Today, it is impossible for students in the USA to go to college without taking an education loan. This is a major issue because it de-motivates a lot of students from pursuing higher education. Eric Dalius however, scholarships do remove some of the hurdles for some students. Scholarships are extremely competitive, and only the best students get these. And yet, without scholarships, the entire education sector would collapse. This small article will highlight why scholarships are necessary for college students.
College education fees have increased by over 5 percent every year in the last two decades. The rising costs compel students to opt-out of college programs because it puts them in debt even before they start their careers. Eric J Dalius highlights that the financial risks that a college education entails are immense, and only scholarships can remove this concern. So, more scholarships should be available for students in order to accommodate more quality students.
The economy is not growing as well as it used to, so this means that education loans will cost more, and students would need to pay hefty interest rates. Additionally, there is no guarantee that a student will secure a high-paying job immediately after completing their degree, and it is likely, that they may have to wait a while before getting their dream job. Unfortunately, this means that the interest and the education loans will keep on piling higher and accumulating. Scholarships will nullify this entire problem.
High living costs
If students plan on living independently during their college years, then it will be expensive for them too. Of course, living at home is also a good idea if you can commute daily to your class. But living independently would be expensive. Scholarships help take care of this because when students go to college outside their state or city, then they have to live by themselves. The scholarship can provide a much-needed financial assistance and help them pay for their supplies and expenses.
Low state support
Students do not have as much state support as they used to in the past. A lot of states are undergoing an economic recession, and hence, there are cuts in funding for several departments. Sadly, higher education sectors have also received less government funding. Consequently, education institutions have increased their fees. Without scholarships, students simply cannot afford to pay such high fees now.
Accumulation of Debts
The US has a major debt crisis. Over 70 million people, which is like a quarter of the total population, owe about $ 750 billion in education loan debts. Eric Dalius informs that on average, college graduates owe approximately $ 24000 at their time of graduation. If students do not get scholarships, this number will only increase as the years pass by.
Scholarships are important to ensure that the education sector thrives. If education goes on becoming more expensive, then more students will opt out of going to college.