You've heard that nothing in life is free. So why do businesses, foundations, associations and universities give away the three billion dollars in scholarship dollars that FastWeb has in its database?
Community Development
By offering scholarships and other educational grants, companies make an investment in the future of their communities. A higher degree of education makes the community a better place to be - and that attracts top-notch employees.
An example is Target, a company that works to improve its communities by donating more than 100 million dollars to education. An investment in education means an enhanced reputation for the community and a better labor pool.
And that mission adds up to more money for students. "This year, we plan on giving almost 2 million dollars in scholarships to students," said Mia Johnson, a representative of Target's "Take Charge of Education" program. This program will distribute more than 600 scholarships to students across the country, including one scholarship for $25,000.
Employee Recruitment
Scholarships are also a great way for companies and organizations to create opportunities to recruit future employees and interns. By offering awards to students who meet certain standards or fit a certain profile, these organizations attract students with the skills they need.
For example, the League of United Latin American Citizens, LULAC, seeks interns to staff its office in Washington D.C. Applicants must have knowledge of the Hispanic community and current issues - qualifications that ensure they'll be able to help out with LULAC's various projects.
College Recruitment
Universities and colleges grant awards to develop the on-campus community. Awards for academic achievement attract the best and brightest, while awards targeting certain student populations (e.g. minorities, out-of-state students, etc.) help encourage diversity on campus.
In addition to school-wide awards, individual departments also offer scholarships. Departmental awards draw students to underenrolled majors and encourage diversity in their disciplines. Some common awards include scholarships for women in engineering or minorities in the sciences.
Mission Driven
For many associations and foundations, scholarships fulfill the central goals of the organization. By sponsoring scholarships, these organizations hope to encourage growth in key areas such as education, diversity or a certain career field.
For example, the mission of the Society of Women Engineers is to encourage female engineers to achieve their full potential, according to the organization's Web site. To that end, the SWE offers more than 70 scholarships annually to help female students reach their goals and become engineers.
Understanding the goals of scholarship providers can give you an edge when applying for scholarships. Knowing why scholarships are given can help you choose the awards to apply for and produce the best applications possible - and that just may help you pay your way through college!
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