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A full-ride scholarship is an award that covers the entire cost of attending college. Cost of attendance (COA) is tuition, room and board, text books, fees, meals and other things. For example, some full ride scholarships also pay for a laptop. Funds for personal expenses and stipend for enrichment are common too.
Where can you get a full ride scholarship? There are different sources that award full ride scholarships. The federal government, colleges, and private sources to list a few. As you might expect, they are very competitive, and many students’ dream.
Many use full ride and full tuition to mean the same thing but this isn’t always so.
In a full tuition scholarship that is what the award pays for. Your tuition. In other words, it may not cover your full COA. You’ll still likely need to pay room and board, textbooks, travel, laptop etc.
For example of a full tuition scholarship is the Posse Scholars Program. It is open to high school students who show academic potential. They also are leaders in their high schools and communities. Posse Scholars receive full-tuition leadership scholarships from Posse’s partner colleges and universities. Specifically, Babson College, Cornell University, Villanova and many others.
In contrast, a full ride usually spans the entire cost of college. From the big-ticket items like tuition and housing. To the smaller but still costly items like books, meal plan and school-oriented travel.
One example of a full ride scholarship is the University of Virginia Jefferson Scholars Foundation. This award covers the entire COA for four years at the University. Tuition, fees, books, supplies, room, board, and personal expenses. It also pays for extra enrichment experiences.
or instance, the University of Oregon offers the Stamps Leadership Scholarship. It pays UO tuition, room and board plus up to $12,000 in enrichment funds for their four years at the university. The extra money may cover study abroad and unpaid internships.
Each scholarship details varies depending on who awards it. But many share criteria and look for high achievers. Like merit-based scholarships, they often go to very talented and motivated students.
Here are five things that many full ride scholarships use for eligibility:
The GPA you need to get a full ride scholarship varies. Some schools may either want a certain GPA (E.g. 3.5 or higher) or a particular class rank (E.g. top 5% or 10% in your class). You usually need to maintain the specified GPA while in a scholarship program to keep it going.
To know want a full scholarship is worth today, let’s look at the average cost of attending college. Full scholarships are available at a wide range of colleges and universities. Some cost more than others to attend.
In addition, the average cost of pursuing an undergraduate degree at a public institution is $16,757 per year. It costs $43,065 at private nonprofit institutions. Private for-profit institutions cost $23,776. These prices reflect tuition, fees, room, and board.
A typical bachelor’s degree takes four years. So, a full-ride scholarship at these schools may be worth averages of $67,028 (public), $172,260 (private nonprofit) and $95,104 (private for profit). Of course, if it is a full ride, it may provide funds for other expenses too.
Full ride scholarships are rare. About 19.9 million students enrolled in one of the nation’s colleges and universities last year. Recent figures also show that only 0.2 percent of students got $25,000 or more in scholarships per year.
That said, if you are trying to get the most money for college, you may want to start with federal aid. Filling out a FAFSA is the first step. The Free Application for Federal Student Aid (FAFSA) is an official form. Its purpose is to ask for federal, state and school help in paying for college.
If you get a scholarship, the financial aid office can subtract that amount from your COA. Other financial aid you are eligible for may cover any amount left over. This isn’t technically a full ride, but an option to think about. One that may make one of your dream schools within reach.
Check out our list of full ride scholarships below. We have 4,335 awards worth $40M.
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