How much scholarship money is typically available?

I'm currently researching scholarships and trying to understand how much money students can usually earn through scholarships. I've seen some that offer full rides, while others only cover a few hundred dollars or a small percentage of tuition. What should I realistically expect to receive from scholarships when planning my college budget? Is there an average amount, or does it vary a lot depending on the scholarship source and a student's profile?

Absolutely, it can be difficult to estimate the average amount of scholarship money students can receive because there are so many different types of scholarships, ranging from local organizations to national competitions, from university-sponsored awards to third-party scholarships. However, it can be helpful to identify typical award ranges for each category.

For instance, merit-based scholarships from colleges can lead to substantial reductions in the cost of attendance – thousands of dollars, even up to the entire cost of tuition. For example, the Morehead-Cain Scholarship at the University of North Carolina at Chapel Hill covers full tuition, fees, housing, meals, books, a laptop, and even supplies funding for summer experiences.

Meanwhile, national scholarships like the Coca-Cola Scholars Program offer awards of $20,000. More specialized national scholarships, like the Intel Science Talent Search, offer even larger prizes up to $250,000. However, given the highly competitive nature of these scholarships, they are exceptions rather than norms.

If you are looking for external scholarships, those offered by local organizations or businesses typically range from a few hundred to a few thousand dollars. Although the award amount may seem small in comparison to the overall cost of college, every little bit can help and many smaller awards can add up.

Remember, your eligibility and the amount you can receive will depend on many factors including your academic achievements, extracurricular involvement, community service, and personal characteristics like your background, the subject you plan to study, and financial need. It's a good rule of thumb to apply to a variety of scholarships – big and small – and remember that every dollar won is a dollar less in loans. So, dedicate some time to the scholarship search and application process, and don't get discouraged by the variable nature of scholarship awards. The effort can certainly pay off.