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 the 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, it comes with several long-term benefits too.
These are the top 5 long-term benefits of applying for scholarships for college students.
Lessen the Student Loan Debt
Each dollar that one earns through scholarships will be one less dollar they will require towards their books, tuition, and other forms of fees. Besides, it is again one less dollar they will require borrowing and repaying with interest through private and federal student loans. The truth is, it may not be possible for one in avoiding the loan altogether. Here the best step for lessening the debt burden will be by winning various college scholarships.
As per the payment calculator, one can borrow about $20,000 for a loan at an interest of 6% and repay the same over about ten years. One will require to fork in interest an amount of about $6,645 as per the payment calculator of the student loan. For instance, one earns a scholarship of $10,000 and requires borrowing just $10,000 at a 6% rate of interest. Here, their interest charge will be quite reasonable at $3,322. One can save above $3,000 on interest owing to their scholarship.
With less debt in worrying about after completing graduation, a student 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 be in the position of finding a mentor that will guide them for the upcoming few years. For instance, the Koch/UNCF Scholars Program awards African-American students up to $5,000 every year that are interested in entrepreneurship. This also matches such students with community leaders, faculty members, or off-campus subject matter professionals through their mentorship program.
For instance, if a student has a business major, they can be paired with business professionals that can show them what is required in making 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 in building rapport with those that 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, and students can make an excellent one through the right scholarship. One never knows how the benefactor turned mentor can help them down the road.
Develop a Professional Network
Through the right scholarship, one can save a lot of money, but along with this, it can also help a student in earning money as they start forging professional bonds. Getting scholarships can help a student in adding peers to their professional and social networks later on. For instance, while looking for a journalism scholarship, one can be fortunate in landing awards which include 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 of meeting a fellow striver, a person that is also going up the ladder in college and above.
They too may be a connection of a long-term for commiserating with or partnering later down the road. For making meaningful connections, it is wise in applying for scholarships provided via professional associations. These typically comprise a conference visit where students can rub their shoulders with their national or regional peers. To get started, it is wise in getting 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. Should one be asked regarding such financial aid victories at the time of job interviews, they can talk regarding how they took this initiative in applying for the same. It can go an extended way with the company which is 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 thereby discover their passions on another continent. This is the biggest perk of scholarship awards which spans above 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 their community. The rewards though, may not be obvious instantly, yet they should be given some time for manifesting accordingly. The moment a student applies for a scholarship, they should ensure to avoid the usual mistakes to put their finest application forward.
Financial assistance in the current world is essential for a good number of students, and there cannot be a highly desirable financial aid than scholarships. Most scholarships depend on merit or are awarded in the form of recognition for specific achievements. While on the other hand, there are other forms of scholarships that 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 being repaid.
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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.