I'm trying to hunt for scholarships for college and I keep hearing about these 'most prestigious scholarships'. Can anyone help me understand what makes a scholarship prestigious?
When considering what makes a scholarship prestigious, there are several key factors to consider:
1. Selectivity: The more selective a scholarship is, the greater prestige it carries. This means that awards that are given to a small number of students out of a large applicant pool are considered more prestigious. For example, the Coca-Cola Scholars Program, grants 150 scholarships from a pool of over 90,000 applicants each year, making it exceptionally competitive, and therefore prestigious.
2. Award Amount: High award amounts often add to the prestige of a scholarship. The higher the monetary value of the scholarship, the more desirable and esteemed it tends to be. For example, the Gates Scholarship provides a significant financial award which covers tuition, books, and living expenses for the winner's entire undergraduate education.
3. Reputation: The reputation of the organization granting the scholarship plays a significant part in its prestige. Scholarships given by nationally recognized organizations, corporations, or educational institutions are usually seen as more prestigious. For instance, scholarships awarded by groups such as the National Merit Scholarship Corporation or sponsored by well-known companies like Intel or Google carry a lot of weight.
4. Impact on Future Opportunities: A scholarship that opens doors for future opportunities, such as internships, research projects, or mentorship programs, can also be seen as prestigious. For example, the Goldwater Scholarship, a scholarship for college sophomores and juniors who intend to pursue careers in math, science, and engineering, opens up a lot of doors for networking and future research opportunities.
5. Requirements/Criteria: If the criteria to be considered for a scholarship includes high academic achievement, leadership, community service involvement, or special talents or interests, it can add to the prestige of the scholarship.
Remember, though, that all scholarships, regardless of their prestige level, can help off-set the cost of college and should be considered as part of your financial planning strategy.
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