Earning scholarships from high SAT scores can be a great way for students to save money on their college education. According to the College Board, the average cost of tuition and fees for the 2020-2021 academic year was $40,917 at private colleges, $26,809 at public colleges (in-state), and $38,330 at public colleges (out-of-state). With the cost of college continuing to rise, it’s more important than ever for students to find ways to reduce their expenses. Here are 10 reasons why students can save a significant amount of money by earning scholarships from high SAT scores:
- Scholarships can cover a significant portion of tuition: Many scholarships offer significant amounts of money that can help cover a significant portion of tuition and other college costs. For example, the National Merit Scholarship offers awards of up to $2,500 per year to students who score well on the PSAT and meet other eligibility requirements. (Source: https://www.nationalmerit.org/scholarships/)
- Scholarships can reduce the need for student loans: By earning scholarships, students can reduce their need for student loans and save on the interest that accumulates over time. According to the College Board, the average student loan borrower from the class of 2020 graduated with $29,900 in debt. (Source: https://trends.collegeboard.org/student-aid/figures-tables/student-debt-by-sector-degree-completion)
- Scholarships can be renewable: Some scholarships are renewable, which means students can continue to receive funding year after year. This can add up to significant savings over the course of a four-year degree. For example, the Gates Millennium Scholars Program offers full-tuition scholarships that are renewable for up to 10 years. (Source: https://www.gmsp.org/)
- Scholarships can free up money for other expenses: College is expensive. You have to pay for travel, room and board, meals, books and more. Some scholarships cover these expenses, but you’ll still have these expenses when you travel off campus.
- Scholarships can reduce the need for part-time jobs: By earning scholarships, students may be able to reduce their need for part-time jobs, which can be time-consuming and take away from academic pursuits. This can allow students to focus more on their studies and potentially graduate on time, which can save them money on tuition and other college costs.
- Scholarships can help students graduate on time: By earning scholarships, students may be able to graduate on time, which can save them money on tuition and other college costs. According to the National Center for Education Statistics, the average time it took students to earn a bachelor’s degree was 4.5 years in 2018. (Source: https://nces.ed.gov/programs/coe/indicator_cga.asp)
- Scholarships can reduce the financial burden on families: By earning scholarships, students can reduce the financial burden on their families, which can be especially helpful for families with limited financial resources. This can allow families to save money for other expenses or reduce their reliance on student loans.
- Scholarships can increase access to higher education: By earning scholarships, students can increase their access to higher education and potentially attend colleges or universities that they may not have been able to afford otherwise. This can provide students with more educational and career opportunities.
- Scholarships can enhance resumes: By earning scholarships, students can enhance their resumes and stand out to employers. Scholarships can demonstrate a student’s dedication to their studies and their ability to excel academically.
- Scholarships can foster a sense of accomplishment: Finally, earning scholarships can foster a sense of accomplishment and pride in students. It can be a rewarding experience to be recognized for their hard work and achievements.
In conclusion, earning scholarships from high SAT scores can be a great way for students to save money on their college education. With the cost of college continuing to rise, it’s important for students to explore all of their options for funding their education. By taking the time to study and prepare for the SAT, students can increase their chances of earning scholarships and saving money on their college education.