The Benefits of College Scholarships and Grants

The cost of college education is continuously rising in the United States. In the past decade alone, the cost of tuition and fees at public universities rose nearly 30%. Covering these growing costs is becoming more difficult, especially for low-income families.

Scholarships offer financial relief for students looking to pursue a higher education. Many students use scholarships or grants to pay for tuition, books, and additional costs.

Scholarships provide job opportunities for honorable students that can help them jumpstart their career. In addition, scholarships grant students access to professional connections in their field of study.

Grants and scholarships are a tremendous gift, considering students don’t have to pay them back as long as they meet all of the conditions. However, many students will avoid applying for scholarships because they feel they don’t meet the requirements.

With that said, they’ll borrow student loans to fund their college expenses. Every year, 30 to 40 percent of undergraduates take federal student loans, leaving the majority in debt by the time they graduate.

Student Debit is Rising in the U.S.

Graduating college is a huge accomplishment that’s worth celebrating. It marks the beginning of an extraordinary chapter in life. Unfortunately, many students nationwide are left with thousands of dollars in debt by the end of their collegiate journey due to student loans.

The National Center for Education reports that over 85 percent of students receive some form of financial aid during their time at university. Many students are in need of financial assistance to help pay for their college education.

Nearly 14% of Bachelor’s degree graduates owe over $40,000 in student loan debt, and the number of students receiving financial aid has skyrocketed over the past two decades.

While financial aid may carry students through school, they’re plagued with crippling student loan debt. In most cases, the amount they owe equivalates, or even surpasses their annual salary.

Every individual that’s interested in pursuing a higher education should be able to do so without the fear of falling deep in debt.