You may be wondering if a scholarship is all that matters. Sure, it’s always great to get money that you’re not supposed to pay back, but are there any downsides to getting a scholarship. As it turns out, there are pros and cons to receiving scholarship funds. The obvious benefit is that you don’t have to take out a loan to get the money you need for school.
This money goes towards things like tuition, room and board, books, materials, your computer and everything else related to the school.
You certainly don’t want to look a gift horse in the mouth, but there are some things that are expected of you in order to get the scholarship money and receive it each semester. Many scholarship awards have minimum requirements that you must meet to even receive the award, but you must also meet those minimum requirements every semester that you expect to continue receiving them.
The great thing about a scholarship is that it is usually not one-off. You can extend it for the duration of your studies, depending on whether you keep your grades and meet all other expectations.
Some scholarships require you to maintain a specific grade point average, while others require you to engage in extracurricular activities or volunteer hours to earn your money.
If you depend on your scholarship money but are having a poor semester, having your money withdrawn or not qualifying for future semesters can be financially devastating.
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Compared to fellowships, fellowships usually come with more strings attached, but being renewable, they balance each other out. When you receive a scholarship, it is often a one-time award. If you wish to receive it again, you must reapply and be re-admitted. The beauty of scholarships is that you rarely have to do anything other than apply for them.
If you apply for a scholarship and the scholarship is approved, the money will appear either by wire transfer or in the form of a check. With a scholarship, not only will they verify that you are eligible to receive it, they will check with the school to make sure you are still keeping your end of the bargain, and all money will be sent directly to the college pay for things. You only get the leftovers to use however you like.
Of course, getting a scholarship is better than not getting a scholarship. Just don’t be surprised if you learn all the other things that come with acquiring one. They are often glamorized and considered the Holy Grail of free college money. Some scholarships cause stress in the form of meeting minimum requirements.
It’s up to you to decide if it’s worth it or not.
