Friday, November 9, 2012

Do I Need A Scholarship?

Its one thing to hear or read about the higher costs of secondary education, but it's quite another to actually look at a final budget for one to four years of college or graduate school. The sticker shock can be enough to make you reconsider whether higher education is worth it at all! But of course, it certainly is, and any way you need to get through it financially is worth investigating.  Student loans are certainly one way to pay for college or graduate school, and thousands of people do every year. But, there are obviously strings attached that can be onerous.



So what about those scholarships? Who needs a scholarship, and where do they come from?  The obvious answer to the first question is: whoever needs the money for school! But there are varying reasons for needing a scholarship (or many scholarships) and - as for the second question - many different places to get them.  Loans are not free money. Some student loans are better than others when it comes to interest rates, repayment installments, deferments or forgiveness, but it is always a big responsibility. The larger the amount of the loan or loans you borrow, the heavier the responsibility. 


Scholarships are also not "free" - they require different commitments or accomplishments that are not financial. However, they almost always have no commitments after coursework or degree is completed. Sometimes it's necessary for a student to have a co-signor on their loans, or to have parents take out loans on their behalf. But what if that's not possible? If you have several siblings in your family, or they have bad credit or you simply don't want to burden your parents, it's helpful to turn to scholarship possibilities to help with financial aid. 



Perhaps you are eligible to take out loans on your own, but don't know if you will be able to go straight into the workforce after college. Maybe you'd like to reserve the possibility of going straight into graduate school. Whatever the reason, you may not want to have loan payments looming after getting your diploma.  Or, perhaps you have the financial wherewithal to attend college or graduate school without taking out any loans, but want to be able to use the funds for something else.  So, if you think you're someone who needs a scholarship, plan ahead. All academic scholarships require top-notch grades, and you'll need to start applying yourself your freshman year of high school. Community organizations, private businesses, endowments and universities with athletic or academic specialty needs might not require the highest grade point average, but they do require academic and leadership minimums.


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