The primary advantage of fully funded scholarships is that it can provide a substantial financial benefit to the student. This can help alleviate some of the burden associated with tuition and other related costs, allowing students to focus more on their studies. Additionally, these scholarships often come with perks such as additional mentoring, internships, or job opportunities. This could potentially open doors for students to gain valuable career-relevant experience and establish professional contacts.
On the other hand, there are potential drawbacks associated with fully funded scholarships. Such scholarships may be expensive for the funding institution or organization, meaning that they may be limited in availability. Moreover, since there is usually fierce competition for these awards, students may be required to meet stringent academic criteria in order to qualify for them. Furthermore, if a scholarship recipient doesn’t fulfill their obligations or fails to complete their education within a certain timeframe, they could risk losing out on the award entirely.
Advantages of fully funded scholarships include the ability to access higher education regardless of financial means, greater academic achievement from students who are supported by these programs and the opportunity for students to focus on their studies without worrying about student loan debt. Fully funded scholarships can also give access to resources, such as mentors and internships, that would otherwise be inaccessible to students from lower income backgrounds.
However, fully funded scholarships can have some drawbacks. They tend to be highly competitive, with a limited number of recipients, meaning it is often difficult for students to secure one of these awards. Additionally, the cost burden may not be adequately addressed as the amount awarded in a scholarship may not cover all of the student’s living expenses while enrolled in school. Furthermore, if a student is unable to keep up with the requirements stipulated by the award they risk losing their scholarship and are at risk of being unable to finish their degree.