Every year, the cost of tuition in America rises. As a result of the COVID-19 pandemic, lost institutional revenue is likely to be passed on to students. Scholarships are an excellent opportunity for students to reduce the amount of debt they accrue during their post-secondary education. As the music industry entrepreneur behind the Bessie Smith Scholarship Fund, Lindsay Guion knows how impactful a scholarship can be on the road towards graduation. Lindsay Guion is the Founder, CEO, and Chairman of GUION PARTNERS, and has been working in the music industry for over twenty years. We spoke to Lindsay Guion about the importance of scholarships, and how they can help you get ahead.
A scholarship is an award of financial aid for a student looking to further their education at an institution. Scholarships have the same benefits as grants as they do not need to be paid back. Lindsay Guion explains that a scholarship can help a student achieve both their educational and career goals, relieving some of the financial burden associated with rising tuition costs. The benefits of applying for scholarships are far reaching, which makes applying well worth your time.
The Average Cost of Tuition
The average cost for a single year of post-secondary education is roughly $29,800. This cost often forces students to take out loans that can take up to 20 years to pay back. Graduating with up to $100,000 in debt can make it difficult for students to get ahead, invest in property, or start a family. Lindsay Guion explains that a scholarship can alleviate some of this financial burden. In addition, as there is no limit to the number of scholarships you are able to apply for, you can cover most of your years fees by simply taking the time to apply.
One of the lesser known benefits of applying for a scholarship is that it can help you network. Lindsay Guion explains that when you are awarded a scholarship, you do not want to miss the opportunity to network with other successful candidates. For example, if you have won a scholarship in business administration, staying in touch with other beneficiaries can help you network once you graduate. These connections can give you a tremendous advantage over other candidates.
More Time to Focus on Studies
Filling out student scholarship applications is a major time investment. However, Lindsay Guion explains that this upfront time investment can translate into more free time during your school year. While many students struggle with balancing a part-time job during their enrollment at a post-secondary school, being awarded a scholarship can provide you with an opportunity to focus on your education. According to government statistics, nearly half of all undergraduate students have a job to help them finance their living costs and tuition.
Lastly, scholarships can help give your resume a boost. Winning a scholarship is not an easy task, as thousands of other students are likely applying for the same opportunity. But when you head into the job market with a scholarship on your resume, it showcases dedication, initiative, and hard work.
If you’re a student in the United States or Canada, Lindsay Guion highly suggests applying for the Bessie Smith Scholarship Fund. Awarding $5000 to three students in need of financial aid, this scholarship fund only requires a 500-word essay about Voice as an Expressive Musical Instrument.