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The Sallie Mae survey found that the average family covers 25% of college costs with scholarships and college grants. Scholarships and grants provide funds for college that don't need to be paid back.
A majority of college students–60%–rely on scholarships to pay for their college education. Scholarships are often known as free money since they don’t have to be paid back.
Very few people can afford to pay for a college education in full. In fact, according to the National Center for Education Statistics, 85% of students receive financial aid. This includes taking ...
Other scholarships are based on financial need. [3] Scholarship money is not required to be repaid. [4] Scholarships are not a large component of college financial aid in the United States; they are far surpassed by grants, for which the only qualification is financial need, interest-free loans (while the student is in college), and subsidized ...
Scholarships come from state, educational institutions, and private agencies. Scholarships can be awarded based on merit, financial need, student characteristics (such as gender, race, religion, family and medical history, and the like), creativity, career field, college, and athletic ability, among other categories.
With the median family income on a steady decline each year since 2007 up until 2012, it saw increasing difficulty for students to pay back college tuition out of savings and labor income. [25] Between 2002 and 2012, public spending on education dropped 30%, while total enrollment at public colleges and universities jumped 34%. [26]