The lack of financial support is the greatest impediment. Faced by students in the US who want to pursue higher studies after completing school education. College and university education is the costliest in the US and now reached such proportions. That it is impossible to meet the total cost by depending on your own finances. Mark Elenowitz although there are several resources to tap into both at the federal. And state-level to explore the possibility of availing financial assistance. Through education loans, it only helps to meet the cost partially. The cost of education to pursue higher studies in the US is so huge that it is not enough. To receive support from family and friends besides putting in your own money and having your parents by your side. Sometimes, after putting in their best efforts to garner funds, students might feel there is still some gap.
To fill the gap in finances, students look for scholarships offered by various organizations, foundations, and trusts as well as colleges and universities to help deserving and talented students chase their dreams of higher education. According to Mark Elenowitz, a Wall Street veteran with almost three decades of experience in the financial market. Talent alone does not help even the most deserving student obtain a college degree in the US. To have access to higher education, one must have the ability. To arrange for the huge finances by various means, which includes availing scholarships. Scholarships are the tools that help students gain access to education to fulfill their dreams of acquiring academic excellence.
Education is prohibitively costly in the US
Globally, the US top the list of countries were pursuing higher education is a nightmare for students due to exorbitant costs. The burden of education loans weighs too heavily on students, and they have to arrange for more finances to meet up the total cost. Millions of ambitious and deserving students who have the talent to become leaders of tomorrow but lack the ability to arrange for funds to meet the cost of education give up their higher education dreams. It is indeed an uphill task for students to arrange for $30,000 yearly towards their studies, and the figure is just double what it would cost in any other developed country. It is ironic that despite spending so much, the returns from it are not always proportionate.
The role of parents
No student can think about pursuing higher studies without their parents’ financial assistance, who have always supported them to meet various out-of-pocket expenses. However, with the increasing cost of education, the contribution of parents has gone up many more times and turned them into livewires of student funding. Despite the all-around support that students receive from their parents and family, it is still not enough to meet the total cost that keeps spiraling. Luckily, the access to scholarships, which are now an integral part of the US education system, helps a lot bridge the financial gap and reduce some stress as these one-time payments are similar to grants that students need not payback.
The role of scholarships
Mark Elenowitz the financing of education in the US heavily depends on the numerous scholarships that are available for deserving students who seek admission to an accredited college or university. Scholarships are of various kinds, and besides recognizing merit while awarding it, students’ economic background also plays a vital role. Huge funds flow into the education system by way of scholarships offered by various foundations and trusts founded by successful professionals. Who turn philanthropic to encourage bright students to pursue their dreams of achieving higher education. It helps improve access to education to students from weaker economic sections who often feel deprived of opportunities.
The source of funds for scholarships
Mark Elenowitz recognizing the need for supporting students financially. Several companies offer scholarships of many kinds as part of their Corporate Social Responsibility (CSR) programs. Many successful professionals also put in their money to support students by creating foundations and trusts for offering scholarships. Funds for scholarships are also available from various charities and fund-raising events.
Reducing the burden of loan
Scholarships are like small patches that help to fill gaps in finances for students who pursue higher studies. Mark Elenowitz the majority of funds come from student loans, without which it is impossible to think about studying after completing high school. Student loans open the doors of higher education, but students must be ready to shoulder the burden of monthly payments. The ever-increasing cost of education is compelling students to avail student loans to meet the major expenses. And then topping it up with contributions from family, parents, and scholarships to meet the total cost.
Almost two-thirds of the students carry loans to meet the cost of higher education, and on average, a student carries a loan of $20,000 which is double what it used to be in the 1990s. Despite being aware of the huge financial liability that students must carry. While pursuing higher education, the authorities responsible for allocating funds. And framing public policy makes no distinction between loans, grants, and aids.
How scholarships help
Although the amount of scholarship is just a fraction of the total cost of education, its impact is very high because it reduces. The dependence on loans and allows students to pay undivided attention to their studies. It encourages students to give their best as a sign of gratitude. For the support that helps them progress towards their goals.
When students carry loans, they feel too much stressed to make monthly payments and often work. For at least 15 hours a week to earn money for the loan’s regular payments. The hours of working reduce the focus on studies that affect academic progress. And performance and further increase stress as students take a longer time to complete. The courses and fail to earn good credits. Mark Elenowitz in a way, can defeat the purpose of pursuing higher education which can be even more frustrating.
Students receiving scholarships feel motivated. To live up to the expectations of people and work hard to prove that the fund was put to good use that reflects in their improved performance.
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