone who is capable of achieving great things and recognizes that hard work does pay off.
Benefits of scholarships for international students
Scholarships provide many benefits for students.
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In addition to helping pay for tuition, they’re often merit-based, which means you can increase your chances of receiving one by doing well in high school and getting into a great college.
Because many scholarships are based on financial need or availability, international students might have an even better chance of scoring one!
If you’re applying to colleges abroad, there are two types of scholarships that you should be aware of: institutional and government.
Institutional grants come from schools themselves, whereas government grants come from various organizations within your country or home country.
Negative effects of scholarships
Everyone knows scholarships are important for paying for college. But, what many people don’t know is that scholarships can have negative effects on students.
If you or your child get a scholarship, there’s a good chance it will come with strings attached.
The money is great—but it may require agreeing to an internship that you don’t necessarily want to do or working at a job related to your major but something you have no interest in doing after graduation.
Are scholarship awards taxable
In most cases, scholarship awards are tax-free. However, if you work on campus for an institution that offers an athletic scholarship, it may be taxable.
If so, your school will notify you of what percentage is taxable at some point during or after your education.