As the cost of higher education continues to rise, scholarships have become a critical resource for students seeking to further their education. However, the process of managing scholarships can be a daunting task for organizations.
In this article, we will explore scholarship management statistics to help understand the current landscape.
Key Scholarship Management Statistics 2023 – MY Choice
- According to the National Center for Education Statistics (NCES), in the academic year 2018-2019, 85% of first-time, full-time undergraduate students received some type of financial aid, including scholarships.
- The average amount of scholarship money awarded per full-time undergraduate student was $8,340 in the 2018-2019 academic year, according to NCES.
- According to the National Scholarship Providers Association, 97% of scholarship providers offer scholarships to undergraduate students, while 76% offer scholarships to graduate students.
- A survey conducted by Scholarship America found that the most common criteria used by scholarship providers to select recipients are academic achievement (88%), financial need (63%), and involvement in extracurricular activities (53%).
- In the same survey, Scholarship America found that the average scholarship award size was $2,482.
- The scholarship application process can be very competitive. For example, in 2021, the Gates Scholarship received over 36,000 applications and awarded just 300 scholarships.
- The scholarship landscape is constantly changing. According to a report by NerdWallet, the total amount of scholarship money available in the United States increased by 4% between the 2017-2018 and 2018-2019 academic years, reaching a total of $6.2 billion.
- The internet has made it easier for students to find and apply for scholarships. According to a survey by Cappex, 71% of high school students reported using online scholarship search engines to find scholarships.
Scholarship Management Statistics
- In the United States, approximately $46 billion in grants and scholarships were awarded in the 2018-2019 academic year.
- According to the National Scholarship Providers Association, the average scholarship award size is $3,579.
- In a survey of scholarship providers, 83% reported an increase in the number of applications they received between 2016 and 2018.
- Approximately 30% of scholarship providers use an online application system.
- According to a survey by Scholarship America, 41% of students who received scholarships said that the scholarship was essential in enabling them to attend college.
Scholarship Management Facts
- Scholarship management includes tasks such as defining eligibility criteria, creating application forms, evaluating applications, and disbursing funds.
- Scholarships are awarded by a wide range of organizations, including private foundations, corporations, government agencies, and universities.
- The application process for scholarships can be time-consuming and complex, and scholarship providers often receive a large number of applications.
- Effective scholarship management requires a combination of administrative skills and knowledge of the scholarship process.
Scholarship Management Benefits
- Scholarships can help to make education more accessible to students who might not otherwise be able to afford it.
- Scholarship programs can help to attract high-quality applicants and improve an organization’s reputation.
- Effective scholarship management can help to ensure that funds are distributed fairly and that the scholarship program achieves its intended goals.
Scholarship Management Trends
- There is a growing trend towards using online platforms for scholarship management, including application submission, review, and awarding.
- Scholarship providers are increasingly using data analytics to evaluate the effectiveness of their programs and identify areas for improvement.
- More scholarship programs are targeting specific demographic groups, such as women, minorities, and low-income students.
Scholarship Management Adoption
- Scholarship management software is widely used by scholarship providers to streamline the application and awarding process.
- Many scholarship providers use social media and other digital channels to promote their scholarship programs and reach a wider audience.
- Scholarship providers are increasingly partnering with other organizations to leverage their resources and reach more students.
Scholarship Management Market Analysis
- The global scholarship management software market is expected to grow at a CAGR of 14.2% from 2020 to 2027, reaching a market size of $128.1 million by 2027.
- North America is the largest market for scholarship management software, accounting for over 50% of the global market share.
- The Asia-Pacific region is expected to have the highest growth rate for scholarship management software due to increasing government initiatives to promote education and rising demand for online education.
Scholarship Management Demographics
- Women and minorities are underrepresented in many scholarship programs, leading to calls for more diversity and inclusion in scholarship management.
- Low-income students are often the most in need of scholarships, but they may face additional barriers to accessing scholarship programs, such as lack of information or resources.
- Scholarship programs can help to address the achievement gap between different demographic groups by providing financial support and access to educational opportunities.
Scholarship Management Software
- Scholarship management software can automate many of the tasks involved in managing a scholarship program, including application processing, document management, and reporting.
- Some popular scholarship management software solutions include AwardSpring, Submittable, and FluidReview.
- Scholarship management software can help to improve the efficiency and effectiveness of a scholarship program, allowing providers to focus on supporting students and achieving their goals.
The State of Scholarship Management
- In the United States, the average cost of tuition and fees for a four-year public university was $10,560 for in-state students and $27,020 for out-of-state students in the 2020-2021 academic year.
- The average cost of tuition and fees for a four-year private university in the United States was $37,650 in the 2020-2021 academic year.
- In 2019-2020, private scholarships provided $3.3 billion in funding for college students in the United States.
- In 2020-2021, 83% of first-time, full-time undergraduate students received some form of financial aid in the United States.
- In 2018-2019, there were approximately 10 million scholarship awards given to undergraduate students in the United States.
- Approximately 52% of undergraduate students in the United States receive some form of scholarship or grant aid.
- The National Scholarship Providers Association estimates that there are over 1.5 million scholarships available to students in the United States.
- The scholarship industry is estimated to be worth $122 billion globally.
- The scholarship market is expected to grow at a CAGR of 4.2% from 2021 to 2028.
- The majority of scholarship providers in the United States are nonprofit organizations.
The Benefits of Scholarship Management Systems
- Scholarship management systems can automate the scholarship application process, reducing the workload of administrators.
- By using a scholarship management system, organizations can improve the efficiency of their scholarship programs.
- Scholarship management systems can help ensure that scholarships are awarded fairly and impartially.
- Using a scholarship management system can help organizations maintain accurate records of their scholarship programs.
- Scholarship management systems can provide organizations with real-time data on the performance of their scholarship programs.
- Organizations that use a scholarship management system can communicate more effectively with scholarship applicants and recipients.
- Scholarship management systems can help organizations identify areas for improvement in their scholarship programs.
- By automating the scholarship application process, organizations can reduce the likelihood of errors and inconsistencies.
- Scholarship management systems can help organizations ensure that their scholarship programs comply with applicable laws and regulations.
- Using a scholarship management system can help organizations save time and money.
Scholarship Application and Award Statistics
- In 2020, the Gates Scholarship received over 36,500 applications for 300 scholarships.
- The Jack Kent Cooke Foundation received over 5,000 applications for its undergraduate transfer scholarship in 2020.
- In 2020, the Coca-Cola Scholars Foundation received over 99,000 applications for its scholarship program.
- The Elks National Foundation received over 4,500 applications for its Most Valuable Student scholarship program in 2020.
- The Dell Scholars Program received over 6,000 applications for its scholarship program in 2020.
- In 2020, the Ron Brown Scholar Program received over 6,800 applications for its scholarship program.
- The National Merit Scholarship Program received over 1.5 million applications for its scholarship program in 2020.
- In 2020, the Horatio Alger Association received over 40,000 applications for its scholarship program.
- The United Negro College Fund received over 56,000 applications for its scholarship program