Rising costs of education force many students to drop out of college each year. Inflation has made education an expensive pursuit for families across the nation. Not only have tuition expenses experienced a rise, but simple costs such as traveling and textbooks have also added to the burdening expenditure.
To counteract these issues, many federal and private institutions are offering sources for finance to needy students. These are aimed at helping them pursue higher education and contribute to the society as educated and skilled individuals. Some of the most popular financial aid programs include student loans, grants, and scholarships. Scholarships are among the leading aid programs nowadays. These can be defined as financial award or a monetary award provided to eligible students. Scholarships are awarded on merit basis, need basis, program basis, and career specific basis. Hundreds of students apply for scholarships in hopes to being selected. A scholarship program can cover major educational expenses such as tuition fee, boardroom fee, and textbook costs.
Apart from just the institutional and federal availability of scholarships, numerous companies and organizations are offer scholarships for educational purposes. These are directed towards helping aspiring students fulfill their academic goals without having to worry about high costs. Company scholarships are usually career specific, meaning they are for students studying a certain academic principle such as business administration, engineering, law, and more.
Companies understand that the business environment is increasing in competition and demands the need for more talented, educated, and skilled individuals. Keeping this in mind, these firms have developed scholarship programs to help the youth of today acquire qualifications and skills. Toyota, Pepsi, JP Morgan, Wal-Mart, General Motors, Intel, Time Warner, and Xerox are among some high profile companies offering lucrative scholarship programs.
Benefits of Company Scholarships
The advantages of company scholarships cannot be denied. The key benefit of such aid programs is that they are not supposed to be paid back. Students do not need to repay scholarships unlike loan programs. Students can pay for degree programs at undergraduate and graduate level, including all relevant expenditures such as accommodation costs and book costs.