Scholarships are considered to be the most prestigious and desirable financial aid in the sector of education in Canada. To define, scholarship is the financial aid provided to a student to pursue his education to another level without the burden of stress. Scholarships are based on number of criteria’s, indicating the motive, conviction and values of the founder. Sometimes a scholarship is a one time checqe and in other cases, the money is provided each semester or school year.
Scholarships are different from loans as they don’t have to be repaid. Students may receive the financial aid directly in their name or the aid may be given to the student’s college where he has enrolled himself. To make it easier for the parents in order to save money for their children, government of Canada also helps in form of RESP. If the scholarship is not enough to cover the tuition fees and other living expenses, the student is supposed to pay the rest amount. On the other hand, if the financial aid is more than enough to cover the entire costing, the excess amount is refunded to the student.
The Impact of Support
1. Financial Benefits
Students who come from lower income group, get a chance to pursue higher education by bridging the gap between student’s loan and the cost of living. Loans are high paying and the probability is that a student may limit his education in order to control the high cost. Scholarships enable the students to focus on education without the repayment stress.
2. Educational Benefits
Having being paid of your education and living expenses decreases the number of dropouts. It provides more time for studying and learning, which leads to better results. It provides freedom to study what one wants. Students can experience enriched university status and passionately study courses of their choice. Even if the child in not entitled for a heavy weight scholarship, investing early with Heritage Resp can get you immense support for the government. Financial aid helps the talented students to reach their potential and change the world. Scholarship also helps in a big way to overcome the frustration in the youth and thus they are able to focus and concentrate on their studies instead remaining worried about the expenses.
3. Career Benefits
Scholarships help students access vital employability skills. A student with a prestigious merit-based scholarship can actually become a most attractive candidate for job as he is able to convince that he has exceptional ability in the academic, athletic or artistic realm.
Competitive scholarships enhance the resume as they are accomplishments worth listing and can help you stand out when looking for job. Possibly, you might achieve the job you are looking for.
4. Personal Benefits
Once a student is free of financial burden, he has enough time to concentrate on how to use the available resources during the study period, so that he can enhance his experience and knowledge through adopting various service learning and volunteer opportunities. The security you can afford through scholarship allows you to be very selective in how you utilize your time wisely and make most of it. The biggest benefit is that you are free to work on minimum wages to support yourself. Try to select meaningful work and add new feathers to your degree.
Apart from scholarships, parents should be thoughtful enough to start saving for their children’s higher education with RESP providers. Education saving plans are designed according to your needs and financial circumstances. Even if your child decides not to go to college in later years, you get back your money with interest at maturity.