Pros and Cons of Receiving a Scholarship

Chances are you’ll be wondering if getting a scholarship is all it’s cracked up to be. Positive, it’s always nice to receive cash that you simply’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 just get cash that you just want for school that you simply won’t must take out within the form of a loan. This money will go towards things like tuition, room and board, books, provides, your computer, and anything else related to school.

You definitely don’t wish to look a present horse within the mouth however there are some things that you’ll be anticipated to do to be able to obtain the scholarship money, and keep receiving it each semester. Many scholarship awards have minimal necessities that you’re going to be anticipated to have in an effort to get the award in the first place, but you will also be required to keep up these minimums each semester you expect to keep getting it. What’s great about a scholarship is that it’s usually not a one-off. You may renew it for as long as you go to school, depending on if you keep your grades up and meet all other expectations. Some scholarships will need you to keep up a certain GPA, while others will anticipate you to get involved with extra-curricular activities or put in volunteer hours as a way to get your money.

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to depend on your scholarship money, however have a bad semester, it may be financially devastating having your money rescinded or not qualifying for it for future semesters.

When compared to grants, scholarships often have more strings hooked up, but since they’re renewable it balances out. While you receive a grant, many times it’s a one-time award. If you want to receive it once more it’s a must to reapply and get re-accepted. The great thing about grants is that you just not often will need to do anything outside of applying for them. In the event 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 simply’re eligible to obtain it, they’ll check with the school to make positive that you’re still keeping your end of the discount, and all money will be sent to the college directly to pay for things. You will only get the leftovers to do with as you please.

Of course it’s higher to get a scholarship than to not get a scholarship. Just don’t be surprised while you discover out the entire different things that come with getting one. They’re typically glamorized and thought of as the Holy Grail of free money for college. Some scholarships cause stress in the form of keeping the minimum requirements. It is up to you to decide if it’s price it or not.

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