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Top Ten Myths About Scholarships
Featured Author:
Mark Kantrowitz
As a nationally recognized financial aid expert, Mark has been called to testify before Congress about student aid on several occasions.
He has served as a guest columnist for the New York Times and the Huffington Post and has been interviewed regularly by major news outlets, including the Wall Street Journal, USA Today, MSN, CNN, NBC, ABC, CBS, CNBC and more.
Mark is the author of five books, including three about student aid. His most recent book, Secrets to Winning a Scholarship, helps families find and win scholarships. He is also on the editorial board of the Council on Law in Higher Education and the editorial board of the Journal of Student Financial Aid, a member of the board of directors of the National Scholarship Providers Association and a member of the board of trustees of the Center for Excellence in Education.
Mark is ABD on a PhD in computer science from Carnegie Mellon University (CMU) and holds Bachelor of Science degrees in mathematics and philosophy from MIT and a Master of Science degree in computer science from CMU.
Follow him on Twitter at @mkant.
Mark Kantrowitz
October 02, 2011
Only the Poor Win Scholarships
Myth: Only poor students win scholarships.
Reality: Middle-income students are more likely to win private scholarships than low-income or upper-income students.
Of full-time students enrolled at 4-year colleges, 13.8% of middle-income students won scholarships, compared with 10.6% of low-income students and 10.8% of upper-income students.
(Low income is defined as having a family adjusted gross income (AGI) less than $50,000. Middle income is defined as having a family AGI of $50,000 to $100,000. Upper income is defined as having a family AGI of $100,000 or more.)
Middle-income students still come out ahead even if the data is restricted to just the students who apply for financial aid. Of full-time students enrolled at 4-year colleges who applied for financial aid, 15.6% of middle-income students won scholarships, compared with 11.3% of low-income students and 14.3% of upper-income students.
Low-income students outnumber middle and upper income students and are more likely to apply for financial aid, so the lower percentages for low-income students are not due to self-selection.
Most private scholarships are not based on financial need.
Next: Only High School Seniors Can Apply for Scholarships
