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Student Loans vs. Scholarships

July 13, 2021
by Scholarships.com Staff
Student Loans vs. Scholarships

Even after all the battles you have won in applying to schools and getting accepted, there will most likely still be work to get done when it comes to paying tuition. There are two main avenues you can take to try to address this problem: scholarships or student loans:

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Most students will need to take out student loans to pay for college, but that doesn’t mean mountains of student debt is inevitable. Smart students will be sure to do a free scholarship search to discover scholarship opportunities that help pay for tuition, so they don’t have to take out as many student loans. But there’s more to scholarships than just paying for college.

Let’s take a look at 5 reasons why scholarships have the advantage over student loans:

No Repayment

The biggest difference between the two is fairly obvious. Student loans are just that, loans, and they must be paid back. Loans will start accruing interest as soon as you begin college, and while some loans will not expect repayment while you are in college, you will need to start repaying them soon after graduation. This is why scholarships, which are granted instead of loaned, are so important. Even if you are not getting a “free ride” that comes with full tuition aid, any money you do not have to pay back is essential.

Lower Tuition

Another great thing about scholarships: the majority of them will be paid directly to your university. This means that your tuition will be lowered and you can go from there to assess how much you will need for the remaining course fees. With scholarship money already applied your tuition, you can budget your housing, books, meals and transportation fees; and make informed decisions about your money and expenses.

Networking

Scholarships can be related to your school, government groups or private institutions, to name a few. Some of them require special essays or projects. These programs will bring to your attention different communities of people that have the same interests as you. Make sure to strike up a conversation at a ceremony or in an online group related to your award.

Motivation

When you are awarded a scholarship, it doesn’t end there. Most likely you will have to keep up your GPA in certain, or all, of your classes. This is a great way to get motivated and excited about your academic performance. You earned this money because you are doing great work, so keep it up! Challenge yourself to be the student you aspire to be.

Distinction

Many scholarships are highly selective, and you will have distinguished yourself from other students by winning them. You may be sought after for opportunities and placements by having proved your worth. Be sure to put the scholarships you won on your student resume when applying to summer jobs or internships.

Now that you know what makes scholarships so important, it’s time to start searching! A free scholarship search at Scholarships.com will match you with opportunities to win money towards college costs that fit your unique student accomplishments.

College is expensive, Scholarships.com is completely free. Pay for your college education with as much free college scholarship money as possible. By applying to all the awards you qualify for, you can be sure to not miss a single opportunity in paying for your college expenses - including tuition, fees, room and board. Get matched to college scholarships instantly and start applying today by conducting a free college scholarship search at Scholarships.com.

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