What percent of students receive scholarships or grants for college?

Paying for college can be a daunting task, but scholarships and grants can provide much-needed financial assistance. These forms of aid are often referred to as “gift aid” because they do not need to be repaid, unlike student loans. In this article, we will explore the differences between scholarships and grants, the percentage of students who receive them, and why it’s important to pursue them as part of your financial aid strategy.

What Percent of Students Receive Scholarships or Grants for College?

According to the National Center for Education Statistics (NCES), during the 2020-21 academic year, 86% of undergraduate students received some form of financial aid, including grants, scholarships, and loans. Specifically:

• 66% of students received grants or scholarships
• 43% received federal grants
• 29% received state or local grants
• 49% received institutional grants (from their college or university)

These statistics highlight the importance of exploring scholarship and grant opportunities to help finance your college education.

How Are Scholarships and Grants Different from Loans?

The primary difference between scholarships and grants versus loans is that they do not need to be repaid. Loans, on the other hand, must be paid back with interest over a specified period of time.Scholarships are typically merit-based, meaning they are awarded based on academic achievement, talent, or other specific criteria set by the scholarship provider. Grants, on the other hand, are usually need-based, meaning they are awarded based on the student’s financial situation and ability to pay for college.

How Many Students Get Scholarships Each Year?

It’s difficult to provide an exact number of students who receive scholarships each year, as the data can vary depending on the source and definition of a “scholarship.” However, we can look at some general statistics:

• According to the NCES, 66% of undergraduate students received grants or scholarships during the 2020-21 academic year.
• The average scholarship amount for undergraduate students was $9,200 in 2020-21.
• The average scholarship amount for graduate students was $17,000 in 2020-21.

These numbers suggest that while a significant percentage of students receive scholarships, the actual number can vary depending on factors such as academic performance, field of study, and the availability of scholarship funds.

What Percentage of Students Get Full Scholarships?

Full scholarships, which cover the entire cost of tuition and sometimes additional expenses like room and board, are less common than partial scholarships. According to a survey by Sallie Mae, only about 0.2% of students received a full scholarship in 2020.However, it’s important to note that even if you don’t receive a full scholarship, every bit of financial aid can help reduce the overall cost of your education. Pursuing multiple scholarships, even if they are smaller in amount, can add up and significantly reduce your out-of-pocket expenses.

How Many Scholarships Does the Average Student Apply For?

There is no definitive answer to this question, as the number of scholarships a student applies for can vary greatly depending on their individual circumstances and goals. However, some general guidelines suggest that students should apply for as many relevant scholarships as possible.A survey by Sallie Mae found that students applied for an average of 8 scholarships in 2020. However, the number of scholarships applied for can range from a few to hundreds, depending on the student’s dedication and persistence.

Why You Should Accept Scholarships and Grants Before Other Types of Financial Aid

Scholarships and grants should be the first line of defense when it comes to financing your college education. Here are a few reasons why:

1. They don’t need to be repaid: Unlike loans, scholarships and grants are essentially “free money” that can be used to cover educational expenses without incurring debt.
2. They can reduce your overall costs: By reducing the amount of money you need to pay out-of-pocket or borrow, scholarships and grants can significantly lower the total cost of your education.
3. They are available from various sources: Scholarships and grants can be obtained from federal, state, and local governments, as well as from colleges, universities, and private organizations.
4. They can be combined with other forms of aid: Scholarships and grants can be used in conjunction with loans and work-study programs to create a comprehensive financial aid package.

How Are Grants Different from Scholarships?

While both scholarships and grants are forms of gift aid that do not need to be repaid, there are some key differences between the two:

• Scholarships are typically merit-based, awarded based on academic achievement, talent, or other specific criteria.
• Grants are usually need-based, awarded based on the student’s financial situation and ability to pay for college.
• Scholarships can come from a variety of sources, including colleges, universities, private organizations, and individuals.
• Grants are primarily awarded by federal, state, and local governments, as well as some colleges and universities.

Despite these differences, both scholarships and grants can be valuable tools in financing your college education.

Conclusion

Scholarships and grants are essential components of a comprehensive financial aid strategy for college students. With 66% of undergraduate students receiving some form of grant or scholarship in 2020-21, it’s clear that these types of aid are widely available and can significantly reduce the cost of a college education.