"Education is necessary for the growth and prosperity of every individual. While the school education is affordable for most families in India, higher education tends to be far costlier. On top of that, if the student aspires to study abroad, the entire cost of education can increase quite drastically. Understandably, most families struggle to offer such financial support without taking external help, in the form of bank loans and mortgages.
This is why a scholarship for such higher education courses can be a boon for the student as well as the family. It helps reduce the stress and offers the maximum chance to a student to succeed in the academics. Here are some reasons why a higher education scholarship is vital.
1. Increasing cost of education
If you see the current market trend you will surely notice that education is becoming a pricier prospect every day. The cost of every course has increased substantially in the last ten years. So, applying for an Indian scholarship is always a good idea, as it can offset some of the inflated costs related to the educational course in question.
2. Financial advantage
In a survey conducted a few years back, it was discovered that only 43 percent of Indian families were able to send their children abroad for higher education without the need of external financial support. This would mean that the remaining people always depend on bank loans or mortgages to sponsor the education. However, with a higher education scholarship, much of the monetary costs would be discounted, thus helping more students to seek education abroad.
3. Economic independence
A scholarship removes much of the stress, which is otherwise involved when you take a loan for the academic course. The student needs to only worry about paying the rent where they stay and other personal costs out of their pockets. Even if the course is within the country, the Indian scholarship can eliminate the hassle involved in paying back the loans.
It is very difficult to maintain a financial support system when most of the money has to be spent on education. If a family member falls seriously ill during the tenure of the academic course, it may be near impossible to secure the funds necessary for the treatment. A scholarship will however, reduce the burden on the family and help them save some money, instead of investing it all on the education.
Rajat Kumar has an engineer’s degree and believes that scholarships play a major role in helping one fulfill the dream of studying abroad. He is now a lecturer in one of the top engineering colleges and loves to educate students on the importance of graduation and how higher education scholarship help in the long run.