Scholarships or financial aid are considered support options to help students cover tuition fees. Unlike financial aid, which is awarded based on students’ needs (tuition, room and board, travel), scholarships are awarded based on academic achievements, sports, arts, etc. The average scholarship amount among 1,078 high-quality universities according to the annual U.S. News statistics was about $11,279 in fall 2018. Let’s take a look at six things you may not know about scholarships.
Ivy League schools, as well as universities like Stanford, MIT, and Caltech, do not offer merit scholarships, even if you have discovered a cure or won an Olympic gold medal. However, Ivy League schools are widely known for offering generous full financial aid packages if your application impresses the admissions committee.
At public universities, out-of-state students often receive more scholarships than in-state students. In fall 2018, the average scholarship amount at 347 public universities for out-of-state students was about $8,620, according to U.S. News data. For in-state students, this figure was $4,676. Scholarships are often used to create a competitive edge in tuition fees to attract students from other states.
Some universities offer scholarships to students throughout their four years of study. However, the condition is that students must maintain a certain GPA during this time. Other requirements may include taking specific courses or reapplying each year. Students should check with the financial aid office to understand all the requirements for the scholarships they receive.
There is a certain number of scholarship recipients each year at a university. According to data from 1,093 schools that U.S. News collected, an average of about 15% of students received scholarships in fall 2018. Students have a higher chance of receiving scholarships if they apply to private schools, where the rate is about 18%.
Experts believe that students who receive scholarships have varying GPAs and do not necessarily need to be at the top of their class. This is because many scholarships focus on different aspects beyond academics, such as leadership skills or impressive extracurricular activities.
Students need to understand that not all scholarships are awarded for the entire duration of their studies. Therefore, students should thoroughly understand the conditions of the scholarships they receive to avoid any misunderstandings.
