Unlike loans which require repayment, scholarships are "gifts" that generally do not need to be repaid. Many scholarships have initial prerequisites as well as performance requirements for the recipient while they are in school receiving aid.
Some scholarships have initial prerequisites such as financial need, aptitude/scholastic performance, ethnicity, association membership, etc. Many of the scholarships also have performance benchmarks that must be met while the person is receiving the aid such as a certain grade point average, avoiding academic probation, etc.
Each organization that offers scholarships have their own requirements and these requirements are at the discretion of each organization.
There are thousands of scholarships available that the potential applicants are not aware of. This is where SprringX offers value. Their two primary services are:
- Provide the client with a list of possible scholarships from SprringX master database that would be the most likely options. This database is a collection of many different available scholarships, a list that SprringX has spent countless hours researching and continually updates.
- Increase the likelihood that the client receives a scholarship for each one that they apply to. By leveraging SprringX's knowledge of how scholarship recipients are chosen and passing this information on to its clients, it increases the strength of its clients application. SprringX is also able to offer individualized suggestions specific to the different scholarships.
SprringX fee structure is based on an incentivized performance compensation model where it gets paid if it successfully helps the client realize the scholarship. This is the proper fee model because it forces SprringX to perform and it encourages many potential customers to sign up since payment is contingent on them getting money, a win-win situation.
