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Last update: August 14, 2024
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What are the chances of you securing that scholarship? Explore the facts about U.S. scholarships! Learn how many students win them, the impact of your grades, and strategies to boost your chances.
By Brian Flaherty, B.A. Economics
Edited by Rachel Lauren, B.A. in Business and Political Economy
Learn more about our editorial standards
By Brian Flaherty, B.A. Economics
Edited by Rachel Lauren, B.A. in Business and Political Economy
Learn more about our editorial standards
For many, scholarships could be the key to saving money on your education costs? With the ongoing increases in expenses, it's no surprise that 58% of U.S. families use scholarships to cover college expenses every year. But how many actually get the scholarships they apply for?
In this post, we'll dive into the ins and outs of scholarships. You'll discover the many types available, the annual number of awards, and the stats on who typically receives them. Plus, we'll explore some useful tips to boost your chances of getting one!
Each year, more than 1.7 million scholarships are given to students. That's right, over a million chances to make college more affordable.
Even with these big numbers, only one in eight college students actually gets a scholarship. It might sound discouraging but don't lose hope. There could be 50 to 100 scholarships waiting for you if you know where to look.
When I was graduating high school, I wasn’t the student with the best grades or the most extracurricular activities. But I was still able to secure a few scholarships by knowing where to look and writing thoughtful applications. Let’s look at who actually gets scholarships in the U.S. - the answers might surprise you.
Students and their families often wonder: “Who actually gets these scholarships?” Believe it or not, it's not always about having the top grades.
While a great GPA can be helpful, it's not the only thing that matters when it comes to qualifying for scholarships. Take a look at these stats:
We're often told that having higher grades increases our chances of getting scholarships. While that’s true, don’t be discouraged if you’re not the best student.
Grades are important, but they're not the only factor. Even if your GPA isn't at the top, you still have a shot at winning a scholarship.
If you're aiming for a private college scholarship, here's where things change a bit. Over 66% of students with above-average SAT and ACT scores receive private scholarships. So, for those private scholarships, keeping those grades up becomes more crucial.
Choosing to follow a path in STEM (Science, Technology, Engineering, Mathematics) could spring some scholarship opportunities your way. So, for those STEM enthusiasts out there, have a look at this fact:
And here's another thing – more than 33% of all private scholarships in the U.S. go to these students. So, if you're diving into the STEM world, celebrate! Your chances of securing scholarship funding just got a boost.
Now, let's talk numbers. How much can students expect to receive from these scholarships?
To increase your chances of getting a scholarship, you should perform well in school, join clubs or sports, and write essays that fit the requirements of each scholarship. It can also help to submit letters of recommendation, show that you need financial help, and apply for many scholarships early.
You might already have the qualifications for 50 to 100 scholarships, you just might not know it yet. At TuitionHero, we help students and parents figure out the complicated parts of college financing, helping them find scholarship opportunities.
Knowing what to do and what not to do can greatly improve your chances of landing a scholarship. Some actions can boost your odds, while others might leave you in the dust. Here's a quick guide:
Start your scholarship search early
Apply for as many scholarships as you're eligible for
Pay close attention to scholarship requirements
Spend time crafting a good application essay
Follow up on your application
Seek help from advisors and TuitionHero
Wait until the last minute to apply
Limit your applications to only a few scholarships
Apply for scholarships you don't qualify for
Submit a poorly written or rushed essay
Assume you've got the scholarship after submitting
Go about the scholarship search alone
Let’s dive into the details of scholarships. Here's an in-depth look at some data:
Scholarships Statistics | Value |
---|---|
Percentage of U.S. families using scholarships | 58% |
Number of scholarships awarded annually | 1.7 million |
Percentage of students receiving state scholarships | 16% |
Percentage of students receiving private scholarships | 13% |
Percentage of scholarships awarded to STEM students | 33% |
Percentage of students awarded full-ride scholarships | 0.1% |
Using scholarships as a strategy for college financing has its positives and negatives. Let's take a closer look at both:
At TuitionHero, we simplify the process of securing scholarships and navigating college finances. We assist with private student loans, refinancing, and FAFSA help. With millions of scholarships available, we're here to make your education more affordable. Let us handle the hard work while you focus on becoming a successful student.
Scholarships are given out on a yearly basis in the U.S., with over 1.7 million scholarships awarded each year.
Not necessarily. While some scholarships prioritize academic accomplishment, many scholarships consider other factors like financial need, community service, leadership, and other talents.
Community service, leadership roles, and excelling in specific areas like arts or sports can increase your eligibility. Some scholarships also prioritize students pursuing courses in fields like Science, Technology, Engineering, and Mathematics (STEM).
Private scholarships usually consider academic performance in their criteria. Up to 66% of students with above-average SAT and ACT scores receive private scholarships. However, other factors might also be considered.
Getting a scholarship isn’t always easy, but with careful research, personalized help from resources like TuitionHero, and a bit of strategy, it can become a key part of your college financing plan.
Keep in mind, it's not just about competition—it's about finding the right fit for you and your goals. Go out there and grab those opportunities – your dream education is waiting for you!
Brian Flaherty
Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.
Rachel Lauren
Rachel Lauren is the co-founder and COO of Debbie, a tech startup that offers an app to help people pay off their credit card debt for good through rewards and behavioral psychology. She was previously a venture capital investor at BDMI, as well as an equity research analyst at Credit Suisse.
At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.
While you're at it, here are some other college finance-related blog posts you might be interested in.
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