Unfortunately, because of the nature of scholarships, they’re also coveted by many students. With stiff competition, winning scholarships can be tough and, at times, frustrating. And since scholarships usually have long application requirements, a lot of students wonder if scholarships are just worth the effort, especially when winning awards is not guaranteed.
But despite the seemingly overwhelming challenge, it’s still wise to always consider scholarships. As noted earlier, scholarships do not have to be repaid. Statistics show that student loan debt is becoming an increasing problem in the country. Currently, it takes the average student ten years after graduation to cover student loan debt. Rather than being able to save money, fresh graduates are already financially burdened by being in debt. Winning scholarships to help finance some, if not all, your college education can greatly reduce the risk of getting deep into debt. As a result, a fresh graduate can already have the opportunity to start saving for the future.
Some may argue that scholarships, despite being as good as ‘free money’, are still a risky student aid option because of the demands associated with most scholarships. This is especially true for academic and merit scholarships. In order to enjoy the benefits of financial aid, a student must fulfill performance obligations. These obligations may mean maintaining an excellent academic record, participating in specified extra-curricular activities, or joining volunteer community service. Because of these demands, some students deem that scholarships just put too much added pressure.
As daunting as the demands of scholarships may seem to some, these performance obligations are actually positive for the student. This is because all these added obligations required by many scholarships actually help boost a student’s resume.
After all, companies want to hire future employees whom they deem to be promising. They want to make sure that the money they dish out in hiring you will yield the most results. Naturally, they would tend to hire someone who performs beyond the minimum requirement. Hence, students who were able to finance their college education through scholarships will automatically have an edge because scholarships require a higher standard that its recipients must follow.
So rather than be turned off by the demands of maintaining a scholarship, consider it as a motivation to be the best you can be. By doing so, you only increase your chances of landing better jobs and a more comfortable future.
