Academic Scholarships: Untapped Financial Resources

Salmon 1 Donovan M. A.

Salmon Dry. Margaret Connors ENG 101-1 16: English Composition 28 March 2014 Academic Scholarships: Untapped Financial Resource The pursuit of a college education has continued to be a daunting experience for college bound students and the parents who support them. Adult students who are responsible for their own support, while pursuing a college degree, can find themselves delaying their academic pursuits because of the escalating cost. In some extreme cases, they opt to abandon their goals completely because they are unable to finance the cost.Other students may opt to take on the burden of crippling debt in order to finance their college education. This stark reality was emphasized by President Barack Obama in his speech at Henning High School, Syracuse, New York on August 22, 2013. The President stated, “The average student who borrows for college now graduates owing more than $26,000, and a lot found people owe a lot more than that” (Obama).

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Are academic scholarships-?the untapped financial resource-?the key to unlocking the code of a debt free college education?A useful resource is The College Board website. Myra Smith, past Executive Financial Aid: Peel Grant Director of Financial Aid Services at The College Board (Smith), provides a brief synopsis of how to start the thinking process around the cost of college and developing the financial plan. Personal Funds + Aid Source: Example Of a college budget developed by Donovan Salmon. Students attending BOMB, as a freshman responsible for their own support for the academic year 2013-2014 can expect to pay $2,100. 00 per semester or between $180. 00 to $370. 0 per credit in tuition cost plus other fees.

The model presented is a budget for a freshman. It is clear from the data that this student would have to apply for a scholarship or a loan to cover the cost of $2,401. 0 that could not be financed by personal funds and financial aid. Investing the time and energy to explore the financial benefits of academic scholarships could make a difference-?not having to abandon one’s academic goals or incur long-term debt-?having the financial freedom and resources to achieve one’s academic potential.Scholarships provide financial resources that can be utilized by Salmon 3 students to finance the cost of their college education. The funding provided by scholarships do not have to be repaid by the student. Scholarships, when combined with Federal student grants and Federal work study programs, can alp to cover the cost of a college education, possibly eliminating the need to apply for a loan.

There is a variety of scholarships on the BOMB website available to the student population. BOMB scholarships are administered by the BOMB Foundation, Inc.Applying for a BOMB scholarship has specific requirements. Applicants must complete an online application, submit a personal statement, obtain two recommendations and maintain at least a 3. 0 grade point average. It is also recommended that students applying for scholarships get involved in the BOMB community by volunteering. Christopher S.

Penn, author of Scholarship Search Secrets, alludes most students applying for scholarships often make fundamental mistakes that compromise their scholarship applications.Penn, in his book, provides very useful information that can help students successfully navigate the scholarship search and application process. Penn suggests that students pay critical attention to the elements that will improve their opportunity for receiving a scholarship. One of the most vital elements of the scholarship application process is the Scholarship Essay, also known as a Personal Statement. Students often fail to take advantage of the scholarship opportunities that are available because they are required to submit a personal statement and find this process intimidating.Considering the potential financial benefits that can be derived from applying for scholarships, why would students not apply? Penn indicates that the scholarship search is a full time job (Penn 10). Penn also states, “While it may seem that many scholarships are intended for the very top academic performers or the Salmon 4 poorest students, the reality is that there are scholarships for everyone” (11).

However, based on data available on the website for The National Center for Education Statistics, scholarships account for the smallest percentage of financial aid resources that are utilized by students.

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