Scholarship Statistics 2024: Key Insights Unveiled

There is no doubt that scholarships are becoming increasingly popular. In fact, scholarship statistics show that the number of scholarship applications has increased markedly in recent years.

This trend is likely to continue, as more and more students seek to take advantage of the financial benefits that scholarships can provide.

Perhaps unsurprisingly, scholarship statistics also show that need-based scholarships are the most popular type of scholarship.

This is likely due to the fact that need-based scholarships are available to a wider range of students, and can have a significant impact on a student’s ability to finance their education.

However, merit-based scholarships are also becoming increasingly popular, as students look for ways to receive recognition for their academic achievement.

Whatever the reason for the popularity of scholarships, one thing is clear: they are here to stay. Scholarships provide an important source of funding for many students and are likely to continue to grow in popularity in the years to come.

Which LMS platform is right for you? This article will explain it more.

Report Highlights:

Scholarships were used by 58 percent of families to help pay for education in 2020.
Around 1.7 million private scholarships are estimated to exist.
Pell Grant is the largest government grant, with 7.5 million students receiving financial aid.
A governmental scholarship will be awarded to 16% of students, while a private scholarship will be awarded to 13%.
Scholarships are projected to be awarded to 7% of students.
A full scholarship will be awarded to only 1.5 percent of students.
Need-based scholarships totaled $8.8 billion.
White students have a 14.2% chance of receiving a scholarship, compared to 11.2 percent for minority students.
A 3.5 to 4 GPA is achieved by 4% of students.

Scholarships are becoming a more important part of the American higher education system. With the rising expense of college, an increasing number of students are relying on scholarships to continue their education.

As a result, it’s critical to comprehend all of the variables at play. This lists the number of scholarships given out each year, the amount is given out, and the likely sources and beneficiaries. Such data aids in the creation of a clearer image.

Scholarships Awarded

The quantity of scholarships awarded is one of the most important factors to consider. This demonstrates the diversity of financial aid options available. At the same time, it demonstrates how scholarship funds are distributed among students.

A total of 1.7 million private fellowships and scholarships are available.
The total value of these scholarships exceeds $7.1 billion.
A total of $1.6 billion was awarded to 1.58 million people in 2015–2016.
The average scholarship recipient will get $4,202 in money.

Utilization of Scholarships

Due to rising costs, a large percentage of students require scholarships. However, exact figures are more difficult to come by. These figures must be explained and understood clearly.

Scholarships were used by 58 percent of families to help pay for education in 2020.
$7,923 was the average amount spent.
In comparison to 63 percent of parents, 79 percent of students prefer to rely on scholarships.
Scholarships and grants helped cover 19 percent of college fees in total.

Odds of Receiving a Scholarship

There is a lot of misunderstanding about how scholarships are awarded. As a result, people frequently exaggerate or underestimate their chances of winning a scholarship. Furthermore, fewer people are aware of the amount of each case’s award.

A scholarship is likely to be awarded to 7% of students, or one in every eight.
Only 0.2 percent of students obtain scholarships worth more than $25,000 each.
In bachelor’s programs, 5% of students received enough scholarships to pay all fees.
7 percent received enough money to meet 90% of their expenses.
9 percent received enough money to meet 75% of their expenses.
8 percent received enough money to pay half of their expenses.

Scholarship Recipients

Many individuals hold several falsehoods about which students are eligible for scholarships. The receivers themselves are more shocking than most people expect. This is true both in terms of academic achievement and race.

Students with a GPA of 3.5 to 4 receive 4% of all scholarships.
Students with a GPA of 3.0 to 3.4 receive 30% of the scholarships.
Students with a GPA of less than 2.4 are eligible for 5% of scholarships.
Private scholarships are awarded to almost 66 percent of students with above-average SAT and ACT scores.
Scholarships were provided to 17 percent of STEM students and 12.1 percent of non-STEM students.
STEM students receive over a third of all private scholarships.
A white student has a 14.2% probability of receiving a scholarship, whereas minority students have an 11.2 percent chance.
A Black student has a 11.4 percent chance of earning a scholarship, whereas Hispanic students have a 9.1 percent chance and Asian students have a 10.5 percent chance.
Scholarships were awarded to 13.8 percent of middle-income students and 10.6 percent of low-income students.
Upper-income students received 8% of the scholarship money.
10% of private school students receive $2,631 in private scholarships.
3% of public school students receive $3,463 in private scholarships.

Merit Scholarships Statistics

The majority of people think of merit-based scholarships when they think about scholarships. These are awards given to students based on their academic or extracurricular achievements. It is still one of the most popular types of scholarships.

Merit scholarships were awarded to 14% of students in 2007–2008.
Each student received an average of $4,700.
In the academic year 2019–2020, 22% of undergraduates earned merit aid.
Merit scholarships were awarded to 25% of students at private colleges.
Scholarships were awarded to only 18% of students at public universities.
Only 28% of less-selective colleges offered financial aid, whereas 56 percent of moderately selective universities did.
Merit-based scholarships were available at 35% of more selective universities.
Merit aid was granted by 24% of Southeast colleges.

Need-Based Scholarship Statistics

Students from low-income families are eligible for need-based scholarships. They are also the most common sort of scholarship. As a result, it is critical to consider all aspects of this form of scholarship.

Need-based scholarships were awarded to 37 percent of students in 2007–2008.
Each student received an average of $4000.
Need-based scholarships were awarded to 16 percent of students, while merit-based scholarships were awarded to 18 percent.
Over $8.8 billion in need-based scholarships were awarded in 2015.
California alone has spent nearly $1.8 billion on need-based scholarships, a 37.2 percent increase.
New Hampshire and Georgia have spent no money on need-based scholarships since 2012.
In 2017, 20 states examined 40 bills pertaining to need-based scholarships.

Athletic Scholarships Statistics

Athletic scholarships are a sort of award that is sometimes misunderstood. For starters, most parents and students overestimate their chances of winning a scholarship. Furthermore, many people underestimate the entire value of these awards.

Only 1.3 percent of high school athletes are expected to win scholarships, according to the NCAA.
175,000 athletes received $3 billion in 2017.
For men, the average scholarship was $14,270 per year, while for women it was $15,162.
The average amount for males at Division II institutions is $5,548 and $6,814 for women.
Despite the fact that women make up 54.8 percent of the student body, men received 53.7 percent of athletic scholarships.
Football has the most scholarships, with 85 for Division I institutions and 36 for Division II schools.

Scholarship Sources

Scholarships are available from three different sources: federal, state, and private. It’s fascinating to figure out where the majority of financial aid originates from. Determining the percentage of students who benefit from each sort of scholarship provider is equally fascinating.

Around 27% of students got federal funding in the form of a Pell Grant in 2007–2008.
Around 7.5 million low-income students got Pell Grant financial aid in 2018.
The highest amount paid per student in 2020 is $6,345.
In the academic year 2007–2008, 16% of undergraduates got a state grant.
Need-based scholarships received $5.8 billion of the $8 billion.
An institutional scholarship was awarded to 20% of the students.
Private institutions provided scholarships to 13% of students.
The National Merit Scholarship Program will grant 8,700 scholarships worth $40 million in 2022.
Private merit-based scholarships are worth around $5 billion.

It is clear that the situation with scholarships is far more complicated than most people believe. In truth, there is a lot of misunderstanding about this type of financial aid. It is critical for everyone to understand the current situation in order for each pupil to gain equality.