Scholarships are financial payments awarded to support a student’s education based on academic merit, co-curricular achievements, or financial status. These scholarships can be awarded by organizations, charities, education institutions, the government, etc. Scholarships give the student access to high-level education from institutions they may not have been able to afford on their own. Quality education is expensive; therefore, a scholarship can save you from debt, give you time to focus on education, and an advantage in your career. India has made a point to invest in education to increase the country’s literacy rate.
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India is the second most populated country in the world. Hence, the educational system may be affected by the demand for education facilities and personnel. Regardless of the finance ministry allocating ₨.99,300 crore to the education sector in 2020, the quality of education in government schools and colleges is still not up to par. Quality education is available in private and international schools that are expensive for the middle class and underprivileged Indians. Therefore, educational scholarships can have an impact on the less privileged.
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Advantages of getting a scholarship
- They make education accessible and reduce dropout rates.
- Scholarships can save you from debt.
- They can enhance your resume.
- They encourage philanthropy.
- Scholarships can help you network.
- They also give students access to a variety of educational institutions.
- They improve students’ performance.
- Scholarships directly impact the economy.
- They offer exposure.
Here are the reasons why incorporating more education scholarship programs will help the issues in the education sector and help increase the country’s literacy rate for economic growth.
Education is expensive
Access to education is the main reason why scholarships are highly beneficial. Every year the tuition fees in schools and higher learning institutions increase by up to 5%. The parents and students have to take student loans or mortgages to finance education. Some cannot afford the tuition fees or access quality education; therefore, they opt to drop out and find jobs in the informal sector to support their families. These lead to a decrease in the country’s economic growth. Educational scholarships will enable students to access education without the financial burden and lead to economic success.
Scholarships enhance development
Apart from securing the future of the scholarship receivers, educational scholarships have a vast impact on a country’s economy. Research shows that countries that invest highly in scholarships have a high economic growth rate. These students gain skills and knowledge from the quality education institutions and later enroll in the formal sector. The skills enable them to start businesses and join high-level companies, thus positively influencing the economy.
Access to quality education
Often when a student gets a scholarship, they get access to quality education that meets international standards. The students have the opportunity to choose a school of their choice without thinking of the financial constraints. These allow the students to focus on their studies and produce great results. In the long run, the investments made in the scholarships will benefit economic developments by producing talented professionals like engineers, skilled business people, doctors, lawyers, etc.
The high cost of living
Over the years, the cost of living has tremendously increased. Students require an accommodation, food, and basic amenities while they focus on their education. The increasing costs affect students directly, and some have to find part-time jobs to help finance these needs. Getting a job can take time away from their education and lead to poor results. A scholarship relieves the student of these responsibilities and allows him/her to focus on their education.
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Promote comprehensive learning
The students receive high-level education from good academic institutions locally or abroad. The rich learning experience and different co-curricular activities instill life skills and build confidence, thus molding them into outstanding adults. The students can learn various languages, how to solve problems, interacting with others, and decisions making. The scholarships they receive also teach them the importance of charity and giving back. Comprehensive education through a scholarship will lay a firm foundation for the student’s future.
Studying abroad will give the student exposure and fulfill the dreams of the underprivileged students wanting to get an education outside of India. The knowledge and exposure they acquire can deepen their need to develop the country when they return. Countries operate differently in some areas; giving Indian students a chance to study internationally will equip them with new skills and techniques to develop different fields in the country. Acquiring international exposure can also be done through exchange programs for the students studying in India.
Scholarships are significant achievements and have positive impacts on a country. The ministry of education has invested heavily in the education sector with the intent to turn India into an exceptional education hub. Setting aside part of the allocated funds to scholarships will ensure this objective is achieved.