The economic recession has had a significant impact on many aspects of higher education, including the availability of scholarship funding. In this article, Dr. Wayne Lajewski explores how the recession is affecting the availability of scholarship funding and what the future of scholarships may look like.
1: Decrease in Scholarship Funding
During a recession, many organizations that typically offer scholarships may have less funding available. Corporations, foundations, and other organizations may have less money to allocate toward scholarships, making it more competitive for students to receive financial assistance.
2: More Competition for Scholarships
With fewer scholarships available, there will likely be more competition for the scholarships that are available. Students may need to apply for more scholarships and put more effort into their applications to stand out from other applicants.
3: Increased Emphasis on Need-Based Scholarships
During a recession, there may be an increased emphasis on need-based scholarships. These scholarships are typically awarded based on financial need rather than academic merit or other criteria. Students who are financially struggling may have a better chance of receiving need-based scholarships during a recession.
4: More Scholarships for Specific Majors and Careers
Organizations may also focus their scholarship funding on specific majors and careers that are in high demand or critical to the economy. For example, scholarships may be available for students pursuing degrees in healthcare, technology, or other fields that are expected to grow in the coming years.
5: Increasing Importance of Private Scholarships
As government funding for higher education decreases, private scholarships may become more important for students in need of financial assistance. Private scholarships, funded by corporations, foundations, and other organizations, can provide an additional source of funding for students.
The economic recession has had a significant impact on the availability of scholarship funding. With less funding available, there will likely be more competition for scholarships, and organizations may focus their funding on specific majors and careers that are critical to the economy. Need-based scholarships may also become more important during a recession. However, private scholarships can provide an additional source of funding for students in need. Despite the challenges presented by the recession, scholarships remain a critical resource for students pursuing higher education, and it’s important to continue to seek out and apply for scholarships to help achieve academic and career goals.