Pros and Cons of Receiving a Scholarship

Chances are you’ll be wondering if getting a scholarship is all it’s cracked as much as be. Certain, it’s always great to receive money that you simply’re not anticipated to pay back, but are there any drawbacks to getting a scholarship. As it turns out there are pluses and minuses to receiving scholarship money. The apparent plus is that you get cash that you simply want for school that you just won’t have to take out within the form of a loan. This money will go towards things like tuition, room and board, books, supplies, your pc, and anything else related to school.

You definitely don’t wish to look a present horse within the mouth but there are some things that you’ll be anticipated to do with a purpose to receive the scholarship cash, and keep receiving it every semester. Many scholarship awards have minimal requirements that you will be expected to have in order to get the award within the first place, however you may also be required to keep up these minimums every semester you count on to keep getting it. What’s nice about a scholarship is that it’s normally not a one-off. You can renew it for as long as you go to college, depending on should you keep your grades up and meet all different expectations. Some scholarships will need you to keep up a sure 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.

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come to depend on your scholarship cash, but have a bad semester, it might be financially devastating having your money rescinded or not qualifying for it for future semesters.

When compared to grants, scholarships often have more strings connected, but since they are renewable it balances out. If you receive a grant, many times it’s a one-time award. If you want to receive it once more you have to reapply and get re-accepted. The beauty of grants is that you just rarely will should 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 within the form of a check. With a scholarship they will not only confirm that you simply’re eligible to obtain it, they’ll check with the school to make sure that you just’re still keeping your finish of the discount, and all money will be sent to the college directly to pay for things. You’ll 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 shocked when you find out the entire different things that come with getting one. They’re typically glamorized and considered the Holy Grail of free money for college. Some scholarships cause stress within the form of keeping the minimal requirements. It is up to you to resolve if it’s value it or not.

Should you have virtually any questions relating to wherever along with the way to work with financial aid American University, you possibly can contact us from the web-page.

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