Is Students’ Financial Needs the Basic Premise for Awarding Scholarships?

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Scholorship Assistance

Scholarships for students are established to enable students’ success, decrease their financial burdens, encourage academic excellence, and make education easy for students with financial needs. It ensures that financial assistance from philanthropic organisations reaches students to promote education and motivate students.

More often than not, scholarships are awarded to students based on financial needs. A student who comes from a family where their income falls below average would be considered in this instance.  These students would not be able to cope with the financial burdens that come with being in college. For a company to verify that a family cannot pay for their child’s tuition, their income and tax documents would be looked at and compared to the average family’s income and then categorised as unable to cater for the student’s financial needs.

On, you can get reviews of diverse wealth and asset management companies who can look into the applicant’s family’s financial capabilities.

However, this isn’t the only premise or criteria for awarding students scholarships. Other basic premises for awarding scholarships include

1.     Grade point average (GPA)

A student’s grade point average is a standard criterion or premise for awarding scholarships. A student who performs excellently well in their studies and stays consistent with a high GPA is eligible for scholarships whose premise is the GPA. However, this scholarship is paid per year, and a student who doesn’t maintain the required GPA or doesn’t meet the standards would have to forfeit or lose the scholarship. Many scholarships require a minimum GPA of 3.0 or 3.5. Using GPA as a basic premise is to motivate the students to do better at schoolwork.

2.     Geographic location and boundaries

Companies who are looking to employ students after their graduation commonly used this method. These organisations offer financial assistance only to students who school within the company’s geographical location. It might be a disadvantage to the company if the student schools in a separate area and eventually gets another job elsewhere upon graduation

3.     Family members of current employees

Some organisations limit the people that can apply for their scholarships to students who are related to their employees closely. These scholarships will be of benefit to employees whose children are eligible to begin a college education.

4.     Other variables like race, age, marital status and other demographic factors

These scholarships help minority groups, particular ages to give them better scholarship opportunities than those usually given compared to that vast majority of students who have access to many other scholarships.

5.     Particular fields of interest

Philanthropic organisations may decide to encourage students to study a particular course or delve into a field of study due to shortages of experts in that field. They promote a specific industry’s interest which can also aid recruitment of students awarded the scholarship afterwards.

All these are valid basic criteria that are set for scholarships by various organisations. The basis for determining the fundamental premise for awarding scholarships is dependent solely on the organisations and their standards.