students scholarship

College Students-Scholarships for Funding Studies

College Students

College Students

The cost of college studies increases every year, and in the resent economic scenario, this increase in expenses means that getting higher education on their own has become very difficult for a lot of people.

The solution to this problem seems to lie in financial aid that is available in different forms, such as loans, scholarships and grants. While student loans is a popular option, students not only have to pay back the original amount that they received after finishing college, they also have to pay an interest on the loan.

The advantage of scholarships is that students do not have to pay anything back to the awarding authority. A misconception that exists about scholarships is that they are awarded to ‘scholarly’ people. The fact of the matter is that scholarships are available for all types of students, and scholarships for average students are awarded by many institutions. So, there is no reason to think that getting a loan is the only option for college studies.

Scholarships are awarded by both educational institutions and non-educational institutions. Students can apply for both types of scholarships at the same time. If a student wins an internal scholarship (those that are awarded by the college or university) as well as an external scholarship (those that are awarded by other sources), the college will make an adjustment in their scholarship amount equal to the external scholarship, so the total amount a student wins for college studies remains the same.

Financial aid is also available for college students. Scholarships are awarded by companies and organizations to students who have completed their freshman year. So, any college students having some financial difficulties can take advantage of these opportunities.

There are a number of sources available for students for finding scholarship programs. One of the best sources is the internet; students can go online and find out the details of a particular scholarship program, or conduct a search to get a number of scholarships that are relevant to them. Scholarship search services collect information provided by the students and show them a list of scholarships that match the information provided by them.

The scholarships search process should be started well in advance, so that the process of collecting information on different scholarships opportunities and preparing an application for them happens before the deadline. Students should avail maximum opportunities, as more applications, in many cases, improves the odds of winning.

Financial aid is available for both undergraduates and college students. Scholarships can help students in covering college expenses without having to pay back any money.

Students Scholarship – A little Known Fact about External Scholarships

Students Scholarship

Students Scholarship

Scholarships are thought of as a solution for funding college studies. But, you may not be aware of that fact that there is a scholarship penalty according to which the college reduces money that college students can get because of the external money they receive as an external scholarship. Scholarships awarded by organizations like the DAR, Wal-Mart, the Gates Foundation, and other similar awarding bodies, are just 2% to 3% of the scholarships available to students looking to study in college; but the attention they get, would lead you think that these would be a much larger percentage of the total.

Relation between External and Internal Scholarships

An external scholarship is the money that you get from organizations other than your college or university. Internal scholarships are those scholarships that you can get directly, and they are usually given on the basis of your academic record. As mentioned above, a little known fact about external scholarships is that colleges reduce the money that you are awarded if you also get an external scholarship. However, this reduction in money does not have any effect on the overall financial aid you receive, because the amount subtracted from your college scholarship is equal to the amount of the external scholarship.

For example, you are awarded a scholarship of $15,000 by a big university. You have also applied for external scholarships in your local home town and are able to win one of these scholarships, which is worth $5,000. What the university will do is that it will reduce your financial award by $5,000 to compensate the external scholarship.

Here is an example of a scholarship policy.  The Northwestern University in Evanston, Illinois says:
“Because outside scholarships are a resource that you will be receiving, your financial aid will have to be adjusted accordingly. Northwestern’s policy is to reduce self-help first (subsidized loans and Federal Work-Study), and then University Scholarship assistance. Scholarship funds are generally divided and applied equally over your quarters of enrollment.”

This policy is based on the federal government’s loan program. If you are going to be awarded a scholarship, the government requires you to give its loan money back first. The higher education institutions normally follow this government policy.

Scholarships, whether external or internal, can provide the money that enables you continue your studies, so make sure that you take the time to select scholarships that you can apply for and win. Get as many applications in as possible; who knows which scholarship program brings success!