Is $24,000 a year a good scholarship for college?

I've been offered a $24,000 annual scholarship from a college. I’d love some insight into how this stacks up against other offers. Should I be super excited about this kind of financial aid?

The size of a scholarship offer really depends on a few factors, including the overall cost of attendance at the college, your personal financial situation, and how this scholarship fits into your overall financial aid package.

Is this amount significant? Absolutely. An annual award of $24,000 can greatly reduce the cost of your education, especially when spread out over 4 years (a total of $96,000!).

However, to understand the real impact of this scholarship, you'd need to consider the cost of attendance at the school. If you're attending a school where the total annual cost (tuition, fees, room and board, etc.) is around $30,000, a $24,000 scholarship would cover the majority of your costs—that's a tremendous relief on your family's finances. On the other hand, if the total cost of attendance is $70,000 or $80,000 per year (which could be the case at many private or out-of-state universities), the scholarship is still very helpful, but you'll need additional sources of financial aid or personal funding to make up the difference.

Remember, you should assess not just tuition, but also factor in other expenses like room and board, textbooks, personal expenses, transportation, and more when looking at the total cost.

Another thing to consider is how this scholarship is structured—is it guaranteed for all four years? Does it have specific academic requirements (certain GPA, course load, major, etc.) that you must maintain to keep it? Understanding these conditions will help you ensure that you can keep the scholarship for the full four years.

Finally, don't forget to compare this scholarship with any other financial aid offers you may have received from other schools. Does this offer make the school more affordable than your other options, particularly those that might be your top choices?

While we can't tell you precisely how "good" this scholarship is without relating it to your broader financial circumstances and school costs, a $24,000 annual offer is a serious contribution to your education and is certainly worth being excited about. You're making a considerable saving compared to many students.