The Pros and Cons of Receiving a Scholarship

Chances are you’ll be wondering if getting a scholarship is all it’s cracked as much as be. Certain, it’s always nice to receive money that you’re not anticipated to pay back, but are there any drawbacks to getting a scholarship. As it turns out there are pluses and minuses to receiving scholarship money. The plain plus is that you get cash that you just want for school that you simply won’t have to take out within the type of a loan. This money will go towards things like tuition, room and board, books, supplies, your laptop, and anything else related to school.

You definitely do not want to look a gift horse within the mouth however there are some things that you will be expected to do to be able to receive the scholarship money, and keep receiving it each semester. Many scholarship awards have minimum necessities that you will be expected to have in order to get the award in the first place, but you may also be required to maintain these minimums every semester you anticipate to keep getting it. What’s nice about a scholarship is that it’s normally not a one-off. You possibly can renew it for as long as you go to varsity, relying on should you keep your grades up and meet all different expectations. Some scholarships will want you to keep up a certain GPA, while others will expect you to become involved with further-curricular activities or put in volunteer hours with a view to get your money.

Should you come to rely on your scholarship money, however have a bad semester, it will be financially devastating having your money rescinded or not qualifying for it for future semesters.

When compared to grants, scholarships normally have more strings connected, however since they are renewable it balances out. While you obtain a grant, many instances it’s a one-time award. If you wish to receive it again you must reapply and get re-accepted. The fantastic thing about grants is that you not often will need to do anything outside of applying for them. Should you apply for a grant and are awarded the grant, the cash just shows up either by direct deposit or in the type of a check. With a scholarship they will not only verify that you’re eligible to obtain it, they’re going to check with the school to make positive that you just’re still keeping your end of the cut price, and all cash will be despatched to the faculty directly to pay for things. You may only get the leftovers to do with as you please.

Of course it’s better to get a scholarship than to not get a scholarship. Just do not be stunned once you discover out all of the different things that come with getting one. They are typically glamorized and considered the Holy Grail of free money for college. Some scholarships cause stress within the form of keeping the minimum requirements. It’s up to you to determine if it’s price it or not.

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