Scholarships in the Age of COVID-19 Matter More than Ever Before

scholarships in the age of the coronavirus

The coronavirus pandemic has greatly impacted all of our lives. From how we work to how we communicate, we had to change our habits and behavior to adapt to the “new normal”. Among those who were hit pretty hard are college students, both current and those who planned to enroll in the upcoming year.

With the new reality hitting students hard, this may be one of the best possible moments for your business to launch a scholarship and help students in need. Here is why now is the time to act.

Students are evacuated and classes are remote – but that’s not a good thing

According to CNBC, more than 1,000 higher education institutions were completely evacuated since March of 2020, when the pandemic officially began. This not only meant that university staff was going fully remote. It also meant that the lives of around 14 million students in the United States were turned around completely.

coronavirus effects on higher education

On the one hand, many students can now take classes remotely instead of going to the classroom, which is definitely a good thing. On the other, lots of students were forced to go out of their dorms literally anywhere, and many of them have nowhere to go. Those who have the option of returning to their families will do so, but those that don’t are in quite a bit of trouble.

Inequality hits hard

The students that were already in financial distress have been hit particularly hard by the pandemic and many of them are forced to find a way to finish with the school year. The reality is that the pandemic has two major effects: many students will drop out of college and another group will be discouraged from even enrolling at all.

Those who can afford higher education have a different problem. Given the fact that their education is now online, there is no point in paying the high price of attending a university lecture.

Even though all three groups have a common interest – education – all three have the same problem: the number of students in the new school year will take a big plunge.

What can you do as a business?

In this new reality, you’re probably struggling as well. The pandemic disrupted many things and economy took the biggest hit. 2020 saw one of the biggest unemployment rate drops in history and many of us have lost jobs. Those who do still have their jobs have less business and have to find new ways to acquire customers and get new business.

However, one of the best things that you can do at the moment is to invest in a scholarship for new and existing students.

1. You’ll be able to help a population that has never been in a bigger need of financial aid.

2. You’ll market your own business in a new way, getting more return on investment than any type of ads or traditional marketing forms.

3. You’ll help out the higher education system, which is in a very difficult position right now.

Of course, you may be interested in point #2 the most – for a reason. Scholarships as a marketing tool have a wide range of benefits, as you can read in some of our older content.

Wrapping up

While launching a single scholarship may not save the US educational system, it will make a difference. In these challenging times, not only will you make it easier for one (or more) student to stay in college or start their education, but you’ll also help your business stay afloat by using an underutilized marketing tactic.

If you want to launch your own scholarship today for free, sign up for ScholarshipApp today and you can change many lives for the better!

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