Scholarships can be vital to some students’ ability to attend a college or university. Having a scholarship means that a student will not have as many worries about money, allowing them to focus more on their studies. Securing a scholarship recognizes positive academic achievements, bringing students a sense of pride in their work. Rakesh Sarna, a hospitality veteran, explains the many reasons why scholarships benefit students.
Relief from Financial Stress
Having a scholarship can be an important source of relief from financial stress. Many students spend a great deal of time worrying about money, and scholarships take some of this pressure off their minds. Students can relax and concentrate on their field of study rather than constantly worrying about whether they will be able to afford college.
This is a particularly important benefit to scholarship recipients, as in many cases the early career decisions made by recent graduates are a reactive measure to start paying back their loans. This means many graduates end up accepting a position outside their industry or for lower pay, which has shown to have lasting effects on lifetime earning potential. By reducing student loan debt, scholarships set students up for future financial success.
Winning a competitive scholarship is something to be proud of. When students win scholarships in their areas of study, they are encouraged to achieve even more. Scholarships can build self-esteem and pride in a student, enhancing their life and making them a happier person.
Encouraging Higher Education
Scholarships are a way to encourage students who may not have thought they had a chance to pursue higher education. Some students are priced out of attending a college or university, but if they win a scholarship, their odds of going to college are greatly increased. Since a four-year degree can produce lifetime earnings up to $1 million higher than people with no degree, the benefits of going to college are clear.
Scholarships Lead to Better Grades
When a student needs to work full-time in addition to attending school, their grades often suffer due to the study time that is lost. Students with scholarships are more likely to be able to make college their sole focus and to work to better their grades each semester.
When a student receives a prestigious scholarship, they are more likely to be attractive to future employers. For example, the National Merit Scholarship is a well-known signifier of academic talent and potential. Career-based scholarships also help employers choose the right people to be part of their businesses.
Ability to Pursue Extracurricular Activities
Having a scholarship means that a student will have more time to participate in extracurricular activities like sports, music, and clubs. This leads to greater personal development on the part of the student and can also improve their academic performance. Having leisure time to participate in these activities makes a student well-rounded and provides the basis for a successful life after college.
Ability to Perform Internships
Career learning does not happen solely in the classroom. Many fields are enhanced by study outside school, especially summer internships. Students who do not have scholarships are less likely to be able to enjoy these opportunities since they are likely working full-time to support themselves and pay their tuition.
Having a scholarship is associated with a host of important benefits for a student. From stress relief to the opportunity to take internships, students are able to build more successful lives if they are awarded scholarships. Scholarships can also provide a sense of personal pride, enabling a student to succeed in the future. Rakesh Sarna encourages all students and potential donors to participate in scholarship programs.