One of the most accessible and convenient ways for college students to pay for their degree program is via student grants and scholarships offered by academic institutions, religious organizations, companies, and the government.
But most students who are recipients of one scholarship or the other don’t know how this scholarship thing works, and what stuffs they’re expected to spend the grant money on.
University Grants: What Exactly Is It?
Free bursaries and scholarships are financial programs designed to help students pay for expenses attached to their undergraduate and graduate degree studies. Scholarships can be a one-time program or a recurring program. Other times, they can be renewable. Some student grants are programmed to sponsor students each semester or each academic year. Scholarships should not be mistaken for student loan. Academic loans are required to be paid back while scholarships are free and not to be repaid.
How do Students get the Money?
At time, the money is sent directly to the student via check or wire transfer. In some other cases, the fund is handed over to the management of the school wherein the student is enrolled for their undergraduate or graduate degree program.
If the scholarship fund sent by the scholarship board is not enough to cover for all the expenses of the students’ degree, then the student will be required to pay the balance to the school. But if the scholarship funding is more than the school’s total charges for the students’ degree, then the balance is given to the student.
What is Scholarship Funds Spent On?
When you receive a check in your name from a scholarship you applied for, you are then tempted to hop on the internet and shop for the latest tech devices, video games, concert or movie tickets. No. That is not the purpose of the fund sent to you. The fund you received is actually an investment in your education and you should look at it that way.
Your school needs – writing materials (books, pen etc.), housing, transportation, and even meals (do you want to study on an empty stomach?) – is meant to be solved with this money. The money can also be spent on purchasing relevant software and computer devices.
When you are listed as a scholarship beneficiary, you may receive the scholarship all at once or installments. Your scholarship provider will certainly pre-inform you of the method and time they wish to send you the school money. And also bear in mind that not all scholarships are paid at the start of a school session. Some are sent in the middle of the school semester.
Where do scholarships come from?
One of the most accessible and convenient ways for college students to pay for their degree program is via student grants and scholarships are most often offered by academic institutions, religious organizations, companies, and the government. So when you plan to study in certain institutions, reach out to them to know if you qualify for any student grant (whether need-based, or merit-based).
Most students believe that scholarships are meant for students with high intellectual ability only.
These days, there are many types of scholarships you could find online. Now, it does not matter if you are the class’s brainbox or the dull one, there is a scholarship for you out there. There are scholarships that are open to only students from specific counties, towns, or communities, and student grants are not offered to only college students, high school students and graduate students can find many scholarships targeted and designed for them, online.