A scholarship is a paid form of reward to students based on their overall academic achievement or if they have met all the requirements by a sponsor. Every student’s background story may differ, but the financial gap in paying for tuition fees is still evident today.
There are two forms of scholarships that students can apply for, namely:
Full scholarship – This is a payment that covers all the necessary resources such as textbooks, and tuition fees. It may also potentially provide you with a monthly stipend to cover your home living expenses.
Partial scholarship – This may be a smaller amount that must go towards your studies. The amount provided will be dependent on the application requirements.
What are the benefits of a scholarship?
- Scholarships make education easily accessible
- Lessens the impact of trying to raise money for tuition fees
- Decreases the number of loans students take out to help further their education
- Provides extensive support to students
- Encourages students to network
- You do not have to pay back the money
- Encourages philanthropy
- Boosts your curriculum vitae (CV)
How are you awarded a scholarship?
Scholarships are only awarded for the duration of the course you have applied for. However, there is a process to follow should you want to re-apply for a scholarship every year. This will help sponsors determine the level of financial aid you require which depends on meeting their academic requirements. Therefore, sponsors can take away your scholarship if you fail to meet their requirements.
How to qualify for a scholarship?
Most scholarships are awarded based on excellent academic results. However, sponsors are able to add their own requirements on top of achieving outstanding results that students also have to meet.
Here are a list of factors where scholarships are rewarded based on:
- Socio - economic background
- Financial need
- Specific subjects or degrees
- Voluntary work or social engagement
Where to apply for a scholarship?
There are many institutions that offer scholarships. This means that students need to do their own research to find one or two that you qualify for. The best place to start your research is to look at your chosen institutions funding page. This will direct you to any scholarships that are available to students. Another way of searching is to go to Google and search for “scholarships available in South Africa”.
How will a scholarship impact the lives of students?
Scholarships not only cover the costs of furthering your education but it also changes the lives of students. It reduces the financial burden of raising money towards tuition fees. It allows students to have more time on their hands to focus on their studies rather than working part-time to pay off their studies. Scholarships play a significant role in making education affordable and easily accessible.
Students that are applying or awarded a scholarship should know that it comes with many benefits. This can help you get the most out of your college years and life after graduation.