Why Scholarships are Important – Learn Top 7 Reasons

Last Modified: 19 Jun 2024

Scholarships are intended to reward a student’s academic achievement and educational progression. Whether you're starting your career or you're studying in high school to grow new abilities, receiving a scholarship is a huge achievement. Talking about the economic benefits, scholarships are especially appealing to young experts who are simply beginning their careers as employees. Furthermore, getting a scholarship can open the way to various educational as well as employment opportunities.

There are a variety of articles in newspapers and magazines explaining the ways students should prepare to apply for scholarships. But people actually need to understand that preparation for such programmes cannot take place overnight. It requires a good background and an excellent academic record.  

Scholarships are essential not only for college programs but also for school or post-education achievement.  Here’s a list of top 7 reasons explaining the importance of scholarship in today’s education world:  -

1.       Increasing Cost

The rise in the cost of college, school, and the university fees is the number one reason scholarships are helpful for a student.  Every year, there is at least a 5% increase in the tuition fee, particularly for international students. Therefore, it is highly beneficial to enrol in programmes that are fully funded and keep a student out of all the financial stress.

2.      Student Loan Rate is shooting up

As per recent surveys, 56-58% of urban families are engaged in mortgages and loans to send their students for higher studies.  On top of that, the loan rate in banks increases every year and this is why scholarships are important. They put the parents to ease and release them from the financial pressure.

3.      Basic Living Expenses

College or university students also have to deal with food and travel costs. These costs build up slowly and tend to cause a lot of hassle. It becomes all the more difficult to deal with if the student and his family have already paid too much for the tuition fee. But receiving a scholarship that takes care of all these costs is highly beneficial.

4.      Study Abroad

Scholarships are the best way a student can fulfil his or her dream of studying abroad. Applying for a reputed and prestigious programme helps academically as well as personally. This means students are able to get a global exposure and develop their interpersonal skills. Scholarships offered by well-established institutions generally cover all the expenses of a student.

5.       Get a Degree of Your Choice

Sometimes, it is not the cost of the institution but the cost of the degree program that is too high. Such out of financial reach programs can be easily taken up through scholarships. Opting for a good and fully funded program helps a candidate manage the degree of his or her choice.

6.     Have an Upper-Hand over Others

Attaining a scholarship surely has its share of financial benefits, but there’s also an exceptional personal benefit. These programmes go on to add a huge value to an individual’s resume. Additionally, these convey that a student is extremely dedicated and has worked hard all his/her life. Thus, students who receive scholarships are automatically given more preference than others when it comes to job interviews.

7.      Respect and Appreciation

Getting a scholarship on your abilities will earn you respect not just in the eyes of others but also your own self.  It will mean that you recognize your strengths and weakness and are willing to improve in areas where you are lacking. This is an excellent advantage mainly during group discussions when questions after questions are being thrown at you.