Scholarship: “an amount of money that is given by a school, an organization, etc., to a student to help pay for the student’s education” (Merriam Webster Online Dictionary, 2014). For students looking to fund their post-secondary education, this declarative statement is sometimes all that is understood in hearing the word scholarship. However, it is important to note that a scholarship is composed of more than a mere definition. In many ways, the implications of the processes encompassing scholarships as well as their true benefit are the most crucial components of scholarships, which resonate in the financial sphere and far beyond. This article will focus on these components of scholarships in an attempt to raise awareness, not only in outlining the scholarship processes and types, but by also illustrating the benefits associated with scholarships.
Determination of eligibility and need: The determination of need for scholarships involves the culmination of various factors. First and foremost, the student applying for the scholarship must demonstrate financial need. This is often a basis for selection as a scholarship is gift aid to students and giving a scholarship to an individual without need would defeat the purpose and detract from addressing the needs of other students.
A second determinant is—in most cases—merit. This nonmonetary domain of need awards gives preference to students of high academic standing who have demonstrated an impressive level of gumption. These students are seen as having gone above and beyond in terms of student achievement and thus, are more likely to stand out in the scholarship application process.
Finally, it is crucial to note that certain scholarships are type-casted towards various fields of research, academic interests or qualities such a service experience, leadership, and citizenship. Most scholarships committees take all of these factors into account when deciding upon a scholarship recipient within a group of applicants (College Board, 2014).
In commencing the scholarship process, a student ought consider these various factors which impact eligibility. A proactive step is to read guidelines for the scholarship, which often include determinants of eligibility. This should be done before applying to a scholarship, so as to eliminate unsuitable scholarships from a list of available options.
Applying: the essential components: The determinants of eligibility are determined by official sources of data. Financial need within the US is determined by the FAFSA Free Application for Federal Student Aid (USDE, 2014). Thus, for any college student or graduating high school student looking to apply for scholarship, the filing of the FAFSA is a priority in the scholarship process. The FAFSA is an essential component of the scholarship process, which is often integrated into the selection process and serves as a determinant of student eligibility. Without the data generated by the FAFSA which serves as official proof of financial aid—and safeguards scholarships from being used a ‘free money’ and rather used as ‘gift aid—in many cases, students would find themselves unable to legitimately demonstrate financial need and ergo unable to complete a scholarship application.
The second factor of merit is often dependant upon traditional measures of academic ability, such as standardized test scores, and high school grade point average (GPA). Merit is used as a predictor of college performance.Companies make an investment in students through the granting of scholarships and want to make sure that this investment is stable and well chosen. Merit, as a factor of student success, enables scholarship committees to make an educated selection among a group of plausible candidates through the selection of a hard-working student who illustrate a capacity of student success (Ganem & Manasse, 2011).
Finally, scholarships can be type-casted towards various fields of research, academic interests, or qualities—often community service experience, leadership and citizenship. In such cases, scholarships may require evidence of the applicant’s affiliation with various organizations, interests or activities. In this context, sources of proofs include a resume, work records, recommendations, and/or an essay. Some organizations require scholars to participate in an interview process to gauge interest and student involvement in various activities.
A gateway to success: Once a student has applied for scholarships he/she is on their way to financial peace of mind and even success beyond the classroom! The benefits of scholarships are said to far outweigh the costs. The first positive impact of scholarships exists in the financial realm, whereby scholarships provide a reduction of loan debt many students will face after college. By applying to a scholarship, students are given gift aid, which does not have to be paid back.
Further, as many scholarships are merit-based, they serve as a motivator of academic success. According to studies on student success and sources of student aid, scholarships “could have a direct effect on academic motivation if a student feels success is necessary to maintain a scholarship in the short term or allow the repayment of loans in the longer term” (Ganem & Manasse, 2011; Robbins et al., 2004).
Other than rewarding students for academic success and community involvement, scholarships also build professional development and individual prestige. The pay-off of scholarships extends beyond the financial realm into greater opportunities for professional development and networking (Covington, 2000). It is said that “the use of those funds which are rightfully set aside in the United States for the furthering of the training and development of persons able to take their places as citizens of worth and achievement” (Smith, 1936). In this manner, by working with scholarship committees, students are put in contact with important figures in their field of study. It is thus that scholarships boost the prospects of promising scholars and enables them to discover a world of professional opportunity beyond the confines of the classroom.
References:
-College board. (2014). The Basics on Grants and Scholarships. Retrieved March 20, 2014, from https://bigfuture.collegeboard.org/pay-for-college/grants-and-scholarships/the-basics-on-grants-and-scholarships
-Covington, M. V. (2000). Goal theory, motivation, and school achievement: an integrative review. Annual Review of Psychology, 51, 171–200.
-Ganem, Natasha M. & Manasse, Michelle. (2011). The Relationship between Scholarships and Student Success: An Art and Design Case Study. Education Research International, 2011. Retrieved March 19, 2014, from http://www.hindawi.com/journals/edri/2011/743120/
-Merriam Webster Online Dictionary. (2014). Scholarship. Retrieved March 20, 2014, from http://www.merriam-webster.com/dictionary/scholarship
-Robbins, S. B., Lauver, K., Le, H., Davis, D., Langley, R. & Carlstrom, A. (2004). Do psychosocial and study skill factors predict college outcomes? A meta-analysis. Psychological Bulletin, 130(2), 261–288.
-Smith, Margaret R. Student Aid. (1936). The Journal of Higher Education, 7(1), 29-35. Retrieved March 16, 2014, from http://www.jstor.org/stable/1974303
-USDE (U.S. Department of Education). (2014). How Aid is Calculated. Retrieved March 21, 2014, from http://studentaid.ed.gov/fafsa/next-steps/how-calculated
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