Sources note advantages of scholarships
November 16, 2012
As paying off student loans can be a massive financial burden for students after they graduate, a few news providers have elucidated on the advantages of getting money for college from scholarship organizations.
For example, Families United in Educational Leadership founder Bob Hildreth wrote an op-ed for the Huffington Post, noting that scholarships for college may be more important for prospective students than ever before. He also wrote that stashing up a substantial sum of money in advance might be a smart way to go about paying for college, and offered an innovative suggestion for changing the way financial aid for school is distributed.
"Scholarships are awarded at high school graduation, after all the grades are in and only a few months before college begins," wrote Hildreth. "We miss a huge opportunity by not marketing these scholarships at the beginning of high school, when their possibility can motivate parents to save and students to perform."
Meanwhile, SemiZone points out that some scholarships only cover books, or help with living expenses. However, some scholarships provide enough dough to make higher education possible for students who could not afford it otherwise. Like Hildreth, SemiZone contends that financial planning for college should take place well in advance of applying to schools. The online information provider also points out that there have been no limits placed on how many scholarships a student is allowed to apply for. Diversifying your options to receive financial aid for college may be the best route to take.
In fact, wise planning for the financial aspect of higher education may benefit the whole country, not just the student's future. Hildreth's op-ed goes on to point out that the amount of outstanding student debt in the U.S. has surpassed $1 trillion - more than what the country collectively owes in credit cards and car loans, according to the Federal Reserve Bank of New York - with an excess of $90 billion worth of student loans currently in default. He indicates a petition on the site SignOn.org, asking for a massive forgiveness of student loan debt. As of mid-November, 2012, more than 670,000 people had signed the petition.
"Now more than ever, they must search for colleges their children can afford," wrote Hildreth.
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