New York’s Union College had announced that it would offer scholarships of at least $20,000. This revelation was made on October 7 to reduce part of the financial burden experienced by students from households with incomes of at most $250,000,
New York’s Union College usually costs at least $73,000, and this is inclusive of books, room and board, and tuition.
Students’ needs at New York’s Union College
The grants being offered by New York’s Union College have been called “Making U Possible Family Grants,” and are intended to eliminate some of the financial struggles experienced by students.
Union college is one of the wealthiest in the US, and the grants offered are meant to give back to society.
According to the college’s vice president for admission, financial aid, and enrollment, Matt Malatesta, applications have considerably risen to nearly 6,000, whereas only 40% of the applicants would be admitted.
On the other hand, nearly 550 students applied for the freshman class in 2019, and this represented a cost of approximately $14 million in terms of financial aid.
New York’s Union College intention of sharing limited resources
Malatesta noted that many low-income students were hurting because of financial burdens. This reality made the institution come up with the $20,000 scholarship aids as they would be instrumental in their ultimate prosperity.
Union College speculates that this initiative will cost $800,000 in the first year and is likely to increase in subsequent years.
On the other hand, Wayne State University is set to become the first university to launch a micro-scholarship partnership with RaiseMe, an organization that has raised over $4 billion in scholarship incentives since 2014.
RaiseMe and Wayne State University have entered a partnership that will see the school’s first-year students take part in a pilot program meant to keep students at the end of the academic year. It will offer between $10 to $50 incremental incentives to these students. The total amount the students will earn will go into payment of their school fees in the next academic year.