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Pros and Cons of Receiving a Scholarship
You could be wondering if getting a scholarship is all it's cracked as much as be. Positive, it's always great to obtain money that you simply're not expected 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 plain plus is that you get money that you want for school that you simply won't need to take out within the form of a loan. This money will go towards things like tuition, room and board, books, provides, your pc, and anything else associated to school.
You definitely do not need to look a present horse within the mouth but there are some things that you will be anticipated to do in an effort to receive the scholarship cash, and keep receiving it each semester. Many scholarship awards have minimum necessities that you're going to be anticipated to have to be able to get the award in the first place, but you may even be required to maintain these minimums each semester you count on to keep getting it. What's nice about a scholarship is that it's usually not a one-off. You can renew it for so long as you go to college, depending on if you happen to keep your grades up and meet all other expectations. Some scholarships will need you to maintain a certain GPA, while others will expect you to become involved with extra-curricular activities or put in volunteer hours as a way to get your money.
In case you come to rely on your scholarship cash, however have a bad semester, it could be financially devastating having your cash rescinded or not qualifying for it for future semesters.
When compared to grants, scholarships often have more strings attached, but since they're renewable it balances out. Whenever you receive a grant, many times it's a one-time award. If you want to receive it again you need to reapply and get re-accepted. The beauty of grants is that you not often will need to do anything outside of applying for them. When you apply for a grant and are awarded the grant, the money just shows up either by direct deposit or in the form of a check. With a scholarship they will not only confirm that you just're eligible to obtain it, they're going to check with the school to make positive that you just're still keeping your finish of the bargain, and all cash will be sent to the college directly to pay for things. You'll only get the leftovers to do with as you please.
Of course it's higher to get a scholarship than to not get a scholarship. Just don't be surprised if you find out all of the other things that come with getting one. They are typically glamorized and thought of as the Holy Grail of free cash for college. Some scholarships cause stress in the form of keeping the minimum requirements. It is up to you to determine if it's price it or not.
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