The State of Scholarships for First-Generation College Students in 2024

Evolving Landscape of College Scholarship Funding The College Scholarship sector is experiencing a significant shift in funding priorities, driven by changing demographics, rising education costs, and an increasing emphasis on equity and access. As a result, the Banking Institution's Grants for Building Strong Communities program is adapting its focus to support initiatives that address these emerging trends. One key area of focus is the growing need for scholarships targeting non-traditional students, including single parents and first-generation college students. According to recent data, these students face unique barriers to accessing higher education, including financial constraints and lack of support systems. The Foundation's grant program is prioritizing initiatives that provide targeted support to these populations, such as scholarships for single moms and grants for student loans. Another trend shaping the College Scholarship sector is the increasing importance of online and hybrid learning models. As education delivery continues to evolve, the Foundation is looking to support initiatives that leverage technology to expand access to higher education, particularly for students in underserved communities. This includes funding for programs that provide online resources and support services to students, as well as scholarships for students pursuing online or hybrid degree programs. The Higher Education Act of 1965, as amended, is a concrete regulation that applies to this sector, governing the administration of federal student financial aid programs. College Scholarship programs must comply with this regulation, as well as other federal and state laws governing student financial aid. ## Operational Challenges in College Scholarship Delivery One verifiable delivery challenge unique to the College Scholarship sector is the need to balance the competing demands of multiple stakeholders, including students, families, educational institutions, and community organizations. Effective College Scholarship programs require strong partnerships and coordination among these stakeholders to ensure that funding is targeted effectively and that students receive the support they need to succeed. To address this challenge, successful College Scholarship programs are leveraging technology to streamline application and award processes, as well as to provide ongoing support to students throughout their academic careers. This includes the use of online platforms to manage applications, track student progress, and provide resources and support services to students. In terms of staffing and resource requirements, College Scholarship programs require skilled professionals with expertise in areas such as student financial aid, academic advising, and program administration. These professionals must be able to navigate complex regulatory requirements, manage competing priorities, and provide high-quality support to students and families. ## Measuring Success in College Scholarship Programs The Banking Institution's Grants for Building Strong Communities program requires College Scholarship initiatives to demonstrate clear outcomes and impact. This includes tracking metrics such as the number of students served, graduation rates, and academic achievement. Grantees are also expected to report on their efforts to promote equity and access, including strategies to support underrepresented student populations. To ensure compliance with grant requirements, the Foundation provides regular technical assistance and support to grantees, including guidance on reporting and evaluation requirements. Grantees are also expected to adhere to strict eligibility criteria and compliance standards, including those related to student data privacy and FERPA regulations. In terms of risk, College Scholarship programs face a number of eligibility barriers and compliance traps, including the need to navigate complex regulatory requirements and ensure compliance with federal and state laws governing student financial aid. Programs that fail to comply with these requirements risk losing funding or facing other penalties. Q: How do I determine if my College Scholarship program is eligible for funding under the Grants for Building Strong Communities program? A: To be eligible, your program must provide scholarships to students pursuing higher education, with a focus on supporting underrepresented student populations, such as first-generation college students or single parents. Q: What types of expenses are covered under the grant, and are there any specific reporting requirements? A: The grant can be used to support a range of expenses, including tuition, fees, and other education-related costs. Grantees are required to track and report on their use of funds, as well as outcomes and impact, using metrics such as graduation rates and academic achievement. Q: Can I use grant funds to support online or hybrid degree programs, and are there any specific considerations I should be aware of? A: Yes, the grant program is open to supporting online and hybrid degree programs, as long as they meet the eligibility criteria and compliance standards outlined in the grant agreement. Grantees should be aware of the need to ensure program quality and student support, regardless of delivery modality.