University scholarship criteria and amounts are undergoing review, while policies and procedures related to scholarships also are being revised.
A revision to Policy 254, Scholarship Policy, is working its way through the university’s approval process [Administrative Council, to University Assembly, to Tech Board of Trustees]. This policy was last updated in 2015.
The university is implementing stronger procedures to monitor available balances in the university scholarship accounts and the multi-year impact of awards:
- For example, an incoming freshman student who qualifies for the $1,000 Golden Opportunity Scholarship has an impact on the university’s scholarship account of $4,000 (assuming the student meets ongoing eligibility requirements)
- The university’s significant increase in retention rates means more students retain their scholarships for multiple years.
- New internal structure for scholarship process to better facilitate communication between different scholarship-awarding units across campus (academic departments also award scholarships to students)
A new awarding process is being automated using new functionality in software.
The university is looking at how to automate other parts of the process to better inform students of their scholarship awards, along with requiring them to respond in a timely manner if they are accepting the scholarship offer.
Undergraduate Recruiting is looking into making a total package letter, which would include the total comprehensive financial aid package offered to a student.
A new, more robust online cost calculator is being developed that will allow students to select any university scholarships, HOPE Scholarship, and Pell Grant they have received; the number of credit hours they will be taking; the selected housing and meal plan; and then show the students and parents how much the out-of-pocket cost would be.
Any university scholarship already awarded to and accepted by a student will be honored by the university for the duration of the scholarship, as long as the student continues to meet the criteria to renew the scholarship.
University scholarships are different than donor scholarships; university scholarships are funded by the university’s budget, while donor scholarships are funded by the philanthropic gifts to the university for student scholarships. This update applies only to university scholarships.