There’s good news for Hispanic families on a budget looking for a way to pay for higher education costs: Hispanics going to college can benefit from ever-expanding scholarship opportunities. This year, Hispanic students have a host of scholarship options. Just as hectic students are selecting college programs or planning their return to school, many Hispanic organizations are announcing scholarship funding guidelines and programs for the school year that begins this fall.
Offering scholarships to minority and disadvantaged students has gained popularity. Corporate giants like CNN, Coors, General Motors, Lockheed Martin, MasterCard, NASCAR, Office Depot, Sallie Mae, Time Warner and Wachovia are among the companies offering scholarships to Hispanic students this year. Why are these benefactors spending thousands of dollars on Latino scholarships, and what can other companies learn from them?
While each of these companies may have more than one reason to support existing Hispanic scholarship programs established by Latino organizations such as the Hispanic Association of Colleges and Universities, the National Association of Hispanic Journalists, the Fund for Hispanic Universities, and the Fund for Hispanic Scholarships, the majority benefit from the positive results in the community and public relations that the programs generate.
Over the years, Latino consumers have increasingly adapted to the mainstream of the United States. Some have gained positions of influence in the public and private sectors and most have become more sophisticated consumers. Part of the process has led some to realize that they have been neglected and even mistreated by many companies that, since the 2000 Census, identify them as consumers of their products and services.
At the same time, marketers and communicators have begun to learn about the growth and potential of the Latino markets and many are watching for the future prize of rapidly growing Hispanic purchasing power, as estimated by The Multicultural Economy, 1990-2009. Selig Center for Economic Growth report to about $ 700 billion a year. Scholarship programs are a relatively inexpensive means of generating goodwill among future consumers of your products and services. At the same time, scholarship recipients can also become members of your future workforce.
Critics argue that in some cases scholarships are too few in relation to the total number of students in need. And that they are the direct result of criticism of exclusionary policies that have denied Latinos their fair share of the American pie. That may very well be true. And yet more students than ever before are benefiting from scholarship programs. As they graduate and join the hordes of American workers, they will also have an impact on the future and perhaps spawn additional programs.
The good news is that this creates opportunities for Hispanic students and benefits donors in multiple ways. The impact is immediate as Latino communities and leaders become aware of the programs. There are also long-term effects, as beneficiaries attend school and eventually graduate with recognition from the company that enabled them, in part, to complete their studies.
At the same time, the Internet has made the search for scholarships much easier and possible for many students who a few years ago would have limited themselves to the advice of their school counselor and other local resources. The generation entering America’s colleges and universities has better access to online resources, including information on scholarships and who funds them, than anyone before. Smart companies rely on profits by putting their money where their corporate mouths are and funding Latino scholarships. And equally smart Latino students are taking advantage of the growing opportunities.