Tuesday, December 13, 2011

Do Business Scholarships Last For Multiple Years?

From time to time, students earn business scholarships that do not provide all of the assistance that they had hoped to receive. This can be very frustrating, because the person will think that they have all of their finances in place when they actually do not. They may also choose a school that they cannot really afford because they do not know that they are going to have to pay for it. Before students apply to college, they need to be sure that they know what type of financial aid they are going to get.

This issue usually only comes about when a student thinks that a one-year scholarship will be renewed every year. If the tuition costs come out to $10,000 and they are given $9,000 during their freshman year, they will assume that they only have to pay $4,000 out of their pocket over the course of the four years. If this is a one-year deal, though, it will expire after the first term. They will really have to pay $31,000 on their own, which is a large difference, especially when it is exposed without warning.

This is not to say that all business scholarships are only good for the first year on campus. A full-ride scholarship may provide funds for as long as it takes the student to complete the course. Every year that they are at the university, it will be renewed so that it can be used again. As long as the student keeps his grades up, he will never have to worry about money. This takes a lot of stress out of the college experience and the quest to find scholarships.

Other awards are only good for four years. If it takes the student five years to complete the course because he mis-times a few classes or has transferred from another school or he spends a semester abroad, he will overstay his business scholarships. He will have to pay the whole amount for that last semester. While this is not as bad as having to come up with the money every year, it is nice to know in advance if this is going to happen.

All in all, the only way for a student to know what type of financial aid he has is for him to talk to his advisor. He may also want to talk directly to the financial aid department. People will be able to look at his files and tell him everything about his situation as far as money is concerned. Every student should do this once a year.

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