The education landscape in India has witnessed remarkable transformations over the past few decades, characterized by enhanced accessibility, the emergence of private institutions, and rapid advancements in education technology. This progress is evidenced by the surge in school and higher education enrollments, as well as the significant narrowing of the gender gap, particularly at the secondary school level. Moreover, there has been a notable shift in recognizing the value of upskilling, transcending the traditional emphasis on academic qualifications.

However, amidst these positive developments, the education sector in India grapples with the challenges posed by inflationary trends. According to a report by financial news portal MoneyControl, education costs in India witnessed a substantial 10 percent increase between 2012 and 2020, rendering quality education increasingly unaffordable for less privileged families.

In such a context, the availability of scholarship funds assumes significant importance, particularly for vulnerable and underprivileged segments of society. Scholarships can serve as a crucial source of relief, enabling individuals who face financial constraints, such as girls, students with disabilities, or those from transgender communities, to access education on equal footing and pursue their aspirations.

It is worth noting that India is home to the world's largest adolescent population, with approximately 20 percent of the country's population falling within the age group of 14 to 19 years. By ensuring that these young individuals have access to quality education that aligns with their preferences and aspirations, we have the power to unlock their immense potential, uplift their families, and drive significant socioeconomic progress within communities.

One shining example of the transformative power of scholarships is the journey of Niharika Pola, a brilliant scholar and beneficiary from the state of Gujarat. Despite facing overwhelming hardships after her father's demise during her 9th-grade, Niharika's life took a remarkable turn with the support of the Glow and Lovely scholarship. Not only did she overcome financial challenges, but she also secured a coveted place at the prestigious University of Massachusetts (MIT). 

1) Scholarship Funds Can Foster Girl Education

According to a UNICEF U-Report poll done in India in 2022, approximately 38% of respondents knew at least one female student who had dropped out of school. Furthermore, due to financial hardship or societal pressure, girls are either forced to discontinue their college education or quit their studies after higher secondary school.

Women in STEM

Additionally, it has been noted that women's engagement in STEM subjects (Science, Technology, Engineering, and Math) in India is relatively low.  Despite the emergence of new educational opportunities, women still lag behind in pursuing fields such as engineering and technology, perpetuating gender disparities and hindering progress towards gender equity.

In such a state, scholarship funds for women can go a long way to support them when their future is at risk due to financial crunch.  The provision of monetary assistance acts as a catalyst, boosting the confidence of girls, enabling them to transcend conventional barriers and pursue challenging careers, thereby fostering gender equity in education and workplaces.

Anushree Nautiyal's story stands as a compelling testament to the profound impact of scholarships in empowering young women in STEM fields. Hailing from a middle-class family, her aspirations of pursuing an MBBS degree seemed out of reach due to the high cost of education. “My annual fee is higher than my annual family income, therefore it seemed almost impossible to continue my medical studies,” shares Anushree, a fourth-year MBBS student at the Government Doon medical College, Dehradun. However, the GSK Scholars Programme, designed to support students pursuing STEM education, alleviated her financial burden and provided her with a renewed sense of confidence.

Support for Single-Parent Girl Child

Scholarships play a vital role in transforming the lives of girl children from low-income families, particularly those with single parents. These financial aids provide the much-needed support to access quality education, empowering girls to break the cycle of poverty. 

One remarkable story is that of Rajkumari, a CUET aspirant whose life took an unexpected turn after the tragic death of her father, who worked as a free-mason at a construction site. Despite pressure from relatives for an early marriage, Rajkumari's unwavering mother stood firmly beside her, supporting her pursuit of higher education. Additionally, the timely assistance of the HDFC Badhte Kadam scholarship in 2021 not only relieved Rajkumari's financial burden but also motivated her to continue her preparation for UPSC exams with utmost zeal.

2) Scholarship Funds are Vital for Low-Income Students 

With over 79% of universities in India being privately operated, the affordability of education is becoming a growing concern, particularly among the economically disadvantaged population.

Due to the inaccessibility of higher education, several students from low-income families lose a chance to break the cycle of generational poverty; instead, paying for expensive courses can leave students in dire financial straits.

Hence, with access to scholarship funds, disadvantaged students can have choices when they are making decisions about which school to attend and a support  system with which they can successfully complete their degrees. Monetary aid can also help alleviate financial stress, allowing students to focus more mental energy on their studies and their career goals after college.

Scholarships can generally cover tuition costs, and many also cover living and other expenses. Further, the families of the scholars do not have to worry about amassing debt because the scholarships are monetary rewards that do not have to be repaid. 

3) Scholarships Funds can Give a Fair Chance to Disabled Students 

Although poor infrastructure, discrimination, a lack of empathy and support, and a rigid education system have been cited as contributing factors to the aforementioned figures, financial constraints also significantly limit the educational opportunities for disabled students.

As a result, such students are more likely to further face multiple and intersecting forms of discrimination, which excludes them from various aspects of life, jeopardises their health and well-being, and increases their chances of experiencing socioeconomic inequities, such as a higher rate of poverty and a higher rate of unemployment.

Therefore the economic empowerment of individuals with disabilities is essential. Scholarship funds can not only offer significant impetus to the aspirations of disabled scholars but also give them a fair opportunity towards independence, excellence, and above all, a dignified life.

A true testament to this is Rahul, a beneficiary of the IDFC FIRST BANK MBA Scholarship. Despite facing the loss of his father at a young age and being diagnosed with the vision impairment of Phthisis bulbi, Rahul's educational options were severely limited. Nevertheless, his unwavering determination, combined with the support of the IDFC FIRST Bank MBA Scholarship, propelled him to achieve outstanding academic success. Filled with optimism, Rahul, currently pursuing an MBA in Finance from IIT- Trichy, firmly believes that his future is boundless with endless possibilities.