Academic Scholarships: Untapped Financial Resources

Topics: Higher education, University, Academia Pages: 6 (1452 words) Published: May 7, 2014
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Donovan M. A. Salmon
Dr. Margarette Connor
ENG 101-116: 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 Henninger 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 of young people owe a lot more than that" (Obama). Are academic scholarships—the untapped financial resource—the key to unlocking the code of a debt free college education?

Financial planning and developing a budget of the estimated cost of a college education is an integral component of the college planning process. Considering the escalating cost of a college education, delaying the pursuit of one's education could mean that it will be more expensive later. Developing a college budget will help students

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identify how the financial cost of their

Example of A College Budget:
COST/YEAR

Fall-Semester 1

Spring-Semester 2

education will be distributed, and what
$
$
$
$
$

2,280.00
680.00
800.00
1,020.00
680.00

$ 10,920.00 $

5,460.00 $

5,460.00

Source of Financing
Personal Funds:
Room and Board
$ 1,360.00 $
Personal Expenses
$ 1,360.00 $

680.00 $

680.00

680.00 $

680.00

$ 5,646.00 $
$ 1,513.00
$ 7,159.00 $

2,823.00 $
$
2,823.00 $

2,823.00
1,513.00
4,336.00

$ 8,519.00 $

3,503.00 $

5,016.00

Scholarships or Loans $ 2,401.00 $

financed by scholarships or loans. There

$
$
$
$
$

TOTAL COST 1st year

element of the cost may have to be

TUITION AND FEES
ROOM AND BOARD
BOOKS AND SUPPLIES
PERSONAL EXPENSES
TRANSPORTATION

4,560.00
1,360.00
1,600.00
2,040.00
1,360.00

$
$
$
$
$

2,280.00
680.00
800.00
1,020.00
680.00

1,957.00 $

444.00

5,460.00 $

5,460.00

are tools available on the internet that
can help students with this process. A
useful resource is The College Board
website. Myra Smith, past Executive

Financial Aid:
Pell Grant
TAP

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

TOTAL COST 1st year

$ 10,920.00 $

Source: Example of a college budget developed by
Donovan Salmon.

Students attending BMCC, 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 $370.00 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 $2,401.00 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

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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,...

Cited: Salmon, Donovan. Example of the college cost budget. Budget. New York: Self, 2014. Document.
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