College Perks
Silvia Watson identifies the five long-term benefits for college students applying for a scholarship.
One may equate applying for a scholarship, especially with doing the dishes or visiting the dentist, yet this can aid them in affording the school of their dreams. Parents and students cover nearly 40% of their college expenses through grants and scholarships. Though scholarship awards generally offer benefits on a short-term basis, such as cutting down the attendance cost for a school year or semester, they also come with several long-term benefits.
Benefits Galore
These are the top 5 long-term benefits of applying for scholarships for college students.
Lessen the Student Loan Debt
Each dollar one earns through scholarships will be one less dollar one will need to pay for books, tuition, and other fees. Besides, it is again one less dollar they will need to borrow and repay with interest through private and federal student loans.
The truth is, it may not be possible for one to avoid the loan altogether. Here, the best step for lessening the debt burden will be winning various college scholarships. According to the student loan payment calculator, one can borrow about $20,000 for a loan at an interest rate of 6% and repay the same over about ten years.
One will be required to fork in interest an amount of about $6,645. For instance, one earns a scholarship of $10,000 and requires borrowing just $10,000 at a 6% interest rate. Here, their interest charge will be reasonable at $3,322. One can save above $3,000 on interest owing to their scholarship.
With less debt to worry about after completing graduation, students can automatically pay attention to other financial goals, especially scoring their first job.
Avail a Prospective Career Mentor
Scholarships may last for about a year or more should the same renewable. Yet if the scholarship includes other perks like on-campus support, a student can find a mentor to guide them for the upcoming few years. For instance, the Koch/UNCF Scholars Program awards African-American students up to $5,000 annually who are interested in entrepreneurship. Their mentorship program also matches such students with community leaders, faculty members, or off-campus subject matter professionals.
For instance, if a student has a business major, they can be paired with business professionals who can show them what is required to make it in this business world. The other scholarships may possess mentor-mentee arrangements that are less formal, yet the chance exists anytime they get an award, especially from private foundations.
It is best to build rapport with those who lead the program to make the right connections. As in the case of every relationship, a student will get what they put in. A career is all about connections; students can make an excellent one through exemplary scholarship. One never knows how the benefactor turned mentor can help them down the road.
Develop a Professional Network
Through the exemplary scholarship, one can save a lot of money, but it can also help a student earn money as they start forging professional bonds. Scholarships can help students add peers to their professional and social networks later. For instance, while looking for a journalism scholarship, one can be fortunate to land awards, including networking events with fellow winners, off-campus lunches, and out-of-town trips. The moment a scholarship rewards above one student, they will get the chance to meet a fellow striver who is also going up the ladder in college and above.
They, too, may have a long-term connection with whom they can commiserate or partner later. It is wise to apply for scholarships provided via professional associations. These typically comprise a conference visit where students can rub shoulders with their national or regional peers. Students can also get involved with the on-campus or local chapter of associations associated with their field.
Strengthen the LinkedIn Profile and Resume
If a student is still in school, filling up a resume of one page can be a chore. The student may be too young in listing full-time work, summer internships, and part-time jobs. A scholarship will make for a solid stand-in in the resume till a student has higher career achievements to throw light on. If asked about such financial aid victories during job interviews, they can talk about how they took this initiative in applying. It can go an extended way for a company seeking an autonomous, independent employee.
Experience an Unforgettable Experience
Scholarships can not only affect the future positively, but they can also aid one in making everlasting memories. Students can win scholarships to study abroad and discover their passions on another continent. It is the biggest perk of scholarship awards spanning more than one semester or two. It can even last for a lifetime.
It is wise to expand one's search by including scholarships that offer experiences, be it travelling the globe, taking the role of leadership on campus, or volunteering in one's community. Though the rewards may not be obvious instantly, they should be given some time for manifesting accordingly. When a student applies for a scholarship, they should avoid the usual mistakes to put their finest application forward.
Summary
Financial assistance is essential for many students, and there is no more desirable financial aid than scholarships. Most scholarships depend on merit or are awarded in recognition of specific achievements. On the other hand, other forms of scholarships are needs-based. Both ways, scholarships are essential as they are prestigious and, above all, will enhance the student's resume and aid them in paying for their education. Akin to grants, the scholarship does not require repayment.
Page Reference
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- WATSON, S. (2019) College Perks [WWW] Available from: https://www.brianmac.co.uk/articles/article482.htm [Accessed
About the Author
Silvia Watson is a freelance content writer. She has written many informative articles on different categories. She is a featured author at various authoritative blogs in the health and fitness industry and is currently associated as a blogger with multiple blogs.