Financing College: Scholarships, Bursaries, Grants And Awards

Students attending colleges and universities must face constantly rising expenses, not the least of which is their tuition costs. Regardless of whether they are studying at community colleges, trade and technical schools or universities, tuition is a constant draw on bank accounts and wallets. While community colleges and technical schools can be more affordable, this does not negate the fact that they still require a sizable outlay of money for the privilege of earning a degree. On top of tuition fees, students must also pay other schools fees, as well as purchase textbooks and supplies. And if they are living away from home, there are housing costs as well.

Some students are fortunately able to have support from their families, though at times this comes at a more personal price. Others need to find ways to cover all their bills, fees and expenses themselves. Part time jobs are not nearly enough to cover most student’s expenses and living costs, and so they resort to student loans, which need to be paid back upon graduation, leaving new graduates with potentially thousands of dollars of debt just as they are entering the workforce.

There is another option for students, however, and that is to seek out scholarships, grants, bursaries and awards. These are all sources of money specifically designated to cover academic costs, money which, unlike student loans, does not need to be repaid.

With some research, students can find many types of financial awards that they can apply for. Colleges and universities are great sources of scholarships and grants, but it is important not to overlook the myriad of other sources as well, including private corporations and companies as well as service clubs and private sponsors.

While scholarships are usually based upon academic achievement, awards tend to be more general, given for other types of achievements such as athletic prowess, public service or other personal accomplishments. Unlike grants and bursaries, scholarships and awards are not typically based upon financial need, but are merit based regardless of need. Bursaries and grants are more likely to be offered based upon financial needs.

It is important to research diligently, not just to discover as many awards a possible, in order to apply to many, hoping to receive one or two, but to determine deadlines and any specific guidelines for a given award, such as field of study, gender or age.

By: Jon Ginsburg

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