During our seminar course (PSYC 400 in Fall 2022 at Queen's University), we were challenged to find a gap in higher education and propose a solution. We found research highlighting that financial barriers are a big deterrent for students who choose not to pursue higher education.
Despite the strain of financial barriers, a higher education degree is important for so many reasons. It can reduce the income gap, mitigate the effects of the poverty cycle, and is associated with a host of long-term health and well-being effects. In a market where 70% of new jobs in Canada require a post-secondary degree, the benefits of higher education are profound.
However, millions of dollars in scholarship money goes unclaimed each year, due to a lack of applicants. Considering the amount of debt students undertake to fund their higher education, and the number of students who do not pursue higher ed because of its financial burden, we wanted to find a way to bridge the gap.
One of the factors that compounds the financial barriers is that students who require financial assistance only capitalize on available scholarship money if they feel they have the necessary skills to create a successful application (Hoff, 2013). In the Fall of 2023, we conducted market research and spoke to over 500 students at Queen’s. Our market research suggested that the majority of students feel unsupported during the scholarship application process and lack the tools, resources, and confidence to apply.
This is the gap we are trying to address. While our project is not the only solution needed to increase accessibility to higher education, we believe in its ability to bridge the gap between students and unused scholarship funds.
Construction Management Graduate I Kent State University
3moScholarship is crucial for empowering students to pursue their dreams and serves as a valuable retention strategy for the company by investing in future generations. We extend our gratitude to Michels Corporation for spearheading this initiative. Congratulations to the 19 students!