Student debt is highest in the United States at the time. Back in 2019, the student debt was valued at 1.6 trillion US dollars. Statistics show that some 44 million students borrow money to take them through college. Undergraduates borrow about $30, 000 on average to stay in school. With that being said, it means that students are in desperate need to pay for school fees. If you run a successful company and have a vision of taking your brand beyond, then investing in a scholarship fund to support students through college would be good for your brand. Jeremy Schulman runs a successful firm and is a good example of philanthropists who help students to get through college. In this article, I am going to look at some reasons why brands should invest in scholarship funds.
Brand scholarships are a great way of giving back
Businesses are supported by the communities and societies they operate within. The community provides the customers and the healthy environment to allow the business to grow and thrive. To maintain this good balance or even to better the community, it is the responsibility of businesses to give some of the money they make back to the community. By investing in scholarships, businesses are able to make a difference and give back.
Scholarships help sponsor deserving students who without this kind of financial aid, might not be able to afford higher education. Thus, their potential goes to waste or is not used fully. Without reaching their full potential, such student will not be able to contribute meaningfully to the society.
Brand scholarships enhance your brand with college students
Investing in a scholarship doesn’t just benefit the beneficiaries of the financial aid or the community they come from. Scholarships also assist brands by elevating their image to the college student community. The image of your brand will not just be elevated among college students alone, but also to their friends and families. Some people might be wondering just how big is the college student community in the United States. Well, this community is quite big, consisting of some 20 million students. Out of this number, some over 14 million students are enrolled in public universities and colleges while the rest are in private universities and colleges. When you offer scholarships, you will be able to reach this group of consumers meaningfully.
Brand scholarships inspire brand loyalty
Closely related to the previous point is brand loyalty. When your company offers student scholarships, you are able to inspire loyalty from the recipients and their families.
Brand scholarships provide an avenue to recruit talent
When you sponsor scholarships, what you are simply doing is to create an impression on the recipients and their families and friends. You will be positioning your company as one that cares about education and development. Since these are causes that people care about, they will be more willing to work for your company and that is how you get the top talent on your side.