Small Awards Pay Big Dividends
Small scholarships can make a big difference.
By Stephen Borkowski
February 05, 2013
There’s an award listed on your scholarship opportunities page that’s a perfect match for you. But applying for it keeps slipping to the bottom of your to-do list. Why the procrastination? It’s worth a measly $500. Tuition at an average, public, four-year college costs more than $12,000 per year, so you’re not going to bother going after a few hundred dollars.
That’s a costly mindset.
Remember, scholarships are free money that you won’t have to pay back.
Let’s say you don’t bother with that $500 scholarship today. Tomorrow you’ll find yourself on campus in need of $500 for books, or computer software, or lab fees.
What are your options?
Borrow $500: Whether you borrow the money you need now through a student loan or use a credit card, you’ll have to pay that money back, with interest tacked on. If you swipe your plastic and then take one year to pay off $500 at an interest rate of 17 percent, you’ll pay $47.23 in interest. Or if you add it to your student loan balance, by the time you’ve paid it off that $500 may have cost you $1,000.
Earn $500: You could find yourself a part-time job. It’ll take you 62 1/2 hours at $8 per hour to make $500, and that’s before taxes. Compare that to a couple hours spent filling out a scholarship application.
So, what might seem like a lot of work for $500 now can actually save you from having to do a lot more work for that money in the future.
Need Money to Pay for College?
Every semester, Fastweb helps thousands of students pay for school by matching them to scholarships, grants, and internships, for which they actually qualify. You'll find high value scholarships like VIP Voice's $5,000 Scholarship, and easy to enter scholarships like Niche $2,000 No Essay Scholarship, and internships with companies like Apple, Google, Dreamworks, and even NASA!