For many families today, the thought of paying for a college education can be quite daunting. Scholarships make a great way to fund this investment in a child’s future.
There are many different types of scholarships. Some are based on performance on standardized tests, some on financial need, and others on athletic ability. These scholarships all seem normal – and to be frank – well earned in one way or another. However, a new type of scholarship is hitting the market. Many schools have started offering scholarships to students who come from middle-income families and demonstrate academic promise.
“We certainly have found that with the recession in recent years, many middle-income families and even some higher-income families are looking for more aid,” said Earl Retif, vice president of enrollment management at Tulane University.
This new form of financial aid will be merit based, instead of aid-based. Merit based scholarships have been growing in popularity and availability recently, likely due to the economic recession of the past few years.
Some schools have been lowering the value of each scholarships awarded in order to distribute funds to more students. Others are just expanding their financial aid budgets and awarding more scholarship money to more students. Another way that is becoming popular among schools is optimizing revenue. This means that the school will offer a partial scholarship to a student who the school knows can pay for the remainder of his/her education.
Via The New York Times