When we think of education, the one drawback that pops up in our mind is the cost.
Getting educated in a well-reputed school or college is always expensive.
Only a small percentage of parents are able to afford educating their children without placing a heavy financial burden on themselves.
This is the reason why most students study and work part time simultaneously to meet the expenses. This may result in lowering the grades of students who are not able to wisely manage their time.
But does this mean that education is only for the rich and wealthy?
Of course, the answer is “No”.
This is when educational scholarships and grants come to our aid. The purpose of these scholarships and grants is to help the students financially and to focus on studying rather than trying to earn and sustain on their own.
Scholarships are sponsored by schools and many private companies across the country. Schools offer scholarships that cover the complete tuition costs of the student. To win these scholarships the student should have a certain GPA and proof of financial need. But the number of corporations and private companies that sponsor scholarships exceed the number of schools that offer them.
The best part is that you needn’t pay back a penny! Another good thing is that you can qualify for any amount of money if you win a scholarship. For this you need to be eligible for the scholarship and have proof of financial need. Once you get a scholarship, the money that you get from it can be used for any purpose related to your education such as paying the fees and buying books and other study materials. It can even be used to buy a computer if it is going to help you study!
On the other hand grants are given out based on the specific needs of the student. They do not cover the entire tuition cost and you may need to depend on other loans and savings to cover the cost entirely. The federal or state governments sponsor these grants. Unlike loans, you needn’t have to pay back anything if you get a grant. Other than the federal and state governments, grants are also funded by educational institutions, private organizations and professional associations.
Many factors influence the giving away of grants. Grants are awarded based on these factors. These factors include the degree of financial need, religious affiliation, ethnicity, association, record of achievement and special interests.
Underrepresented minorities also are eligible for grants. In some cases, some organizations give away grants to students in exchange for professional service once they complete their graduation. These kinds of grants are given away mostly to those who are in health care professions.
The main difference between grants and other financial aids available is that the money will not be sent directly to you. The money is sent directly to the college that you have specified and the college uses this money to fund your education. And if there is any leftover money, the college gives that amount to you once the semester is over.
Thus you have these two great ways to help you get through college without a financial burden sitting upon your shoulders.