We believe that scholarships have
become so essential to the majority
of students who want to graduate with
a college degree—and that scholarships
can be vital to post-college success.
4. State support for students has decreased substantially. Although it looks like America may have
weathered the worst of the recession (let’s hope), many states are still reeling from the economic slump and
most have made large cuts in public service funding—including higher education. As a result, public colleges
and universities have increased tuition, meaning you’re probably going to pay more now.
5. People owe a lot of money. One quarter of the U.S. population—70 million people—owe a collective
$700 billion in student loan debt. Sounds like a lot, doesn’t it? It is. According to the Institute for College
Access and Success, the average college graduate has acquired $24,000 in student loans by the time they
graduate, and that figure is likely to increase. Experts say this may be the next financial bubble to burst.
[Read more about the higher education bubble.] The cost of attending college may seem daunting, but that’s
exactly why finding, applying for, and receiving scholarships are essential to ensure that you won’t struggle to
make huge student loan payments upon graduation. Scholarships are no longer just a bonus. They’re crucial for
bridging the gap between the increasing cost of tuition and what you and your family can afford to pay out of pocket.