While competition for private scholarships is rising because of the economic decline, St. Thomas has seen an increase in the private scholarships students bring in, said Kris Roach, St. Thomas’ director of admissions and financial aid.
“I think this is due in part to the proactive communication we do with prospective and currently-enrolled students about looking for and finding private scholarships,” Roach said.
In the past academic year 19.5 million families nationwide submitted applications for federal financial aid, a 33 percent increase from just two years ago that suggests more students will apply for private scholarships, according to Mark Kantrowitz, author of “Secrets to Winning a Scholarship.”
In the last year, students brought in more than $2 million in scholarships, Roach said. Some are one-time rewards while others are renewable for four years during undergraduate education.
Roach said the amount of money new undergraduate students bring in from private scholarships is gradually increasing.
In 2010-2011, 25 percent of new undergraduates received private scholarships ranging from $100 to $29,952, and in 2009-2010, 24 percent received scholarships ranging from $50 to $16, 081.
For continuing students in 2010-2011, 8 percent received amounts ranging from $40 to $18,976. In 2009-2010, 8 percent received amounts ranging from $100 to $23,884.
Nationally, the typical scholarship award is $2,500 per year, and the average amount for a St. Thomas student was $2,581. Less than 1 percent of students at four-year colleges receive private scholarships worth more than $15,000 a year, Kantrowitz told the San Jose Mercury News.
Students can earn private scholarships in a variety of ways, including from churches, organizations, employers, community-based organizations and corporations.
Sophomore Kesha Berg recently applied for the Joan Hislop Memorial Scholarship, an award from her hometown, Sturgeon Bay, Wisc.
She said she hasn’t applied for too many scholarships because they are time-consuming, and she is nervous about more competition.
“Everyone is feeling the financial pinch, which makes the selection process so much more competitive,” she said. “I’m crossing my fingers.”
Junior Andrew Sanchez said he receives a scholarship from St. Thomas and has looked at applying for private ones but doesn’t qualify for any.
“Apparently my family makes too much money for me to apply for them,” Sanchez said. “But I do think any scholarship help is good help.”
Senior Katherine Dunlop said she only applied for scholarships when she studied abroad, because her father is paying for what her St. Thomas scholarships don’t cover.
Roach said a student’s need-based aid can be reduced if a student’s private scholarship helps meet his or her financial needs.
“At St. Thomas, if students earn private scholarships the money goes directly to help the student,” Roach said. “The only time a student’s aid award is adjusted because of an outside scholarship is if the student’s need has already been met but in those instances, we reduce the amount of the student’s loan or work.”
Roach encourages student to go on the financial aid website and use the search engine to find private scholarships.
“Students can and should pay attention to the Bulletin and review Scholartips on a regular basis,” she said. “Students are also encouraged to talk with people in their home community [who] may know of local scholarships.”
Ashley Stewart can be reached at stew1177@stthomas.edu.