If you're thinking about going to college, you should consider how you’ll pay for it. There are many ways to reduce the cost of an education after high school and make it more affordable. One of the best ways to find free money is to apply for scholarships. Unlike loans, scholarships are money you don't have to pay back. They can cover part or all of your tuition, fees, books, and other expenses. Scholarships can help ensure you minimize college debt, and finish your degree on time while allowing you to pursue your college goals.
Minimize Debt
First of all, scholarships can help you avoid or minimize the debt of college expenses. If out-of-pocket funds or personal savings don’t cover all the costs, you might need to consider student loans. A federal student loan is money borrowed from the federal government that must be repaid with interest. Depending on how much you borrow and how long it takes you to pay it back, you could end up paying much more than what you originally borrowed. By taking the time to apply for scholarships, you may reduce the money you need to borrow and save yourself from added interest expenses.
Finish Your Degree
According to EducationData.org, in 2023, 47% of students who dropped out of college did so because of financial reasons. Scholarships can help make sure you are not a part of those statistics. Some scholarships are renewable, meaning you can get them for more than one year if you meet certain criteria, such as maintaining a particular GPA or taking a certain number of credits. This can motivate you to stay on track and finish your degree on time or even early.
Pursue Your Interests and Dreams
Scholarships can help you as you pursue your passion and goals. Some scholarships are based on your academic merit, while others are based on your talent, background, interests, or career aspirations. By getting scholarships that match your profile and preferences, you can better afford to go to the college of your choice and study your desired major. You can also take advantage of other opportunities that come with your scholarship, such as mentoring, networking, internships, or study abroad. These can enrich your college experience and prepare you for your future career. Scholarships can help you pursue your interests and increase your chances of finding a job that you love.
As you can see, scholarships can save you money in many ways. They can help you avoid or minimize debt, graduate faster, and pursue your goals. That's why applying for as many scholarships as possible before and during college is so important. You never know what opportunities might come your way if you do. So don't wait any longer — start searching and applying for scholarships today!
OKMM and the Oklahoma College Assistance Program have several resources to help you successfully apply for and utilize scholarships:
