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Category: Scholarships

  • How to Get a Great Scholarship Recommendation Letter

    How to Get a Great Scholarship Recommendation Letter

    Letters of recommendation are an essential part of many scholarship applications.  They provide a way for the scholarship award committee to learn about you from people who know you personally, and can vouch for your academic abilities and your suitability for your chosen college or university program.

    Recommendation letters, also known as reference letters, can have a significant effect on your chances of winning a scholarship, so it’s important to understand how to get the best letter you possibly can.

    These four tips will help ensure you receive a great recommendation letter:

    Ask Someone Who Knows You Well

    You want to be sure and ask for recommendation letters from people who know you well.  However, you should not ask family members or close friends, since a scholarship committee will not consider these letters to be impartial.

    Your best option is to ask teachers, employers, the leader of your church/temple/mosque, or another community organization.  You want someone who can speak to your academic skills and how they will relate to your studies, and who can talk about your personal qualities that make you a deserving recipient of the scholarship.

    Give Them Lots of Time to Write

    Chances are, anyone you ask for a letter will be busy, and might even have multiple letter requests, so it’s important to give them at least 3-4 weeks notice before the scholarship deadline when you ask for your letter.

    This ensures that they will have lots of time to complete the letter and either send it directly to the scholarship committee, or return it to you. This is also to make sure they don’t have to rush and can take the time to write a positive and detailed letter.

    Provide All the Details of the Scholarship

    Asking someone to write you a letter isn’t enough on its own.  To get a letter that best demonstrates why you’re ideal for the scholarship, it’s vital to provide all the details the letter writer will need to know.

    The information you should provide your letter writer includes details of the scholarship and its requirements, info about your school and program of study, as well as a sample of your writing or other work, depending on the scholarship.

    This way, the letter writer will be able to highlight the right aspects of your qualifications.

    Remember to Express Your Thanks

    Always follow up with your letter providers to express your thanks for their willingness to give you a recommendation.  Not only is this polite, but it will leave things on a good note that can be useful if you ever need to ask them for another letter or reference in the future.

    Handwritten thank you notes are the best way to let them know, as it is personal and shows that you value their help.  It’s also a nice touch for you to update them after receiving the scholarships you applied for.

    Sources:

    https://www.petersons.com/college-search/letter-recommendation-how-ask.aspx

    http://financialaid.ucdavis.edu/scholarships/tips/recommendations.html

    https://www.usnews.com/education/blogs/the-scholarship-coach/2013/03/07/6-ways-to-get-great-scholarship-recommendation-letters

  • How do I get a Bank Loan for my Education?

    How do I get a Bank Loan for my Education?

    Post-secondary education is not cheap, and unfortunately many students do not have the funding to go throughout their educational careers without going into debt. In Canada, an average post-secondary education can total to around $80,000, which is extremely daunting. But luckily, government loans and bank student loans are not too complicated to apply for. Interest premiums are not too bad with these compared to other types of loans. Some students tend to approach the subject of bank student loans when they are having difficulty acquiring government student loans, have hit their limit with them, or need more money than the government can allocate. But this entirely depends on the individual.

    The basics

    Bank loans offer flexible credit limits, which come in handy when unexpected expenses come up: Dental surprises…extra expensive textbooks…travel expenses…it’s a rough side effect of getting an education. Student bank loans have lower interest rates than credit card accounts, in fact some people open these types of accounts in order to work through credit card debt. Some rates are determined based on programs of study, qualification and budget—this is something you work out with your bank advisor and also your parents if needed.

    Bank student loans usually have decent repayment plans—you will have more time to pay back a bank loan than your typical government student loan. Although, some government student loans provide repayment assistance plans for those who can’t make payments right away. More time to repay helps graduates to enter more smoothly into the work force and work through any post-university complications. Back to bank student loans, once you have finished school you usually have up to two years before you must start making payments, depending on which Canadian bank you use.

    What you will need to apply

    When applying for a bank student loan you must first provide confirmation that you are enrolled at a post-secondary educational institution in Canada. Usually banks require an estimate of your education costs. This will include tuition for the year, supplies, housing rent costs, fees, food, and travel fees for when you visit family for the holidays. You will also need to present a list of your financial resources—this includes scholarships or bursaries you might have won, any government funding you currently have and any employment you currently have. Banks require proof that you are a Canadian citizen or a permanent resident.

    Unlike the government student loan process, banks give credit checks. This is one issue that comes up for students with not-so-great-credit, or limited credit history. So, prepare to have a co-signer—that is someone with good credit that signs to take responsibility and vouch for the student.

    Other options

    It is always good to consider your options when making the serious decision to go into debt for the sake of education, and one of those options is government student loans. The federal government provides loans for post-secondary education, and has grants available for those from low-income families.

    Sources: www.rbcroyalbank.com, www.cibc.com

  • Do I Have to be Smart to Get a Scholarship?

    Do I Have to be Smart to Get a Scholarship?

    There is a difference between being smart and being ambitious. A lot of people in high school think that being smart means being academic. That is not the case. Everyone has their talent, from science, to art, to trades, to sports to nature-related skills. There are scholarships out there for every kind of individual. The main thing to keep in mind is that scholarships are about more than grades. Those who give these scholarships to prospective post-secondary students want the whole package—they want students that are more than just good grades. Therefore, being ‘smart’ isn’t a core part of the deal.

    Writing a good letter

    Scholarship applications require a letter of intent—a chance to explain yourself, your goals and what is at the core of your drive. The key is to appear to be relentless in the search for success. Having good references is important, but they do not have to be teachers, although one teacher is always good, so work on building relationship with a teacher at school that you look up to. Other references could be professionals you have worked for or people you have volunteered for—anyone who can attest to your character. Therefore, being “smart” isn’t what is important. Being driven is, and people must believe that you can achieve something great with that ambition.

    Depth of character

    Depth of character refers to volunteering and jobs—showing that you’re willing to give your time to meaningful events and causes. Those who offer scholarships want that money to go to special students. You need to first believe that you are special, and show why you are special in your profile and application. Learn how to sell yourself and, most importantly, sell the positive impact that you will have on the future.

    All about timing

    A lot of students wait until their senior year to start looking into scholarships, but actually it’s wiser to start looking in sophomore year. Many scholarships consider GPAs, and that is traditionally what students think scholarships are all about. But actually, many scholarships consider GPAs as low as 2.5. It is good to try to keep your grades up, but there are scholarships for those who excel in other areas, like being involved and working hard. Still, by considering scholarships earlier than senior year, you give yourself time to assess the situation and work on your GPA if it’s too low and gain work experience that could qualify you for the scholarships you find early on.

    Getting online

    A lot of scholarships must be applied for online though scholarship websites—it is very important to be thorough when filling out your profile on the site. Include accolades, volunteer work, any heritage information that could match you to specific scholarships, and sports and music electives. Be as prepared as possible when filling out your profile on a scholarship site to ensure you receive the most appropriate matches. A lot about finding scholarships is about being systematic—make sure you consider smaller scholarships as well as large ones. The smaller ones do not have as many applicants and have little to do with “smarts” and more to do with references. Make sure that you have many different versions of cover letters and résumés ready to do that adapt to different scholarships. Be proactive and set aside time to work on scholarship applications. Make it a top priority—this is not about being smart, it’s about being goal-orientated. And you will find that that is smartness in itself.

    Source: www.scholarships.com

  • Does Income Really Matter?

    Does Income Really Matter?

    As children, we dream of a myriad of careers. We leap from astronaut to actress on a whim and go with whatever makes us happiest. As adults, careers are traversed with greater trepidation. We must consider our finances, various responsibilities, and where we are headed. The income attached to a job, which never came to mind as a child, now often stands at the forefront. We turn away from otherwise enjoyable work due to the low pay, and accept ones that are far from satisfying because of the ideal income. Does it really matter how much you make? This question requires honest contemplation and introspection.

    A Wells Fargo study looked at millennials, those aged 20 to 36, and what exactly makes them happy. The results showed that 46% dealt with significant debt, and health care expenses were a worry for 43% of respondents. Yet money is far from the definitive factor for their happiness. A staggering 88% answered that love and family are more important than making money. Yet that does not overcome the need to reduce debt and stay healthy. Nevertheless, the majority felt happier and more secure by being pro-active and hands-on when it came to their financial well-being. Saving for retirement, seeking out investments, and budgeting brings about greater confidence and comfort, and can be done with many different levels of income.

    Researchers in Princeton looked at families in the United States, and found that money definitely impacted happiness – but only to a certain extent. Households showed greater moods as income increased. Yet after $75,000, more money did not equate to more joy. Making money is important, and it is delusional to think that love and family alone are all you need. However, it may not take as much money as you think to cover necessities. Once you are able to live comfortably, eat well, and have a place to call home, supplemental income is no longer a major factor on your happiness.

    The question of how much a job pays is secondary. The critical question is how much you spend. Take the time to prepare a budget on a spreadsheet, and do the necessary research for estimated costs of planned expenses. What do you really need? Are you willing to rent an apartment instead of owning a home? Do you need a car, or can public transit get you where you need to go? Are these sacrifices worth it if they allow you to pursue the career you most desire? These are the questions you need to answer.

    So instead of devoting too much energy towards the incomes of potential careers, focus instead on your own budget. Take the time to truly determine how much you need to make and what you are willing to live without. In addition, be willing to take initiative when it comes to your financial situation. Keep an eye on your expenses, thoroughly research investment options, and maintain regular goals.

    So, does income matter when it comes to your career path? This is a very personal matter that requires an honest look at what you want and how you plan to live. Do not let the fear of judgement from others sway you either way. We no longer have the wild dreams and easy happiness of childhood. Yet through hard work and living a life true to yourself, you can build a happy reality.

    Sources:

    Glatter, Robert. “How Much Money Do You Really Need To Be Happy?” Forbes. https://www.forbes.com/sites/robertglatter/2012/07/27/how-much-money-do-you-need-to-be-happy-2/#ed510bf2043f

    Landrum, Sarah. “Millennials Link Money With Happiness, But Now How You Expect.” Forbes. https://www.forbes.com/sites/sarahlandrum/2017/10/06/millennials-link-money-with-happiness-but-not-how-you-expect/#32563823dd62

  • How to Write a Scholarship Thank You Letter

    How to Write a Scholarship Thank You Letter

    I have a confession: I was only recently made aware of how important thank you letters are to show appreciation for the individuals and companies funding your scholarships. I am ashamed to say that in the past, I have been awarded scholarships where I completely neglected this important follow-up.

    But no more! Going forward, I vow that anybody supporting my education will know how much I appreciate their financial support. If you have recently received a scholarship or any kind of financial award, follow the advice below to compose a winning thank you letter.

    Address your letter appropriately

    This information, who your donor is, is absolutely crucial. Just like how you do not want to address a cover letter with “To whom this may concern,” you also do not want to address a scholarship thank you letter with something generic like, “Dear X Scholarship Donor.”

    Show your donor the respect they deserve by researching who they are and addressing the letter appropriately. If it is one person, make sure you are using the correct honorific: for example, if they have a PhD, use Dr. If it is a group or a committee, you may choose to write something like, “Dear Trustees of the Y Scholarship,” or “Dear Members of the Z Scholarship Selection Committee.”

    Share what winning this scholarship means to you

    Cover letters tend to follow a formula: start by indicating which position you are applying for, then discuss your most recent and/or most relevant experiences, then end with how pleased you will be working in that position. A scholarship thank you letter, on the other hand, does not really have a template. That is part of what makes writing a good thank you letter challenging.

    What I will advise you to include is what winning this scholarship means to you. I do not mean you should brag about how good this scholarship will look on your resume. Rather, consider how this scholarship is helping you achieve your goals. Donors are people who have generously chosen to support struggling students and they will very likely appreciate knowing how their financial support is being used. Describe your goals, your passions, what drives you to get up in the morning and reach for success.

    If you’re still unsure, let me share with you an example from my life. I recently won a scholarship and in my thank you letter, I described how a few years ago, I was in a personal crisis. I was—simply put—lost. I was struggling both personally and academically. The scholarship meant more to me than just the financial aid, it was a clear signal that I was recovering. This way, I clearly communicated to my donors how much their support means to me.

    Edit before sending 

    My last piece of advice is this: edit before sending! Make sure your grammar, punctuation, and spelling are all perfect. If you have the time, set the letter aside for a couple of days then go back to it with fresher eyes. Revise any confusing or convoluted wording. Once you are satisfied, send it off!

    References:

    1. http://www.fresnostate.edu/studentaffairs/financialaid/scholarships/faq/thankyouletter.html
    2. http://www.collegescholarships.org/scholarships/thank-you-samples.htm
    3. https://go.sdsu.edu/student_affairs/financialaid/thankyouletters.aspx
  • How to Get a Great Scholarship Recommendation Letter

    How to Get a Great Scholarship Recommendation Letter

    Letters of recommendation are an essential part of many scholarship applications.  They provide a way for the scholarship award committee to learn about you from people who know you personally, and can vouch for your academic abilities and your suitability for your chosen college or university program.

    Recommendation letters, also known as reference letters, can have a significant effect on your chances of winning a scholarship, so it’s important to understand how to get the best letter you possibly can.

    These four tips will help ensure you receive a great recommendation letter:

    Ask Someone Who Knows You Well

    You want to be sure and ask for recommendation letters from people who know you well.  However, you should not ask family members or close friends, since a scholarship committee will not consider these letters to be impartial.

    Your best option is to ask teachers, employers, the leader of your church/temple/mosque, or another community organization.  You want someone who can speak to your academic skills and how they will relate to your studies, and who can talk about your personal qualities that make you a deserving recipient of the scholarship.

    Give Them Lots of Time to Write

    Chances are, anyone you ask for a letter will be busy, and might even have multiple letter requests, so it’s important to give them at least 3-4 weeks notice before the scholarship deadline when you ask for your letter.

    This ensures that they will have lots of time to complete the letter and either send it directly to the scholarship committee, or return it to you. This is also to make sure they don’t have to rush and can take the time to write a positive and detailed letter.

    Provide All the Details of the Scholarship

    Asking someone to write you a letter isn’t enough on its own.  To get a letter that best demonstrates why you’re ideal for the scholarship, it’s vital to provide all the details the letter writer will need to know.

    The information you should provide your letter writer includes details of the scholarship and its requirements, info about your school and program of study, as well as a sample of your writing or other work, depending on the scholarship.

    This way, the letter writer will be able to highlight the right aspects of your qualifications.

    Remember to Express Your Thanks

    Always follow up with your letter providers to express your thanks for their willingness to give you a recommendation.  Not only is this polite, but it will leave things on a good note that can be useful if you ever need to ask them for another letter or reference in the future.

    Handwritten thank you notes are the best way to let them know, as it is personal and shows that you value their help.  It’s also a nice touch for you to update them after receiving the scholarships you applied for.

    Sources:

    https://www.petersons.com/college-search/letter-recommendation-how-ask.aspx

    http://financialaid.ucdavis.edu/scholarships/tips/recommendations.html

    https://www.usnews.com/education/blogs/the-scholarship-coach/2013/03/07/6-ways-to-get-great-scholarship-recommendation-letters

  • Tips on How to Fill out Scholarship Applications

    Tips on How to Fill out Scholarship Applications

    Completing scholarship applications can be scary if you’ve never had to fill one out before! Many students scramble to submit applications, sometimes not knowing how to put their best effort forward. Here are some general points you may want to keep in mind:

    Read Everything First

    Before filling in the form, read through the different sections and familiarize yourself with the document. If any documents are required beforehand – such as passport verification, academic certificates, and/or other reports – gather them now to avoid having to pause later to search them out. Before giving your personal information like your passport, etc., do your research! There are always a lot of scams online that will take advantage of a student’s need for a scholarship.

    Be Legible in your Writing

    Make sure that however you fill in the scholarship that the writing is legible. If you are not able to fill out an online application, use a standard blue pen to fill in the form. Always use block letters. No cursive.

    Be Truthful

    All information should be up to date and correct. Expect an organization to conduct a background check. If they find out you have not been honest in your application, you could end up disqualified. Potentially more embarrassing, having it come out in the interview that you lied can be damaging to your reputation in the eyes of the organization.

    Proofread Everything

    Don’t write it and forget it. Check for correct grammar and spelling. Spellcheck is not as reliable as you may think. If you’re not confident you can proofread it yourself and/or prefer another person to do so, ask a parent, a friend, or a teacher to spot any errors.

    Be Open and Honest in your Essay

    Most scholarships require an essay explaining a little bit about you and your perspective. Ask yourself some questions to find out how you want to present yourself. What accomplishments are you most proud of, academic or otherwise? What is motivating you to pursue post-secondary education? How would this scholarship help in achieving your dreams? Create an outline based around these questions, or whatever questions you are required to answer.

    Keep Focused

    In an essay, don’t repeat information that can be found elsewhere in your scholarship application form and don’t jump around onto too many different subjects. Keep it simple and direct.

    Show Them Who You Are

    Don’t say the things you think they want to hear. People reading these applications have to comb through as many as hundreds sometimes. So open up and share who you really are. Say what you want to achieve and don’t hesitate in your honesty.

    Support yourself with Examples

    Instead of writing, “I love volunteering at my local church”, demonstrate this by sharing examples of events you’ve attended, activities you’ve planned, etc. This makes much more of an impact than a generalized statement. It also shows you took action which is key.

    Don’t go Over the Word Limit

    We know. It’s tempting. But do not, in any circumstances, go over the word limit. Never exceed. If you do, you risk communicating that you do not know how to follow directions. Even worse, the person tasked with reading all these applications might be turned off by something that is overtly lengthy.

  • What Is A Private Lender?

    What Is A Private Lender?

    So, you need money, and you need it fast. Luckily there are options outside of bank loans. A private lender is non-institutional money loaner—meaning non-bank, slightly off the government grid. It is an individual or company that loans out money in a relatively quick and painless manner. This is usually secured by a deed of trust. Oftentimes, the reason for a private lender is to fund a real estate transaction. Private lenders have a lot of liquidity on hand, and go into the business to make money in a fast paced, independent way. If you are planning on using a private lender, there are a few things to keep in mind:

    When should you consider a private lender?

    One reason is urgency—if you need financing fast, it usually only takes a few days to be processed and approved. Another good reason to get a private lender is if you have a poor credit rating. Often banks will reject those who have poor ratings—this is also sometimes the case for the self-employed, as they often do not meet banks’ loan requirements.

    What are the benefits?

    The best benefit is that terms of private loans are usually much more relaxed than those offered by banks. There is usually a very short approval process, and often you can get the loan in only a couple weeks. That is, perhaps, why ‘flippers’ use private lenders a lot. House and property flippers buy places (fixer-uppers) to improve them and sell them for more than they bought them for. In those cases, private lenders are usually preferred to banks.

    What are the negatives?

    Private loans cannot be paid back over 30 years like a typical mortgage—in fact, most private lenders require the loan to be paid back fairly quickly. Often, six to 12 months. However, sometimes it can be two years. What this means is that if you are planning on using a private lender, you must be sure that you will have an instant profit. Another downside, however, are high interest rates. But if you are able to pay back within the right amount of time, it’s well worth it. For most students, this can be a challenge for you do not always know if you will have steady employment when you get out of school. If you know you will be set up with a job and can calculate a payment plan in which you can pay the loan off, that route is preferable.

    It is always important to do your research on any lenders, including banks. Make sure you know all the positives and negatives before making a major commitment.

  • Do Men Make More Money Than Women?

    Do Men Make More Money Than Women?

    Gender wage differences have been in the news a lot lately, with actresses like Jennifer Lawrence and Natalie Portman publicly stating their shock at the wage difference between themselves and leading men. But those are just high- profile cases. In reality, the problem is wide-spread and especially serious among everyday women. Things have changed a lot over the years, but when it comes to women and what they are paid, things haven’t changed enough. According to Statistics Canada, women earn 87 cents to men’s dollar.

    Statistics

    Not only are women still more likely to work jobs that are deemed typically ‘female’, women are also overrepresented in low-paying professions. This is the case across North America, but let’s focus on Canada. Statistics Canada’s data on 2015 looked at the hourly earnings of those aged between 25 to 54. These studies showed that the gender wage gap has shrunk by 10 cents since 1981. That’s progress, although slow progress. But why this improvement exactly? Well, education has a lot to do with it—in 2015, Statistics Canada found that around 35% of Canadian women had university degrees. Back in 1990, only a measly 13.7% had university degrees. Unfortunately, in 2015 even women who had a university degree at a level above a bachelor degree earned around 90 cents to every dollar earned by a man. According to Statistics Canada, in 2014 2.6% of women were in leadership roles at large corporate businesses—that’s compared to 6.5% of men; this is still not acceptable.

    How we can change things

    Women need to begin to be more represented in high-paying jobs. As they are overrepresented in low-paying jobs, the industry just needs to be conditioned to treat both genders equally. What are typical ‘female’ jobs? Often administration work, nursing, sales, serving, hospitality, teaching and nursing. These are definitely important careers to fill. But women need to be encouraged to encroach on fields that are typically dominated by men. The gender pay gap has certainly shrunk, but if women are going to take on these male-dominated professions at greater numbers, the pay gap will close…but it will take some time. Hopefully not another 30 years. According to Statistics Canada, the labour force has seen an increase in older women—a record amount actually. Back in 2000 that number was nearly half of what it is now. The labour force needs more of this. More women in leadership jobs, a more sweeping presence of women, and women of a wide array of ages will close that pay gap more quickly.

    Source: http://www.statcan.gc.ca/pub/89-503-x/2015001/article/14694-eng.htm

  • The Guilt Trip of Parents Paying for Your Schooling

    The Guilt Trip of Parents Paying for Your Schooling

    Somewhere, at some point, someone has brought up student debt in a conversation with you. In that moment, you had to decide whether to let them know your parents paid/ or are paying for most or all of your tuition. You did nothing wrong, and yet cannot fend off the pangs of guilt. Those feelings are exacerbated when your parents conveniently bring the fact up as a joke, in conversation, or as a reminder of your debt. Even if they do not expect repayment, you are emotionally indebted to them indefinitely.

    Yet you are far from alone. Nearly half of all Canadian parents intend on paying for most of their children’s post-secondary expenses, according to a Bank of Montreal survey. Almost 80% are worried about increasing post-secondary costs, and two-thirds have a Registered Education Savings Plan to prepare for the expense. Your mom or dad’s financial aid is a wonderful gesture of their love and support, but it is not one unique amongst parents.

    The best approach to tackling this guilt is to talk to your parents about it directly. As nerve-wrecking as preparing for this is, it could very well be the easiest solution. They may not be aware that they are constantly making off-hand comments about paying for you. Even if they are consciously holding it over you, they may not be aware of the full impact of this and its negative consequences. By opening up the discussion, both parties can clearly explain where they are coming from and how to reach a solution.

    That sum of money may be large, but it is not being spent frivolously – it is an investment in your education and future. By putting in a full effort, frequently discussing how classes are benefitting you, and sharing your high grades with them, you are showing your parents that the investment is paying off. In some cases, that may be all that is needed to put aside any anxieties mom or dad had about whether those tens of thousands of dollars would have been better invested elsewhere. Years later, when you are in the midst of a very satisfying career, or saving for your own children’s post-secondary education, the ones who made your own schooling possible will know it was worth it.

    In many cases, the best solution is to repay the actual money back to your parents. Repaying your parents can sound terrifying. The people who raised and cared for you are now assuming the role of bank or lender; family has acquired shades of business. Fortunately, a mother or father are not as aggressive as a debt collector. It is a good idea to discuss the specific terms of repayment, namely the amount of each payment and their frequency, in order to put your parents’ minds at ease. Finding a happy medium between their needs and your ability to repay is of utmost importance.

    Money is always a perilous topic for people with a close relationship. Your parents gave birth to you, raised you, and have done so much before college or university even entered the picture. The guilt of their financial aid can be overwhelming; that aid, however, is an act of love. Even if your parents are making you feel guilty for their payment, they still handed over that money in the first place. By discussing it with them and figuring out a solution, you are taking mature steps toward adulthood.

    Sources:

    Cheever, Charlie. “What Should I Do If I Feel Guilty About My Parents Paying $50K a Year to Send Me to College?” Forbes. https://www.forbes.com/sites/quora/2011/12/14/what-should-i-do-if-i-feel-guilty-about-my-parents-paying-50k-a-year-to-send-me-to-college/#d2b35da33eb1

    Davidson, Terry. “Almost half of Canadian parents pay kids’ university tuition: Study.” Toronto Sun. http://www.torontosun.com/2014/08/26/almost-half-of-canadian-parents-pay-kids-university-tuition-study