The Importance of Corporate Scholarships
Scholarships provide students with an opportunity to earn a degree without the financial burden that stops many deserving students from pursuing post-secondary education. Unfortunately, many students are forced into securing several jobs in order to pay for their schooling, which ultimately distracts a student from their studies. As the next generation of workers and decision makers, students entering post-secondary should be able to focus all of their efforts on furthering education.
The scholarships that stem from the generosity of professionals and businesses that wish to further a deserving student’s education, are some of the most important types of scholarships available. Those offered by corporations are uniquely tailored for specific programs, skills, academic institutions, and regions.
We at Guaranteed Removals have seen firsthand the wide range of advantages that corporate scholarships can provide to both businesses and individuals. In addition to helping students pursue their academic goals, corporate financial aid is also a means to secure and retain top quality talent.
Below are just some of the reasons to start or apply to a corporate scholarship today:
Post-secondary institutions are a $35 billion annual industry, which creates jobs for approximately 250,000 people within Canada. Funding students with scholarships also helps to fuel the local and national economy, as these student fees are what helps to generate revenues for the institutions. In 2018, roughly 1.4 million students attended higher education institutions in Canada, with 1.5 million jobs being created between 2008 and 2017. Corporations funding scholarships directly contribute to these numbers and help to drive the economy.
How They Benefit Companies
Corporate scholarship programs are of the upmost importance for the youth seeking post-secondary studies. Many corporations offer scholarships as part of their Corporate Social Responsibility initiatives, this is done for several mutually beneficial reasons.
Firstly, scholarships make a direct impact on the community as it allows for deserving students to afford post-secondary education, without taking on serious financial burdens. Additionally, these programs increase brand awareness with the general public, as these acts of philanthropic giving resonate with members of society.
Lastly, students who earn merit-based scholarships will shortly be entering the workforce and are much more inclined to begin their career with the corporation that has already supported their growth. Corporations offering scholarships based on merit are able to secure lifelong employees through offering employment following graduation, as this shows your invested interest in growing the recipient personally and professionally. Employees reward corporations for their above-and-beyond efforts through loyalty.
Helping Individuals Obtain an Education
Earning a scholarship is a prestigious academic achievement and can open up a wide range of professional opportunities. Receiving a merit-based scholarship indicates a high level of accomplishments, increasing one’s chances of employment following graduation.
Winning a scholarship can also reduce the amount of post-graduation debt. According to a 2018 report by the Canadian University Consortium, the average amount of student debt is $13,925. Likewise, 32% of individuals reported a debt load of over $20,000. Due to the fact that roughly 43% of loans are government funded, this places a significant amount of financial stress on graduates entering the work force. Quite often, the thought of having to repay a substantial loan amount can hinder various career goals.
The Scholarship Advantage
An academic scholarship is an effective means to support education and secure a better future for students across the country. For those thinking to apply, financial aid is a great way to set oneself apart from others and set a path for personal and professional success.