Scholarships Demystified [Infographic]
At FluidReview, we are fortunate to be able to work with some of the world’s best organzations and help them with their needs for scholarship management software. And in doing so, we occasionaly come across some interesting facts and figures relating to scholarships in America. In this infographic, you will see a collection of some of the more interesting facts that we’ve collected over the years.
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Where do scholarships come from, and who is getting them?
In the 2010/2011 school year, there were 2,654,501 first-time students enrolled in full-time programs at degree-granting institutions, and $49 billion in scholarships were awarded to the eligibile students.
82.3% of students in the USA received some form of financial aid for their education.
How was this money divided among the students?
48% of this student body received money from federal scholarship; 36% received money from scholarships provided by private companies, foundations and civic groups; 31% received money from state and/or local scholarships. The average amount awarded was $4,755 from federal sources, $8,366 from private sources and $2,844 from state and/or local sources.
Distribution by race: 62% of the recipients were white, 38% were minority students.
Distribution by sex: 59% of the receipients were female, 41% were male.
Where did this $49 billion come from?
$3 billion came from private companies, foundations and civic groups. $46 billion came from federal, state and local government sources.
How does this compare to other countries in the world?
In Hungary, education is paid for by the state, therefore no students received scholarship or grant money for their education. In Ireland, 86% of students received just enough money from scholarships and grants to fund their education. In the Netherlands, 68% of the students received more money than they needed for their education.
Scholarships you didn’t know existed
A portion of that $49 billion is awarded every year to students who meet some rather unusual criteria:
There are 177,559 athletic scholarships available in total, worth $1 billion annually. 53% of these scholarships are designated to only 4 sports: football, basketball, soccer and track & field. The other 47% are designated to 22 sports, such as baseball, softball, wrestling and golf.
Nearly equal opportunities: Men are eligible to apply for 52% of these scholarships, and women are eligible for 48%.
From the fast food & soft drink industry
McDonald’s, Dr. Pepper, KFC and CocaCola give a combined $5.5 million annually to students for their education. However, that’s only about 0.3% of their $15 billion dollars of reported profits.
Cha-ching! Large private scholarships
A few private companies have set up some impressively large scholarship awards:
If a student could win all 5 of these scholarships, they would be awarded $288,000. That’s enough to pay for an undergraduate degree at America’s 4 most expensive schools and still have enough money left over for a brand new BMW 335i sedan!
Yes, millions of dollars in scholarships go unawarded each year. In Canada, this represents about $15 million; but in the USA this figure is $100 million! One reason for this problem is that students aren’t always clear on eligibility and application requirements, therefore a scholarship fund does not get used to the maximum potential due to a shortfall in qualified applicants. Shameless plug: FluidReview helps to maximize scholarship fund usage, keeping your donors happy and your students even happier!
That unawarded $100 million would cover the cost of tuition for approximately 14,000 more students!
Don’t get scammed!
Every year, 256,000 people in the United States search on Google for easy to obtain or guaranteed scholarships. Coincidentally, 350,000 people are cheated out of $5 million each year due to scholarship scams. The number of cases of scholarship fraud that are reported to the FTC have been on the rise since 2001.
Protect yourself! Never pay for a list of “unclaimed scholarships” — instead, use free scholarship search engines and apply for as many as you can!
* education is funded by the state.