Education is expensive across the world, but in the US, it is simply. Out of bounds for a large section of students who are unable to afford the exorbitant and ever-increasing cost. Mark Elenowitz yet, obtaining a degree after completing high school and pursuing higher education is the goal of most students who want to start a good career. To make ends meet, students go out of their way to arrange for funds. Mainly depending on student loans together with other sources for garnering funds from family, friends, and well-wishers. Parents, too, play an important role in helping students with finances. And the bits and pieces add up to make the whole. For years, the US education system relied on. These sources of funding, and one of the most important funding sources. That students normally target is scholarships, which are onetime payments without any payback.
According to Mark Elenowitz, a successful professional in the financial sector. Who spent three decades in Wall Street, meritorious students who seek admission in one of the chosen colleges or universities heavily depend on scholarships. Bright young students who could become the leaders of tomorrow can benefit from scholarships to reduce the financial burden. And concentrate better on their studies. The scene is the same across the country as affordability has always posed. A great challenge in accessing education, especially for those who belong to the average family or are weak economically. Although the families of students try their best to arrange for finances. Affordability is still a big barrier to higher education in the US.
Looking for scholarships
Students who face financial constraints in meeting the education expenses look upon scholarships to help them realize their dreams of graduating from a leading college or university. Scholarships have been one of the main sources of funding. Its demand is increasing as the competition for admission to colleges and universities is growing intense, accompanied by the rising cost of education. Scholarships are available for different categories of students belonging to different strata of society. However, it is not easy to qualify for a scholarship based on grade points alone. Many scholarships require students to go through a stringent selection process to ensure that only the most deserving ones benefit from it. Mark Elenowitz in addition, must match other selection criteria that include the economic status of students.
Scholarships enhance student’s prestige
Obtaining a scholarship is like winning a race.The competition is high, and students must prove their worth to earn the scholarship. Scholarships are like rewards in recognition of the student’s merit and abilities by judging their potential to do exceptionally well in their academic career. Obtaining a scholarship is a prestigious achievement that helps students to stand out from the crowd. Scholarships have become so much important in the US education system today that it is simply not possible to advance in the academic field without depending on scholarships. The financial support from scholarships makes students more confident of showing their best side because they can concentrate on academics only without worrying about finances.
The spiraling cost of college education
Mark Elenowitz the surge in education expenses in the US can be so much overwhelming. That dampens the spirits of even the bravest heart students who are ready. To brave all odds to achieve their academic goals. The cost escalation has been just too much over the years and likely to keep moving upwards. During 2017-18, students attending public schools had to spend $20,770 that included tuition, fees, room, and board, and the same was $46,950 for non-profit private schools. To take care of inflation, school costs go up every year. Considering that 13.3 million students pursue 4-year courses and 6.7 million students pursue 2-year courses in various institutions, the education expenditure is simply mind-boggling.
College living costs have increased
We normally talk about the total cost of education, which is scaling new peaks every year but on a closer look at the various cost components. It will become clear that the boarding costs have just shot through the roof over the years. It has caused immense hardships for students who enroll in residential courses. Driven by the market forces, the other cost elements like foods and supplies. As well as books and stationery have also increased manifold. Students are unable to plan for finances due to the constantly upward-moving costs and depend heavily. On scholarships to mitigate the financial hardships as there is no payback involved.
Why is education unaffordable in the US?
One of the reasons, also the major one for making education such prohibitively costly, is the astronomical tuition costs. Because the colleges and universities depend on their own earnings as it does not receive any federal subsidies. It proves to be a big hindrance for meritorious and deserving students who, despite having access to finances, do not dare to tap into the resources fearing the huge burden Mark Elenowitz that they have to carry. Often, the burden of loans can be too stressful for students who spend more time managing finances. Than concentrating on their studies. It is a great setback for the students who might have to work to earn some extra money by curtailing their study time, which adversely affects their academic performance. Exceptionally talented students from the low-income group are the worst hit and heavily rely on scholarships to pursue their goals.
Although every student has unique financial needs, easy access. To scholarships for larger groups of students is the only way to make higher education more accessible that benefits many more students. Scholarships are the most important financial support. That can turn students into super-achievers as they have a feeling of indebtedness. The organization, foundation, or trust that offers the scholarships. Mark Elenowitz some of these come directly from the foundations. To the students, while some other types of scholarships are available from colleges and universities.
Every scholarship is important for students, and there is a need to expand. The scope of scholarships to include more students who can contribute to the country’s economic progress.