U.S. Scholarship Statistics: The Latest Data, Facts And Costs

The U.S. The cost of college isn’t going down. Students are seeking ways to reduce the cost of college education as prices continue to increase. In the United States, scholarships play a major role. Scholarships are used by 58% of U.S. parents to pay for college. Bottom Line- Scholarships play a vital role in the U.S. education system today. Below, I have compiled a list of all the most recent scholarship statistics. This includes who receives scholarships, how much money is awarded, and who’s likely to get them.

Key Scholarship Statistics

Scholarships are available in many different forms. Scholarships are available depending on your college and education. Here are some key statistics about scholarships that you should know: Scholarships are used by 58% of U.S. parents to pay for college. Over 1.7 million scholarships are awarded every year Pell Grant is the largest federal scholarship program, providing financial aid to 7.5 million students each year Every year, the U.S. Department of Education awards approximately $46 billion worth of scholarship funding. 16 % of students receive scholarships from the state, and 13 % receive private scholarships Each year, approximately 1.58 million undergraduate and graduate scholarships are offered. Scholarships are awarded to only one out of eight students in college Scholarships are given to 97% of students who receive them, but the average amount is less than $2,000. Scholarships worth more than $25,000 are only awarded to 0.2% of students Only 0.1% of students receive full-ride scholarships (education plus living expenses). Students who are in high school may qualify for 50 to 100 scholarships, but they don’t realize it. You can see that many U.S. families and students receive scholarship funding to help them with their education. Only a few full-ride scholarship programs cover all expenses.

Scholarship Recipients Statistic

Who are the most likely recipients of a scholarship? The GPA can be a major factor in determining whether or not you get a scholarship. It’s not nearly as important as you might think. The following is a breakdown of the scholarships given based on the GPAs that students have: Students with a GPA of between 3.0 and 3.4 are eligible for 30% of the scholarships offered in the United States. Only 4 % of scholarships go to students who have a GPA between 3.5 and 4. Grades are indeed important, but not everything. It’s not true that higher rates will increase your chances of getting a scholarship. However, this is not always the case with private scholarships. More than 66% of students who have SAT or ACT scores above average receive private scholarships. It would be best if you had good grades to get a scholarship for a private school. STEM subjects can help you get a college scholarship. The acronym STEM is a short form of the words:
  • Science
  • Technology
  • Engineering
  • Mathematics
A STEM student is someone who chooses these subjects in school. Scholarships are given to 17% of STEM students compared to 12.1% of students who do not study STEM. You are more likely to receive a scholarship if you focus on STEM in school. STEM students receive over 33% of the private scholarships offered in the U.S.

Demographic Scholarship Statistics

Minority students and white students receive more scholarships. The percentages have remained fairly balanced in comparison to the past. Minority students have a higher chance of getting a scholarship than white students. The statistics alone show that white people are 3% more likely than other races to receive a scholarship. Other factors can also influence the outcome. It gets more interesting when you only look at minority students. Black students have the highest chance of winning a scholarship, at 11,4%. The next highest percentage is for Asian students, at 10.5%, followed by Hispanics at 9.1%. What about your income? Scholarships are awarded to students from families with a middle-income level at a rate of 13.8%, compared to 10.6% for families with fewer resources. Families with higher income levels receive only 8% of all scholarships. Surprisingly, coming from a family with a median income increases your chances of getting a scholarship. Students from private schools are far more likely to receive private college scholarships. 10% of private school students receive an average scholarship worth $2,631 at a college. Comparatively, only 3% of students from public schools receive scholarships for private colleges that average $3,463. These statistics may not be accurate because only 9% of American students attend private schools. The percentage of students in a public school will be lower based on this alone.

Chances of receiving a scholarship statistics

We have only looked at specific demographic data. What are your chances of winning an overall scholarship? Only one in eight students is likely to be awarded a scholarship. The average chance to receive a scholarship is 12.5%. This does not mean that the costs will be covered. In the United States, only 0.2% receive scholarships above $25,000. Only 0.1% of students receive full-tuition scholarships, and only 1.5% get a full-ride scholarship. It is not easy to get a full scholarship. Few students in the United States who are accepted into a Bachelor’s degree program have the money to pay for the costs. 8% more students were able to pay for 50% of their costs. All other Bachelor’s students received either no scholarship or a scholarship that covered less than half of the cost.

Private Scholarship Statistics

Some of the most coveted private scholarships are available. These are the most difficult to obtain. In 2021, private colleges will award more than $7.4 Billion in scholarship funds. In 2003, private colleges awarded only $3.3 billion as scholarship funding. This means that private college scholarships have grown by $4.1 billion during this 18-year gap. It is expected that this trend will continue. The college may not award some private scholarships. Many organizations and companies offer scholarship funding to individual students. The Miss America Foundation offers college funding of up to $12,000 for each student. The United Negro College Fund awards over 400 scholarships each year. The largest scholarship offered by the Coca-Cola Scholars Foundation is valued at $20,000. Scholarships are offered by companies and organizations based on different criteria. Scholarships for women have been a top priority in recent years. In 2022, the Society of Women Engineers awarded 330 scholarships. These 330 scholarships totaled $1,700,000. The Center for Women in Technology offers scholarships ranging from $5,000 to $20,000. These awards are given annually for up to four years. These are all provided for students who attend private colleges.

Public Scholarship Statistics

The Department of Education provides the largest number of scholarships for U.S. families. They provide the most consistent scholarship funding. They also have a budget dedicated to scholarships. What is the Department of Education’s budget? Experts estimate the U.S. Department of Education awards families around $46 billion as scholarship money. Scholarship funding is given for a variety of reasons and not just to the best students. Pell Grants are reserved for families with lower income. For a Pell grant, the family of the student must earn less than $25,000 per year. The average Pell Grant is $4,418 per year for undergraduate degrees. Not all government-funded grants and scholarships are the same. The Federal Supplemental Educational Opportunity Grant is designed for undergraduate students who have exceptional financial need. The FSEOG offers students a range of scholarships from $100 up to $4,000, depending on their financial situation and the year. There is a catch, however, for colleges that participate in the grant program. FSEOG requires that schools participating in the program contribute 25% of all money awarded. The government partners with schools to offer financial assistance to students who need it. The scholarship program has helped thousands to attend college.

Most Common Types Of Scholarships

You now know the size of the scholarship market and who will be most likely to receive scholarships. These statistics on scholarships provide information about the most popular types and how to obtain them.

Merit Scholarship Statistics

Students are awarded merit-based scholarships based on their excellence in one particular field. This includes-
  • Gifts for Academic Excellence
  • Test scores
  • Extracurricular Activities
Other exceptional factors As a means of attracting gifted and talented students, most colleges offer scholarships based on merit. Scholarships of this type are usually the most valuable. Between 2007 and 2008, 14 % of students were awarded merit scholarships. Each student received an average of $4,700. From 2019 to 2020, 22% of undergraduates will receive merit-based scholarships. Which college offers the most merit-based scholarships and grants?

Private colleges

Merit scholarships were awarded to 25% of students in private colleges. In contrast, only 18% of public college students receive the same type of scholarship. You’re right; it makes perfect sense. The results of the students are more important to selective colleges than the type of students that they enroll. The more demanding the school, the greater the financial aid it will offer. Private colleges tend to be more selective than public schools. Only 28% of colleges with a lower level of selection offered scholarships, while 56% of colleges with a moderate level of selectiveness did so. Merit-based scholarship programs are offered by 35% of the more selective universities. Interestingly, 24% of Southeast colleges offer merit scholarships to exceptional students. This is the most important thing to remember: Merit is the best way to ensure you get a scholarship for a selective college.

Athletic Scholarships

The United States is a sport-crazy nation. The top colleges always look to attract the best athletes to their athletic programs. Athletic scholarships are not as common as you might think. Less than 2% of high school student-athletes are eligible for athletic scholarships. If you are serious about getting an athletic scholarship, you need to be among the top 2% in your sport. If you receive an athletic scholarship… The rewards are huge. More than $3.1 billion is awarded annually to students who are eligible for athletic scholarships in NCAA Divisions I & II. The majority of fellowships are full-ride. Most athletic scholarships are available for male sports in the United States. The breakdown is as follows: Male SportsNCCA Scholarships Available The following are some examples of the use of football: 27,304 You can also find out more about the following: 6,368 Scholarships for male athletes are more likely to be awarded. Women still receive scholarships, but not as many. The latest statistics on the number of scholarships available for female athletes are listed below: Women still have access to a number of athletic scholarship opportunities. Track and Cross, for example, has more athletic scholarships for women than for men. How much do these scholarships cost? The athletic scholarships for male students that receive the highest average financial aid are: Basketball is the sport that offers the most financial scholarships, averaging $38,246. The average football player earns 36,070 dollars, but this can vary greatly depending on which subdivision they are in. Ice hockey is the sport that offers the most financial scholarships to female students. The average amount awarded is $41,693. Gymnastics is second, with an average monetary award of $40,172. Scholarships are offered by different athletic associations at different amounts. NCAA Division I offers the most scholarships. The NJCAA offers 41,195 total scholarships. NCAA Division II provides 36,343 scholarships for athletics, and NAIA offers 25,778.

Need-Based Scholarship Statistic

The largest category of scholarships is need-based. They are different, but not because of your abilities. You can receive both a need-based and an athletic/merit scholarship at the same time. In 2007-2008, 37% of students were awarded a scholarship based on need. Each student received an average of $4000. Need-based scholarship recipients today are 16% of all students, compared to 18% who receive merit-based awards. Times have changed, and the number of need-based awards has decreased in comparison to merit-based awards. Over 8,8 billion in scholarships were provided to students based on their need. California is one of the states that spends the most on need-based scholarships. The total amount of need-based scholarship money offered by them alone is over $1.8 billion. It is a 37.2% rise since the first time they offered this type of support. Not all states offer college scholarships to students in need of financial assistance. Georgia and New Hampshire have spent $0 in need-based scholarship funding since 2012. If you are looking for financial aid to help pay for college, it is NOT the place to go.

Wrapping it Up

The latest statistics on scholarship awards are now complete. Most “scholarships” are actually financial aid. Fewer than 2% of all scholarships cover college costs, even less if living costs are included. The good news is there are many scholarships available. Not all scholarships are awarded based on your merits or abilities. The U.S. Department of Education offers a number of scholarships for students who have financial need. Remember: The majority of students are eligible for 50-100 scholarships. Knowing what scholarships you are eligible for and applying as soon as possible is the key to getting funding for your college education.