The Benefits of College Scholarships and Where to Find Them
While the overall cost of college tuition varies from school to school, the average yearly price tag to attend college continues to climb.
According to College Board, tuition and fees at public four-year institutions have increased at an average annual rate of 3.2 percent above inflation over the last ten years. Tuition and fees at public two-year institutions have risen at an average annual rate of 2.8 percent above inflation over the same period.
The Benefits of Receiving Scholarships:
Scholarships do not need to be repaid.
Scholarships are financial gifts earned by the the recipient and, unlike student loans, don’t need to be repaid after graduation.
Relieves some financial stress.
Most students work while attending school. According to a study conducted by the Bill and Melinda Gates Foundation, working while in college is the number one reason students drop out. Scholarships relieve some financial burden and can offset the cost of specific items for college, such as room and board, textbooks, or laptops.
Scholarships can create other opportunities while attending college. For example, instead of worrying about working during your time at school, students can spend time and resources into building their resumes with volunteer work and service-learning.
Where to Find College Scholarship Opportunities:
Your financial institution (such as a credit union)
At a high school guidance counselor’s office
A local library’s reference section
Foundations, religious or community organizations, local businesses or civic groups
U. S. Department of Labor’s Scholarship Finder Tool
Did You Know American Eagle Credit Union Offers a Scholarship for Senior High School Members?
American Eagle Credit Union’s Vince Jacknewitz College Scholarship Program offers six $1500 scholarships to credit union members who are high school seniors.
The scholarship focuses on a three-page essay or a short video with consideration given to scholastic standing and extracurricular activities.