September 17, 2007

Scholarship Soap Box – Part 1

Posted in Grants, Scholarships, The Financial Aid Process tagged , , , , at 1:31 PM by Joe From Boston

Scholarships are all in the mind.

No, really, it’s true.

I hear from people alot that scholarships are hard to find and for such small denominations that they’re not worth it. My immediate response is “ARE YOU OUT OF YOUR MIND?”

People, lets look at this logically:

  • Scholarships
  • Student Loans
    • You MUST pay them back, plus interest
    • You often pay more than double the original loan amount.
    • Federal loans often don’t cover all your costs, forcing you to look at private lenders which have even higher interest rates

So you have to fill out an application and maybe write an essay. So what?

You spend 20 minutes writing an essay and another 10 minutes filling out the application, for a scholarship worth $500. If you win that scholarship, you’ve essentially been “working” for a “salary” of $1000 per hour. Man, I wish I could make that.

Yeah, $500 doesn’t sound like months when you’re chipping away at $30,000, but if you win 6 $500 scholarships you’ve just covered 10% of your college costs. That is definitely worth it.

If you’re avoiding scholarships, you’re just plain lazy and I would even say you don’t deserve the money.

Come back tomorrow for Part 2 of this rant.