A large part of the American population doesn’t go for higher education because of the economic challenges. To help them, some universities have started charging lower fees or waived them off. But during an educational pursuit, a student and their family have to bear many other costs, such as transportation, living, textbooks, etc. If you take an average of the overall expenses, it amounts to nearly $18,000 a year. Families with lesser or no financial resources cannot pay this, which means the chances of a student’s success from that family can be bleak. According to studies, grants and scholarships can, however, help them and others.
A Look into the Connection Between Financial Aid and Student’s Progress
A student can be successful in higher education by continuously enrolling themselves in the institution. Completing graduation on time and accruing credit hours can be other landmarks. As per experts, students who receive financial aid tend to be successful in these aspects as they can focus better on them. Financial support for higher education can be need- or merit-based. It can come in any form, such as loans, grants, tuition reductions, and scholarships from institutes or private bodies.
Between 1995 and 2005, many educational institutions, including universities and colleges, increased their spending on student aid by 95%. State and federal grants also jumped by 89%. Schools took about 41% responsibility for this. Plus, contributions from private resources also helped the cause. Still, some believe that the connection between student success and financial aid is complicated. Taking their points further, they bring exclusive attention to merit-based scholarships earned through persistence, progression, completion of a graduate degree. The context of the reference is the educational institutions’ traditional methods of judging academic growth. For example, you can think of test scores, grade point average, etc.
While these things play a vital role in affecting a student’s performance, other significant elements can also act. Student traits, including gender, race, academic ability, academic ambition, etc., are some of the internal characteristics that can yield results. There are external variables, too, including selection by a particular institution and financial support from different sources. Let’s flesh out these areas a bit.
Observations and Analysis
According to traditional theories and psychological studies, the student’s performance depends on their social and educational alignment with a college community. It can enable them to focus on their institutional and academic objectives. Due to this, they will have a motivation to continue their enrolment and reach graduation level. This view finds its basis in student’s perception and understanding. Another theory suggests that behavioral aspects can be the game-changer. In this context, involvement with faculty or less time spent on campus can be the indicators. However, another variable that also gains visibility among them is the contextual context. It talks about financial aid.
The theorists believe that financial support can motivate students to obtain success as they may deem it vital to continue with scholarships or loan repayments. Plus, monetary aid can help a student get a sense of community. Whether they go for work or study or athletic scholarships, they find a chance to contact a network of people. Then, if they qualify for it, they can feel driven to do even better. They can attend college and persist.
From this, one thing becomes clear: financial support is crucial and can predict a student’s persistence with a college education. While self-efficacy and inner drive have a strong influence on a student’s decision, they can sustain themselves if they receive monetary help. They will not buckle down easily and constantly seek opportunities to unlock their chances of winning.
Impact of the Type of Financial Aid
Studies also focus on the role of different varieties of financial aid in influencing a student. The findings suggest that loans can be damaging for them while scholarships and grants can be positive. In the case of scholarships and grants, students don’t have to bear the tension of repayment; hence they would push the boundaries to reach their academic goals without hesitation. However, loans and the responsibility to pay back the amount can bog them down, pre-occupying their minds with a financial burden. Due to this, the chances of breaking down under pressure and discontinuing college enrolment become high.
That’s why perhaps so many private companies and organizations have started arranging scholarships for students’ benefit. You can think about the option of the Josh Gibson MD Scholarship, for instance. Such scholarships tend to be merit-based. Only luminous, hardworking, and committed students can qualify for them, and the rest of the others will have to look for other means.
Some can point out that private scholarships offer a small amount of money. While it depends, it is essential to remember that college and university education involves different small and large expenses. And any sum that doesn’t need repayment can help a student pay more attention to other areas. It will reduce their worries related to money.
The Benefit of Merit-Based Scholarship for a Student
One of the main aspects is already evident as to why a student should chase these opportunities. To be precise, it is that you don’t have to repay the amount. Hence, you can give your studies more time or get yourself a part-time job somewhere to make a little more earning. Besides, merit-based scholarships establish the person’s abilities and skills. Everyone knows that you got this chance from the thousands of other students of your age or level. However, you proved that you are more deserving, so you won it. From college admissions to career, you can use this as your achievement.
In the end, as a student, you need to realize that while financial support can give you significant mental relief and help you value your education more, you also have to work towards your relationship with professors and the entire college community. An extensive network of people can become your strength and keep you focused even when you waver. Plus, it is always advantageous to have a broader reach to the people.