The COVID-19 pandemic has caused a significant economic downturn, and many families are struggling to make ends meet. The recession has had a significant impact on scholarships, both in terms of availability and funding. In this article, we’ll discuss the impact of the recession on scholarships and what you need to know.
1: Fewer Scholarships Available
One of the biggest impacts of the recession on scholarships is that there are fewer scholarships available. Many organizations and foundations that provide scholarships have seen a decrease in their funding, which has led to a reduction in the number of scholarships they can award. As a result, students may need to work harder to find scholarships that fit their unique circumstances.
2: Increased Competition for Scholarships
Another impact of the recession on scholarships is that there is increased competition for scholarships. With fewer scholarships available, more students are applying for the same scholarships, which can make it harder to stand out. This means that students may need to work harder to make their applications stand out and increase their chances of receiving funding.
3: Changes in Scholarship Criteria
The recession has also led to changes in scholarship criteria. Some scholarships may now have stricter eligibility requirements, such as higher GPA requirements or more extensive community service requirements. Other scholarships may have changed their focus to support students who have been directly impacted by the recession, such as those who have lost their jobs or experienced financial hardship.
4: Changes in Scholarship Funding
Finally, the recession has led to changes in scholarship funding. Some scholarships may have reduced the amount of funding they provide, while others may have changed their funding priorities. For example, some scholarships may now be focused on supporting students who are pursuing degrees in fields that are essential to the post-pandemic economy.
The recession has had a significant impact on scholarships, both in terms of availability and funding. Students who are applying for scholarships during the recession may need to work harder to find scholarships that fit their unique circumstances and increase their chances of receiving funding. By understanding the impact of the recession on scholarships and staying up to date on changes in scholarship criteria and funding, students can position themselves for success and achieve their academic and career goals.