I want to let you in on a big secret.
What do you think a scholarship is?
Most people think that college scholarships are grants that only cover your tuition, school fees, and costs of your textbooks.
That makes up about 99% of the population.
And then there are some people that not only cracked the code to winning scholarships, they also take advantage of all things their scholarships can afford them.
These are the people that use their scholarships to travel around the world for free, study in a foreign country, and start their own companies.
They make up the remaining 1% of the student population.
But regardless of whether you’re someone that already has your full tuition and living costs covered or you’re still scraping by trying to figure out how to pay for college without drowning in a sea of debt, applying for scholarships can still give you a big head-start in your future career.
That’s the real secret here.
Even though scholarships are intended to help level the playing field for students that can’t afford college on their own, money is still a factor in how competitive you are when you graduate.
That’s because it often takes money for you even start building up your resume. Yes, you can definitely DIY it on your own. But having a bit of money to burn can go a long way to helping you put a few impressive lines on your resume.
So whether you’re one of the one-percenters that not only have your tuition and living costs covered and is earning money through scholarship refunds or part of the other 99% of us, you should apply anyway!
One more dollar you earn by winning a scholarship is one more dollar that you get to save and one more dollar you can invest in your own future.
And that compounds over time as well!
The more you can invest in yourself is the more impressive your resume/portfolio will be and the more likely you’ll win more scholarships and job offers in the future.
Have I sold this to you yet?
In case I still haven’t convinced you, here are ten things that applying for scholarships can give you. Many of which are things that I got to enjoy when scholarship funds started flowing in.
1. Study Abroad
Study abroad is becoming more and more popular among college students. It not only provides you with a chance to travel to a different part of the world, it also helps prepare you for a potential career overseas when you graduate.
But here’s the thing is with our super-globalized and connected world, it really doesn’t matter if you wanted an international career. There’s a chance that international opportunities will just come knocking on your door whether you want it or not.
So studying abroad might be worth considering even if it is only for a short, 2-week program.
And having a stash of cash on the side definitely helps you make this into a reality.
2. Leadership Programs
Leadership programs have exploded in popularity for college students. Almost every reputable institution organizes their own leadership programs from the National Society of Collegiate Scholars to Greek Life.
These programs are useful because they can provide you with a whole bunch of leadership and career training including how to write a resume, how to prepare for a job interview, how to lead a team, how to network, how to dress for success, etc.
It can also look really good on your resume. All you have to do is keep up your grades and be prepared to whip out the cash to cover participation and membership fees.
3.Mentorship/Tutoring/Coaching
No matter how good a student you are or how much clarity you have on your future career, sometimes you just need that little bit of additional support to help you get to graduation.
Maybe it’s some tutoring to help raise your GPA, maybe it’s to hire a writing coach that can assist you in writing your honors thesis, or maybe it’s just to consult a guidance counselor that can help you figure out what area of study you want to major in or what career you want to pursue.
Depending on the college you go to, they may provide a lot of these resources for free. But if they don’t, it’s always good to have some funds in place so you can readily get the support you need.
No one should ever struggle more than they need to and definitely not students. We got more than enough to juggle on our plates. Anyone that thinks otherwise clearly don’t know the struggle.
4. Unpaid Internships
One of the dirty secrets of corporations, government agencies, and NGOs is that a lot of their work is completed off the backs of unpaid, student interns.
These positions tend to be so competitive that students know they have to “pay their dues” in order to get their foot in the door on Capitol Hill or an American Overseas Embassy or at a notable climate change NGO.
That means starting at the bottom of the totem pole and taking on as many unpaid internships as possible until they (fingers-crossed) managed to secure a paid position.
But an unpaid internship doesn’t mean it’s free of costs.
In order to even partake in the unpaid internship, you may have to cover your own relocation costs, rent, food, and transportation.
And if the internship is overseas, you’ll likely need to front up the money to cover the cost of your flights, travel insurance, visa expenses, overseas medical insurance, an international SIM card, the list goes on.
So get a stash of cash and slip yourself through the door.
5. Volunteer Programs
Ever dreamed of volunteering abroad?
Maybe it’s to help raise awareness about conservation efforts in South Africa, maybe it’s to teach English in rural China, or maybe it’s just to help raise money to support orphans in the Philippines.
Volunteering is an extremely noble thing to do. It not only makes a direct impact on the people you help, but it’ll also give you a chance to hone your leadership and communication skills.
The thing is, just because you’re volunteering and not receiving a wage doesn’t mean that money isn’t involved in volunteering.
Depending on what program you participate in, you may need to cover the cost of your transportation, meals, accommodation, supplies, or even a program fee just to participate in the volunteer project.
Yeah…it’s a bit ironic, isn’t it? You need to pay so that you can contribute your time and effort for free to help someone else.
6. Join Professional Networks
I don’t know if you’ve ever read Tim Ferris’ The 4-Hour Workweek but he explained how one of the best ways to get your feet wet in a particular industry is to join a professional trade organization.
It could be something like the International Network of Women Engineers and Scientists (INWES) or Creativepool, a global community for creative talent, or it can even be something like the Fizzle, an online network of digital nomads and online business owners.
Either way, these organizations can help connect you to potential jobs, keep you updated on industry trends, link you up with a mentor, and give you plenty of opportunities to network with influential individuals in the field.
Because of this, these organizations can be real goldmines for students and fresh graduates.
But like any game, many of these professional networks operate on a “pay to play” policy. In order to reap the benefits of the network, you need to pay a variety of membership and participation fees.
So be ready to whip out that big one and buy yourself a seat at the table.
7. Additional Enrichment Courses
I know this sounds like the most nerdy thing to suggest you do, but maybe you’re just as big a nerd as I am and you’re also interested in enrolling in additional enrichment courses!
Maybe you realized just how expensive college is so you want to enroll in additional summer courses to try to graduate a year early.
Or maybe you’re just a multi-talented genius that has a lot of other hobbies outside of your field of study and you want to develop additional skills like coding and video-editing to put on your resume.
What better way to use money from your “education fund” to pay for more education?
8. Seed Money to Start a Side Venture/Hustle
So you’re probably not aiming to become the next Mark Zuckerberg or the next Jeff Bezos, but if you had a small business idea or just wanted to start a side hustle to supplement your income, why not give it a go?
Starting any small venture is a lot of work and there is always a lot of risks involved.
But testing out a small idea is much easier to do when you’re still a student before you have to take on all the pressures, burdens, and responsibilities of real life. Talk about adulting!
So if you have a seed-fund ready, then all the more power to you!
9. Invest the Money
I am all for investing money in your own education, but if you have money to spare, you can always consider saving and investing it in your future.
The thing is it is never too early to start building your nest egg and creating a retirement plan.
And if you can spare that extra change during your college years, that’ll give your money more time to work its magic and for compound interest to help take care of you later in life.
The future you will be beyond grateful for the investment that you made today.
10. Emergency Fund
This one is not nearly as glamorous as the other items that I’ve listed above but it can not be underestimated.
Sometimes life just happens. Things come into your life when you least expect it, plans fall apart, your own personal life unravels from itself. A whole bunch of things can happen to you during your few years in college.
So have a plan in place if you can. Don’t let these things get close to ever derailing your education and your career dreams.
