The Significance of Scholarships/Financial aid in Higher Education

The Significance of Scholarships/Financial aid in Higher Education

 Over the years, the cost of acquiring higher education has progressively increased, disadvantaging individuals without financial capabilities.  According to the education data initiative, the average cost of obtaining higher education has more than doubled in the 21st century, with an annual growth rate of 7.1%. The total cost for a four-year degree in a public university is approximately$102,828 whereas, in a private university, it approximates $218,004.

These costs are relatively high, and this is where the significance of scholarships comes in to fill the financial gaps. Scholarships are grants given to students to support their education. Some of the scholarships are accompanied by conditions in which the student must pay back after completing the studies.

Countries such as Austria, the U.S., Iceland, Sweden, and Norway remain the key scholarship providers for international students.  These countries provide excellent quality education and have welcoming cultures in which students can blend in, making them great destinations for students who wish to study abroad.

Scholarships can be either offered by a learning institution or a company. The benefits, therefore, accrue to both the student and the company offering scholarships to its employees. Below, we look at the significance of scholarships.

A. Significance of Scholarship to Students

 	
Allow Easier Accessibility to Higher Education

As we saw earlier the average cost for a four-year degree in a public university is approximately $102,828. These cost limit capable students from poor backgrounds from accessing higher education.  Financial aid comes in handy to assist students in achieving their dreams and therefore bridging the poverty gap within society. Scholarships may cover the full or a percentage of the cost, increasing affordability. It is worth noting that some of these scholarships are offered for the attainment of some of the most lucrative professions, such as engineering and nursing. Therefore they act as motivations for students to attain higher education.

 	
Creates a Networking Platform

In most cases, scholarships are advertised to a large number of people. After winning the scholarship, students can meet and interact with other awardees. This creates a growth opportunity and a chance to network and grow as a professional and on a personal level.

For Instance, a scholarship in engineering courses abroad allows a student to meet students from other countries where they get to learn about other people’s cultures. A student also gets the opportunity to be introduced to other engineers from other countries for mentorship and learning opportunities.

Networking can also be a gateway to more scholarships and research opportunities.

 	
Encourages Philanthropy 

Being a scholarship beneficiary creates a culture of wanting to promote the welfare of others in society. It is highly likely that after completion of the study, students look for other scholarships to support other needy students within society. Some beneficiaries go to the extent of forming their non-profit organization for this purpose. This is because they are aware of the benefits that come with such an opportunity.

 	
Facilitates Research and Development

Statistics indicate that most scholarships are provided within the material science, health sector, chemistry, agriculture, and astronomy industries, which are extensively involved in research. Scholarships within this scope create a pathway to new findings and developments. Offering scholarships in these industries bring in new and fresh blood full of new ideas, which facilitate research and simultaneously provide beneficiaries with growth opportunities.

 	
Encourage Diversity

Scholarships open for application by all people create a platform that encourages diversity. For Instance, a scholarship that has been advertised globally, presents students from all continents with an opportunity to get higher education. Supposing a student from each continent is selected, this presents the winners with an opportunity to interact and exchange ideas depending on the continent of origin.

 	
Provide Students with Additional Experience

To complete some scholarships, a student must engage in voluntary work in the focus industry. This presents the student with an opportunity not only to learn but also to add to the experience.

 	
Improves the Curriculum Vitae (CV)

Winning a scholarship is difficult since there is high competition with equally qualified applicants. Some of the scholarships attract hundreds of thousands of applications, meaning they are only awarded to exemplary students who have met the minimum requirements.

Applying for a job and having a scholarship on the CV puts you in a better position to get the job than those without, as it is a clear indication of your hard work.

 	
Ability to access financial support.

Most of the full scholarships are accompanied by financial support for the student. This allows the student to go through their education smoothly without difficulties. Some of this financial support covers their food, house, and transport allowance. As a result, the student is exempt from working. It is, however, worth noting that this also comes with a condition in which the student must pass their exams.

 

B. Significance of Scholarships to Companies

 	
Help Companies Create Brand Awareness

Companies leverage different methods of product promotion. A company can utilize a scholarship as a form of creating brand awareness. This is because scholarships tend to attract a high level of attention from students and parents.

In this case, the company benefits by creating brand awareness and promoting people's welfare.

 	
Allow Companies to Attract and Retain Talent

Companies provide their employees with financial aid to pursue higher education. In most cases, the scholarship is accompanied by a condition in which the employee must continue working for the company for a specified duration. This prevents the company from losing its valued talent.

Scholarships offered in a company also act as a motivation for employees to attain higher education. Companies sometimes encourage employees to diversify by offering scholarships in different fields to attain certain skills that may benefit the company. This also acts as a form of morale for employees.

 

We have seen how significant scholarships can be significant to not only students but also companies. It is always a wise idea for students to apply for scholarships as they present many opportunities and more so to young professionals.