Are Scholarships Worth It?

Ever find yourself wondering if scholarships are worth the amount of time and effort you need to put into applying for them? I had the same question after finishing my first scholarship application. It took me eight hours to write the essay, fill out the application, and assemble the required documents. When I was one of three students awarded $500 it dawned on me that I made $500 for a day’s worth of work. Put another way, I made $62.50 and hour! That sure beat my work-study pay rate.

A lot of students tell me that applying for scholarships is too much trouble and takes too much time. Let me show you why this is one myth you should totally ignore. This cool infographic breaks down the numbers for you:

Are Scholarships Worth It?

As you can see, the hourly wage earned by applying for scholarships has gone up to $66 an hour or $516 a day since I graduated. The real question you should ask yourself is: “Would I rather make $10 an hour, $20 an hour, or $66 an hour?”

Are scholarships worth it? You bet they are! What other job could you get that pays you $66 an hour to work from home during hours that are convenient to you?

Have Something to Share?

  1. Sure love this infographic Gyan! It really puts the effort of scholarships into prospective. I hadn’t realized that the average student loan debt had increased to $29.4K…it continues to climb. I truly believe your books and website are going to make a huge impact and help reduce that average overtime. Together we can change mindsets!!

    • Thanks so much, Celest! Sadly, student debt continues to rise year after year. I like the infographic because it helps reframe the “how to pay for college” question in terms that students can really understand. When they discover applying for scholarships will pay them an astonishing $66 a hour, it grabs their attention. I agree that together we CAN change mindsets — of both students and parents. Your podcast series has been a real eye-opener! (For those of you who aren’t familiar with the How to Pay for College HQ podcast series, check it out here: http://www.howtopayforcollegehq.com/podcast-2/ or you can listen on Stitcher or iTunes. Best of all, they’re free!)

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