@twoinanddone Need based money may have a scholarship component, but need is key without question. If your ‘need’ goes away (ii.e. parents’ income increases, you inherit money, etc.) during your first couple of years of college, the ‘scholarship’ money may too. That is the kind of things kids getting these awards need to remember.
Purely Academic scholarships are a different ball game. Hard working middle and upper middle class kids pray for those scholarships…trust me. They may not qualify for need based $, but hope to have the raw academic talent to get true scholarships based solely on academic merit (and said scholarships will generally continue if their academic performance continues, even if their income increases).
I think @Studious99 was right to point out the various facets of awards. Need based grants (couched as ‘scholarships’) are not the same as purely academic scholarships.
[Service academies have nothing to do with need. Every kid, regardless of income, gets the full freight paid (and rightfully so given their talent and, more importantly, commitment to serve when done].
My daughter has 9 awards, and they are called all kinds of things.
Merit Award -she has this based on her grades and stats from high school; has to maintain a 2.8 to keep
Alum Grant - no need basis, no merit basis, just a grant
Visiting Grant - for visiting the school before applying; no need or merit considered
Bright futures (I think considered a scholarship but called an award) - based on high school merit; needs a 3.0 to keep
Athletic “Grant in aid” - Called a grant, but no need considered, just talent
Florida Resident grant - entirely based on being a Florida resident, no need component
And 3 need based award - need based, and I have to remain poor for her to qualify for them
She had a freshman year outside award not based on merit or need but on being related to someone who had belonged to the fraternity. I don’t remember if it was called a scholarship, a grant, or an award.
I agree that it is most common to have “Grants” based on need and “scholarships” based on stats, but as you can see the school has 2 grants based on activities (visiting and knowing an alum), one on athletics (and have you ever heard an athletic scholarship called a grant? which is what it really is and says so right on the top of the page you sign), the state has one based on need and one based on being a resident and attending a private school, another based on scholarship. It’s their money, they can call it whatever they want. I tend to refer to it all as a scholarship when people ask “Does your daughter have a scholarship?” “Yes she does”
I don’t care what they call them, as long as they stack them and her bill is covered.
I don’t think that making it clear on high school awards night that Johnny got a need based award and Janie got a merit one does much for anybody. The kids who got into a school that gives significant need based aid probably have good stats too, but it doesn’t matter. Schools probably can’t indicate the financial status of students due to FERPA regulations anyway. Parents need to research costs and awards themselves and make sure they understand the different ways to finance college.
@austinmshauri Agreed. I think the most important takeaway is that you need to do your own research and not set much stock in what other people go around bragging about. I do think that a large percentage of college students get scholarships/grants in one form or another.
It may not matter what they call the awards and how/why someone got them. But it matters GREATLY what they must do to keep that money all 4 years. That is where people seem to get caught up in poor choices.
Our HS asked for our kids financial aid awards (merit and need based). We flatly refused to give themmthe info. It made them nuts…but really…it was none of their business. The only award the HS saw was a quite large one DS received from his college…where his GC told him not to bother applying. We did copy that award…along with his letter of acceptance…and “gave” it to the GC.
But really…it’s nobody’s business.
Plus…if a student gets a “full ride” to Yale…it’s almost like telling everyone what their family income is. Sorry…nobody’s business.
I always remind kids who get big merit scholarships to check the gpa requirements to keep it. I know quite a few kids who lost their scholarships due to grades. Usually their grades were more than decent, but not quite that 3.5 or 3.3 or whatever the school required.
College is a different game than HS when it comes to gpa. AND this advice is critical when the kid is planning to major in something like engineering, or really in any major that the particular college has a reputation for grading harshly.
Tell me about it. Over here busting my butt for Bs.
My D15 developed debilitating depression and anxiety in her second semester, blew her grades, and lost her scholarship. This was a kid who had never dipped below an A.
Make sure you can keep the scholarship / grant, or make sure you have a Plan B. (We did.)
Sometimes, the school is not calling it “Full Tuition Scholarship” but a set amount that would be sufficient to cover the tuition.