– Prateek Gujral, Principal Advisor (South Asia), Augustana University (South Dakota), USA

Scholarships very much relate to hardships and goals in life. And, thus are given to students in recognition of their academic achievements and educational programmes.

As education has become one of the most valuable and costliest assets in today’s world, young hopefuls who want to make a difference in life, realise its importance. The idea that resides with them is to gain a scholarship towards securing a future with an edge.

Below is a summary of the top few reasons why scholarships are important in today’s educational world.

Increasing Costs: The rising cost of college, school, and university fees is the most common reason students seek scholarships. Every year, the tuition fee increases by at least 5%, and for overseas education, students paying the highest percentage. As a result, enrolling in fully financed programmes is incredibly advantageous because it relieves a student of any financial worry.

The student loan rate is increasing: According to recent studies, a large percentage of metropolitan households are involved in mortgages and loans, as they send their students to universities for further education. Furthermore, the bank loan rate rises every year, emphasising the importance of scholarships.

Basic living expenses: College or university students must additionally pay for meals and transportation. These expenses add up over time and cause a great deal of annoyance. If students and their families have already overpaid the tuition money, it becomes even more difficult to cope with. However, earning a scholarship that covers all of these expenses, gives a complete breather.

Study abroad: Scholarships are the most cost-effective way for students to pursue their ambition of studying abroad. Applying to a reputable and prominent programme is beneficial both academically and personally This gives students the opportunity to broaden their horizons while also refining their interpersonal skills. Scholarships from prestigious institutions cover almost all of a student’s expenses. It is not always the cost of the school that is excessive, rather it is the expense of the degree programme. Scholarships can easily be obtained for such programmes. So a candidate’s ability to manage the degree of his or her choice is aided by enrolling in a good and fully funded programme.

Scholarships are a great way to encourage philanthropy: It is intended that if you get a scholarship, your outlook on life would alter If you’ve benefited from this donation, you might want to consider becoming more giving yourself. Perhaps you’ll go on to start such scholarships for needy and meritorious students in future through charitable contributions to colleges.

Gives a boost to your resume: Scholarships are difficult to come by. Because some scholarships have thousands of candidates, your pre-college achievements will be given additional distinction if you were awarded a scholarship in the past. Besides, when you apply for jobs with a scholarship on your CV, it demonstrates that you worked hard not only in college, but also before that. Why should not an employer choose you above hundreds of others if a college saw you fit to do so?

Scholarships might help you build your network: One of the lesser-known advantages of scholarships is the opportunity to travel. When you receive a scholarship, you can network with other scholarship recipients. Because you’re likely in the same academic field, you’ll have a lot of opportunity to network once you’ve graduated.

If you earn a business administration scholarship, for example, you’ll be able to communicate with sophomores and seniors who had also received the honour. When it comes for the time to look for a job, you would already have contacts in the sector, giving you a significant advantage over other applicants. By networking now, you can obtain access to other academic options, research opportunities, and a close-knit social circle within your company.

Note: Before submitting a scholarship application, please examine the general qualifying requirements as well as any special restrictions Please read the scholarship descriptions carefully and follow the application instructions, including the deadlines and document requirements, as certain scholarships may have additional conditions or exclusions.

Also read: The need of scholarships in India