Benjy Grinberg is known to those who enjoy independent music as the owner of the Rostrum Records label. In his time as an industry leader, Grinberg has stepped forward as a philanthropist capable of providing scholarships to several students each year. The importance of scholarships has never been greater, with the latest figures about student loans making for depressing reading.
Grinberg and his fellow educational philanthropists believe the success of students is closely linked to feeling financially secure during their studies. There are several forms of scholarships open to students, with contests often open to those students who want financial security over the course of their studies.
1. Avoid Spiraling Student Loan Debts
Student loan debt is crippling millions of Americans as they battle to overcome the problem of rising debt. Forbes reports the cost of student loan debt has risen to more than $1.7 trillion, second only to the amount of mortgage debt in the U.S. The huge levels of student loan debt are causing students to reconsider their decision to attend college because of the long-term financial issues this can cause.
There is general agreement in Washington D.C. and philanthropists, such as Benjy Grinberg, that something needs to be done to address this issue. Politicians in Congress and the President have yet to agree to the cancellation of student loan debts in 2021.
2. More Time for Studies
The University of Hawaii has completed research into the amount of time each student spends working outside their studies. In general, students spend an average of 15 hours per week working to make money to live and fund their academic experience. Grinberg and his fellow philanthropists believe this is too much time spent away from studies. Of the 15 hours per week, the average student spends working, some have their studies funded by family members.
The student body provides a microcosm of society as a whole, with the gap between the haves and the have-nots continuing to grow. Philanthropists across the U.S. are looking to improve the chances of success through scholarships for blue-collar families. Students hoping to achieve success in their academic careers need the extra time to study without worrying about missing their work.
3. Paying for Tuition
One of the concerns students have when they are heading to college is how they will pay for tuition? The cost of tuition has been steadily rising since the 1990s when the cost of tuition totaled around $10,000. The current cost of tuition averages $20,000 as costs continue to rise. The fear of high student loan debt is a real one for millions of students who fear they will drown in debt upon graduation.
4. Add to Federal Aid
The thought process when considering the use of scholarships usually focuses on low-income families. However, academic institutions have become concerned about the number of middle-class and high-income students leaving college under a cloud of debt. Federal assistance is not always available to high-income families who may not be able to maintain a full-time student. These students are left to fend for themselves by combining student loans and working.
By providing scholarships for students who come from families just above earning levels for Federal Grants, colleges are helping those who may find themselves in financial distress. Even low-income students who hope to attend a high-quality four-year school will struggle to pay for tuition and their living expenses from grants and loans alone.
5. Teaching Important Lessons
Philanthropy is a skill that needs to be learned from a young age. Teaching the next generation of students to give back to their community requires generosity on behalf of the current generation of entrepreneurs. Benjy Grinberg believes his own financial support of students will provide them with the desire to give back after they graduate. The lessons associated with the importance of philanthropy cannot be learned without students discovering how the assistance of others benefits them.
6. Generates Ambition
A student may apply to a college and not believe they can afford to attend classes there. The ability of a school to provide students with a scholarship changes the way an individual looks at their life. A scholarship to an impressive four-year school may put it within the financial reach of a student. As the student moves into their working life after graduation, they will have a higher level of ambition based on their academic success.
7. Scholarships Allow Academic Goals to be Achieved
A scholarship offered to a student who may not believe they can attend their chosen school. An academic career may be sacrificed because of financial problems that lead a student towards a different career path. A student who has added funds to pay for their tuition and living expenses will follow the program they are best suited to regardless of the cost.
Providing scholarships to students from a range of backgrounds helps more people from diverse backgrounds to achieve success. By adding extra funds to the financial backing for specific students, a philanthropist can positively impact the lives of students.Activate Social Media: