$500 Will Make a Difference

by Stephen Borkowski, FastWeb.com
500 Will Make Difference

There's an award listed on your scholarship opportunities page that's a perfect match for you. But applying for it keeps slipping to the bottom of your to-do list.

Why the procrastination? It's worth a measly $500. Tuition at an average, public, four-year college costs more than $12,000 per year, so you're not going to bother going after a few hundred dollars.

That's a costly mindset.

Remember, scholarships are free money that you won't have to pay back.

Let's say you don't bother with that $500 scholarship today. Tomorrow you'll find yourself on campus in need of $500 for books, or computer software, or lab fees.

What are your options?

Borrow $500: Whether you borrow the money you need now through a student loan or use a credit card, you'll have to pay that money back, with interest tacked on. If you swipe your plastic and then take one year to pay off $500 at an interest rate of 17 percent, you'll pay $47.23 in interest.

Earn $500: You could find yourself a part-time job. It'll take you 62 1/2 hours at $8 per hour to make $500, and that's before taxes. Compare that to a couple hours spent filling out a scholarship application.

So, what might seem like a lot of work for $500 now can actually save you from having to do a lot more work for that money in the future.

This article originally published on FastWeb.com.

Featured School

The Art Institutes

The world needs more creative professionals—people who put their passion to work in design, media arts, fashion, and culinary careers. Find a school near you, Explore our areas of study, or call: (800) 557-7216

Related Articles