Jul 07, 2021 03:36 AM EDT By Patrick Jones, UniversityHerald Reporter

Scholarships are not just another grant to help you with your financial load in college or university but they will also help you to achieve your education, make your career, and obtain your career goals. 

Scholarships are important because they provide students with an opportunity to continue their education with financial assistance from an outside source. 

Without assistance from an outside source, it is not possible for every student to continue their studies because they may have trouble paying the tuition fee in the institute that they are studying. 

Most of the students who are graduating from colleges or universities are burdened with student loans upon completion of their degree and since the tuition fee is rising every year, these loans sum up to be very huge amounts for students. These debts can be a huge problem for some students and if they don't find a decent job then they will have trouble paying off their student loans.

Types of Scholarship:

There are various types of scholarships available and different organizations also distribute different scholarships. However, there are two common types of scholarships that are popular across the world. These are:

Academic/Merit Scholarship: If a student is performing exceptionally in academics, athletics, or arts then these can land a student a full-fledged scholarship in a particular university. For example, Sports and Academic Performance-Based Scholarships are commonly disturbed across the world.

Deserving Scholarship: If a student belongs to a poor family or his financial condition is unstable then he might land a scholarship for him/herself that will provide financial assistance for a particular university or program.

Importance of Scholarships

Scholarships are very important and these can decide the future of several promising youngsters who are willing to pursue higher education and continue their studies. Here are some reasons why scholarships are so important:

Increasing Tuition Fee

The tuition fee across the world in various universities rises annually and it becomes difficult for parents or an individual to pay off the tuition fee without disturbing their other finances. In such cases, a scholarship can really help a student with his tuition fees.

Difficult to Manage for a Student

If you are not sponsored by anyone else and pursuing full-time students & also paying for your own college/university fee then there is a high likelihood that you will either get a loan or do a part-time job in order to pay off your fees. The cost of living is rising day by day and the wage growth is limited, not to mention that college/university students can only work for limited hours or only on weekends due to the projects and exams. If you opted for getting a student then it is also a big problem because the interest rates aren't getting lower.

Pursue Your Passion

Most people have this passion for getting higher education to achieve their dreams. Some people like to become doctors, some want to be successful businessmen, some like to become lawyers and it all involves getting a degree from a reputable college or university. If these people are funded by scholarships then they will be able to achieve their dreams without worrying about their financial condition. 

Helps to Perform Well

There is no doubt that Scholarships help students to continue performing well because there is a compulsion for the scholarship that if a student fails to achieve certain grades in the previous semester then he/she may get devoid of getting the scholarship in the next semester. So, students are forced to perform well to prove themselves in terms of grades if they want to keep on getting the scholarship.

Also, when there is no financial burden over a student's head then it gives the student a chance to focus on his studies and forget about financial worries. In this way, the students give more time to their studies and perform well when they have no financial burden over their heads.

Feeling of Ecstacy & Self-Confidence

If you are awarded the scholarship because of your grades or your own ability then there will be a feeling of ecstasy running all over your body, it will be a huge confidence boost for you that you got the scholarship because of your own ability. You will be able to recognize your strengths & weaknesses and you will also be able to identify the areas where you are lacking.

Many countries in the world have understood that scholarships are essential for students and not every student can afford to pursue higher education. Countries like India have understood this requirement very well and the government is providing different scholarships such as MahaDBT, UP Scholarship, etc in different states of the country to deserving and needy students so that they can continue their studies and achieve their dreams of getting higher education. 

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