by Emily Hechler 
Many upcoming high school grads don’t consider attending college for one major reason – money. The cost of higher education is on the rise and continues to grow. Tuition and fees vary because of a variety of factors. Is the college not for profit or for profit? Is the college public or private? What about in-state vs out-of-state tuition? No matter what college you might want to attend, it will cost you financially, physically, and emotionally.
Scholarships come with many benefits. Winning a scholarship can be the determining factor on whether you can afford to attend college or not. Why should you apply for a scholarship? Here are four benefits that scholarships can have for you.
Scholarships Can Minimize Your Need for Student Loans
If you’ve decided to attend college and don’t have the money to pay out of pocket, student loans will probably be your backup option. If you are awarded scholarships, then you can use this money to pay for your tuition. As a result, you can take out a smaller student loan. The smaller your student loan balance, the easier it will be to pay off when you graduate. A large balance can be a burden for years after you graduate college. It can also impact your debt-to-income ratio, making it harder to get other loans in the future.
Scholarships Can Free Up Your Time
Many college students work at least a part-time job while in college to help cover some of the costs. Students that are awarded scholarships won’t have to work as many hours to pay for their education since some of that cost is covered by their scholarships. This free time can allow for more gatherings with friends, valuable study sessions, or a combination of both.
Scholarships Can Increase Your Network
While graduating college is the goal while you’re in the thick of your junior year, it won’t always be. After you graduate, you’ll likely want to find a job related to your field. That’s probably why you went to college anyway. Many scholarships are connected to communities of like-minded people or those you aspire to be in the future. These connections can serve you well while you’re still in college through career fairs and unique educational opportunities. Post-college, these people can serve as resources when you look for a job. According to HR Dive, 54% of workers found their job through a personal or professional connection. Keep these people in your corner through sites like LinkedIn to stay up-to-date on your connections.
Scholarships Can Help You Stand Out in Your Next Steps
As a college student or recent grad with little to no professional experience, a scholarship can boost your resume. Winning a scholarship notes that you are a determined individual, especially in that field. It could be what makes you stand out from the rest of the candidates. When I was in my last semester of college, I included my unique scholarship wins on my resume. I was asked about the awards during an interview and got the job with that employer.
The Reality of Applying for Scholarships
This all sounds great on paper, but what is the reality of winning a scholarship? Scholarships are granted under a variety of situations. Some are based on former and current grades. They can be based on major, field of study, or interest. Scholarships can be based on ethnicity or social impact. Just because you apply for a scholarship, that doesn’t mean you’ll automatically win. Read the requirements closely and submit your best work to give yourself a great chance of winning.
If you are in the process of applying to colleges, look at the financial aid resources available on their website and see what types of scholarships are available directly through them. Many colleges offer scholarships for incoming freshmen based on ACT or SAT scores combined with your high school GPA. If you want to reduce your expenses even more, local and in-state colleges often have lower tuition than out-of-state schools. Scholarships can be similar, and are higher for in-state students.
Fund Your College Education
No matter your financial situation, we’re here to help. If college is on your mind but you haven’t found any luck with scholarships, Alltru can help walk you through applying for a Personal Loan.
Good luck!
