Studying at college can be extremely expensive, especially if you live in the United States. This is why students turn to scholarships. A scholarship offers a convenient way for students to pay for their undergraduate or graduate degree. However, not many students know about how the entire process works. This post takes a close look at how the money is awarded to students and what it can be spent on.
What Is a Scholarship?
Before we proceed with how a scholarship works, it is crucial to first understand what a scholarship is. In the simplest of words, a scholarship is a financial aid award that is designed to help students pay for their college degree. There are different types of scholarships. Some are a one-time check, whereas, others are renewable and offer money to students for each school year or semester. What makes scholarships unique is the fact that students do not need to repay them.
Typically, students either receive a check in their name or in the school’s name. In case of the latter, the student would simply pay the check to the school and pay any difference in tuition, room, and fees out of their own pocket. If the scholarship is sufficient to cover the direct college costs, all the excess money would be refunded to the student.
How Can Students Spend the Money?
The scholarship check received by students in their name can be spent on just about anything. However, it would be best to consider it an investment and not free money to spend on the latest concert tickets or video games. The money is strictly for school expenses. It includes tuition, books, pencils, food, and housing. If you require a computer for studying, you can also use the scholarship check on buying a computer or software. The amount of money that you will be paid in one-go depends on the terms and conditions of the scholarship program. It could either be paid in one chunk before school starts or in instalments over a period of time.
Where Do Scholarships Come From?
Scholarships are funded from a wide variety of sources such as governments, wealthy individuals, universities, colleges, businesses, foundations, charities, organizations, and clubs. Financial assistance is provided to students on the basis of merit. If you are interested in receiving a scholarship and do not know where to start, make sure to give your desired college or university a call early on.
Who Can I Get A Scholarship?
Unlike what you might be misled into believing. Scholarships are for everyone. You do not need to be a 4.0 GPA to be awarded a scholarship. Each scholarship program has its own set criteria. There are even some scholarships that are simply awarded to students based on their financial needs. Regardless of whether you are an amazing in studies or not, you should have no trouble finding a scholarship program that you qualify for. You can start your search online to know what to expect.