Schools, colleges, and universities can be costly. There’s no doubt about it. And securing a scholarship can make education more accessible to students. In this blog, we will discuss what a scholarship is, how it can help with your educational and career goals, and what impact scholarships can have on the various aspects of your life.

A brief overview of what Scholarships are

A scholarship is another word for the financial assistance that a candidate receives to pay for certain aspects of his/her educational expenses, such as tuition fees or living expenses or both. Unlike a loan, it is a gift of sorts, for which there is no requirement to repay the amount received. In this respect, you can consider scholarships as free money that you can use, but only for certain earmarked purposes.

Students can earn this financial aid from many sources including government foundations, charities, colleges, universities, schools, business organizations, etc. Each scholarship program requires certain criteria to be fulfilled before a candidate can receive the award. A community, or scholarship board, reviews a bunch of documents submitted by candidates to determine whether or not they are qualified to receive the aid.

Factors considered when granting scholarships

Scholarships are prestigious awards, and hence, most schools or offering institutions use the scores candidates earn in terms of their academic performance, community involvement, relevant work history, and/or financial need of the student. There are several factors that determine the ability of candidates to obtain scholarships.

Investment is one of the core necessities of many Indian students, especially if they intend to opt for careers that require years of formal education beyond the undergraduate degree. Scholarships possess several unique benefits and are among the most desirable forms of financial assistance. They recognize certain merits and achievements and reward deserving candidates depending on them.

How the right scholarship can benefit your career

Scholarships can benefit you and make big difference in your overall educational journey. They can enable you to be more discerning on how you want to spend your leisure time, since you have already secured money for your education. So overall, you can maximize your experience throughout your educational journey through service learning, volunteering work, and internships. Even if your scholarship amount is not too significant, you can still support yourself with it and can add meaning and value to your degree.

In the present times, many students graduate from college or complete their university studies with enormous student loans that sometimes limit their higher education. Since a scholarship doesn’t present the need for payback, students can easily focus on their careers instead of planning about how to repay debts.

Scholarships remove certain financial barriers. Their impact smoothens out the educational journey towards accomplishing career goals. You can become an attractive hire if you have earned a prestigious merit-based scholarship. Employers understand the competitiveness of scholarships and consider them as valuable achievements.

Further, the reduction of financial concerns can give you added time to study with a relaxed mind. This can make learning enjoyable, which will automatically lead to better marks and knowledge retention. In this way, you can increase your chances to continue further higher studies.

In summary, when financial aid is necessary for a candidate, scholarship presents a beneficial and desirable form of financial aid.