The current economic recession has hit a wide group of people and the worst affected are students attending college and the batches getting released. The rates of unemployment have seen a steep rise
since the recession and this is proving to be a frightening prospect for parents who find them being burdened by paying for the education of their children.
Tuition rates have sky rocketed now and parents get frightened by the fact of being made to pay thousands of dollars for an education that can no way guarantee a job for their graduating child. The rise in recession and unemployment rate has made parents wary of willingly spending dollars on education of their children and this is turning them towards the option of obtaining a scholarship.
The economic uncertainty and heavy tuition fee structures have made the parents turn towards financial aids. Federal and private loans are an option but they come with high interest rates and cramped payback schedules along with qualification requirements. Grants are limited and severely competitive so get ruled out by many parents. This leaves them with the safer option of a university-based grant or a scholarship.
Parents trying to cover the cost of attending college can happily turn towards obtaining a scholarship. However, the paperwork or requirements associated with applying for a scholarship can be a huge turn off for both parents as well as the students. For this reason, huge scholarships go unclaimed. The involvement of extensive application process, usually accompanied by an interview, and extreme competition make these scholarships go unclaimed. This can be utilized by the parents to make these scholarships the academic resources for parents looking for funds.
Parents applying for scholarships can consider a few tips in obtaining a scholarship for their ward and getting the financial aid they are looking for.
• Stay away from fee associated scholarships - Information on scholarships is freely available online and at the public library and this may be used to avoid obtaining scholarships that require fee payment for applying or finding a scholarship. Do not opt for institutions or organizations asking for money in exchange for scholarship information.
• Look for a Compatible Scholarship Companion - Many people offer scholarships designed to help other individuals from a similar background or situation. These scholarships often have a cultural or socioeconomic element. Such scholarships favor your profile and increase your chances of winning.
• Approach Big Companies for Scholarships - Small businesses and individuals offer small scholarships, but large corporations offer heavy amounts for scholarships. Restaurants, soft drink companies, department stores and banks can be approached for scholarship money.
• Apply for Many Scholarships – Most often, scholarship money goes unclaimed because people don't apply for it. A lengthy application process and the related paperwork may discourage parents from doing so. This increases the chances of you getting the scholarship if applied.
• Keep the Related Papers Ready – The scholarship package can include a resume, a general personal statement and a set of recommendation letters. It is advisable to have the package ready to speed up the process.