Pros and Cons of Receiving a Scholarship

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

You definitely don’t want to look a gift horse in the mouth but there are some things that you will be expected to do to be able to obtain the scholarship cash, and keep receiving it every semester. Many scholarship awards have minimum necessities that you will be anticipated to have with the intention to get the award in the first place, however you will also be required to maintain these minimums each semester you count on to keep getting it. What’s great a few scholarship is that it’s usually not a one-off. You possibly can renew it for as long as you go to varsity, depending on when you keep your grades up and meet all other expectations. Some scholarships will need you to maintain a sure GPA, while others will count on you to become involved with additional-curricular activities or put in volunteer hours so as to get your money.

When you come to depend on your scholarship cash, but have a bad semester, it may be financially devastating having your cash rescinded or not qualifying for it for future semesters.

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

After all it’s higher to get a scholarship than to not get a scholarship. Just do not be stunned once you find out the entire other things that come with getting one. They’re usually glamorized and considered the Holy Grail of free money for college. Some scholarships cause stress in the form of keeping the minimum requirements. It’s up to you to decide if it’s worth it or not.

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