While the idea of getting money from scholarships is often appealing, the actual process of applying usually isn’t. It takes a lot of hard work to apply for scholarships, so you need to encourage students if they aren’t inherently motivated to get it done.
Luckily, there are things you can do to inspire your child to be more active in the scholarship search. If you are looking for ways to motivate your child, here are eight easy ways to get started.
And if you are curious as to how we find scholarships, check out our free training on how to uncover legitimate scholarships, “6 Steps to Quickly Secure Scholarships for College.” This training is geared towards teaching parents what they need to know about paying for college so that you can help your child avoid student loan debt. To see when we are holding our next training, go to https://thescholarshipsystem.com/freewebinar.
1. Motivate Your Child with the Numbers
How to motivate Your Child to Apply for scholarshipsOne of the best places to start is to review some numbers to help motivate your child. For example, you can present them with a scenario to show them the impact of borrowing:
If your child lands $5,000 in scholarships for their freshman year, that means they can avoid $5,000 in student loans.
Over the course of a 10-year repayment, with an interest rate of 6 percent, they would end up paying $6,661 for that original $5,000. That’s $1,661 on top of the principal! And that only covers their freshman year.
If they have to take out an additional $5,000 for each of their remaining years, bringing their total amount borrowed to $20,000, then they’ll have to repay $26,645 over the course of 10 years at 6 percent interest. That’s $6,645 in interest!
In some cases, what motivates your child is tricky to figure out, but it’s hard to ignore numbers like that.
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