Private University Scholarships
Students who forgo low-cost resident tuition rates at state universities and opt for a private university education face significantly higher tuition costs. In 2010, the College Board reported that the average annual cost to attend a private school came in at $27,293, compared to just $7,605 for in-state public school tuition. However, many private universities offer scholarships to attract students and reduce the amount they pay out-of-pocket for tuition.
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Purpose
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Scholarships at private universities are essential to attract high-caliber students. The high price tag of a private education might deter students who are academically qualified but do not have the finances to afford tuition. Whereas public schools can recruit students with their reasonable tuition rates, private schools must use scholarships to entice students. Thus, private schools often have large endowments from alumni and private donors which help fund student scholarships and defray the cost of tuition for incoming students.
Funding
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Private universities can offer scholarships to students thanks to a number of funding sources. Many private universities have foundations headed by a director of development who works to secure scholarships from private individuals. At the private Millsaps College in Jackson, Mississippi, the school encourages donors to provide sponsored scholarships or endowed scholarships. Sponsored scholarships can be onetime awards of $2,500 and up, while endowed scholarships are ongoing awards worth a minimum of $25,000. Thus, private donations often fund scholarships at such schools.
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Types
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Private universities offer scholarships that consider academic merit and financial need -- and in some cases, both. Duke University, for example, offers both merit-based and financial-based scholarships, though the school focuses on providing scholarships to students who have a financial need. These scholarships allow Duke to welcome students to campus who otherwise could not afford to attend the school. Rhodes College in Memphis offers need-based scholarships worth an average of more than $32,000.
Application Process
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In many cases, applying for admission to the private university results in an automatic scholarship application as well. The private Rollins College in Orlando, Florida, considers all applicants for academic scholarships when it considers them for admission. However, incoming private university students should contact their school's financial aid office about scholarship application deadlines. Some schools, such as Rhodes College, guide students through a separate scholarship application process.
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