What is the Importance of Educational Scholarship?

Rupali Karekar
Jan 19, 2021

Scholarships can be immensely beneficial for students as they gradually progress through their academic lives and gradually transition into professional careers. Besides, handling a portion of the academic expenses, scholarships are excellent credentials for their resume and portfolio that can leave an amazing impression on admission committees and employers. Being a recipient of any scholarship is a testimony to a student’s academic capabilities and their commitment towards the pursuit of excellence in their field of interest.

Education is an expensive investment. No matter how much all parents desire to give their children the best education, many cannot afford it, especially when kids get to university. Parents often find themselves between a rock and a hard place, from the costly tuition fees to expensive housing. In such situations, alternative means, such as education scholarships, prove to be handy.

The following are various means a learner can pay for university education.

1. Parental support - Some parents are relatively wealthy and can easily sustain their children through university education, in the school and country of their choice, without any help.

2. Self-support - Some learners fund their university education single-handedly. It could be through money from an inheritance. Some take time out of school to work and save up enough money to sustain them in the university.

3. Student loans - Banks and financial institutions provide loans to meritorious students for covering various expenses related to their university education. The loan is paid once a learner is through with their education and can afford the payment instalments. The interest rate on the loan varies depending on the bank. Therefore, one must research intensively on various banks and their interest rates before settling for one to avoid future financial troubles.

4. Work-study programs - Some universities allow their learners to work in the departments during the student's free time. The truth is, learners do not spend their entire time in school in the class. Therefore, a learner may opt to work in the school and raise money to help sustain them instead of indulging in other recreational activities.

5. Bursaries - Some national governments offer financial assistance to the needy yet academically gifted students to sustain them in the local universities. It is worth noting that the bursaries pay for a section of the fees required and not the whole amount. Therefore, a learner has to look for alternative means to help fund their education.

6. Scholarship -  Scholarships are payments made to support a student's education based on their outstanding academic performance, among other influencing achievements. Unlike a student loan, one does not repay the scholarship money.

Educational scholarships are of great help for highly committed students who want to gain the best education available. Scholarships can fund a student's knowledge both in a local or an international university.

So, why is a scholarship critical to a student?

The following are reasons scholarships are crucial:

1. Helps to reduce debts

Accessing quality education is costly. Therefore, many parents and learners find themselves applying for loans to fund education. Some of these loans attract substantial interest rates that may be difficult to afford and repay in the future. Therefore, an alternative way of funding for university education can make a tremendous difference for both the parents and the learners. One does not need to pay back the scholarship money; thus, parents and the children avoid being in more debt. Having reduced debts helps a learner be more productive in school, as they are not thinking of ways to raise money to repay debts, which brings pressure and anxiety.

2. Helps a student to access quality education

Scholarship for school enables a student to access the best available quality education. When you are not financially able, you may not be able to apply to an institute of your choice. And because you only get knowledge worth your money, you may end up having a mediocre education regardless of your intellectual abilities. However, a scholarship offers you the opportunity to get the best and quality education you deserve.

3. Helps a student enrol in the university of their choice

A scholarship is not limited to geographical boundaries. Do you wish to study in an international school? Or is a local school best for you? Whatever your preference is, a scholarship guarantees a look at the university of your choice. Therefore, a scholarship provides an array of options to continue your education and not just limit yourself to what your parents can afford.

4. Helps a student in scholarships and an excellent job in the future

Most international scholarships, while not guaranteeing a job, do look excellent on a resume. So, for example, the resume of a  Global FUTURE-READY Scholarship winner lets employers know that from a young age, the individual was interested in technology and had an aptitude for it. Understanding that getting a scholarship would help them work in the best companies in the world will compel them to deliver exemplary performances from an early age.  Therefore, the students are motivated to work even harder to n win the same scholarship or another one in the next academic session.  

In most cases, for students to land a scholarship, they must be focused and hard-working. Any organisation will be thrilled to have such a person in their workforce. A scholarship increases your chances of landing a well-paying job in the future than a learner who studied without one.

Also Read:-7 Strategies for Teaching Critical Thinking Skills in Classroom

5. Scholarships enable students to study in a diverse environment

A scholarship allows students to study in any part of the world. Therefore, they get to interact with students from different countries with different ethnicities, colours, cultures, and religions. Through interaction with these students, one gets to learn the different ways of life from other people. The interaction also helps you to understand and respect individual differences. It is through the diverse environment that you learn other languages and understand other cultures.

A student who studies in a diverse environment can work in any part of the world as they may be familiar with the people's culture in that country. A diverse environment broadens a student's opportunity of landing a job and other career options.

Moreover, a diverse environment also guarantees social development. As a student, you gain social skills such as communication skills, empathy, problem-solving skills, to mention a few. The skills enable you to grow into a social adult capable of peacefully co-existing with others.

6. Scholarships instil a sense of self-pride and prestige

Winning a scholarship is not an easy task. There are several tests and an interview round. To stand out from all other applicants is something to be proud of. It shows that you can achieve anything you set your mind to, with hard work, focus, passion, and determination. It motivates you to strive harder to fulfil all your career goals and aspirations.

Students stand out from their peers and gain recognition. It inspires them to work harder and promotes healthy competition between you and your friends.

A good education is a lifelong asset and investment. It is therefore essential that a student tries their level best to gain it. And winning a scholarship is one way of achieving that goal and becoming self-reliant from an early age. So, apply for a scholarship and give your child an opportunity to experience benefits such as quality education, which provide them with the right platform to join a university of their choice.

Rupali Karekar

Ms Karekar comes with over 20 years experience in content writing and content strategy in fields from journalism and content marketing. As head of international communications, she has been actively interacting with stakeholders like the student, teacher and parent community to ensure open channels of dialogue and passage of information between all parties. As a result, the school initiatives and stakeholder performances find the right platform and voice to share their achievements.

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