Why We Provide Scholarships to Students

Investing in scholarships is a powerful strategy to address the alarming college dropout rates in the United States, which have significant economic and social consequences. Here's why providing scholarships is essential:

High Dropout Rates Are a Persistent Challenge

• Nationwide, 39% of first-time, full-time bachelor’s degree-seeking students fail to complete their degree within eight years.

• Among first-time, full-time undergraduate freshmen, 23.3% drop out within the first 12 months.

• Over 41.9 million Americans were categorized as college dropouts as of July 2022.

The Financial Burden of College Is a Leading Cause

• A staggering 42% of students cite financial struggles as the primary reason for leaving college.

• More than half of students considering dropping out said it was due to the difficulty of affording tuition (53%) and related expenses (50%).

• Importantly, 41% of students indicated that additional financial support could have enabled them to stay in school.

Economic Impact of Dropping Out

• College dropouts earn 35% less income on average than bachelor’s degree holders.

• Workers with a bachelor’s degree make 86% more than those with only a high school diploma.

• College dropouts are 20% more likely to be unemployed compared to any degree holders.

Specific Populations Are at Higher Risk

• First-generation college students face unique challenges, with 41% seriously considering leaving school or being at risk of dismissal.

• Financial aid can particularly benefit underrepresented groups, addressing disparities in completion rates and long-term earning potential.

The Situation in Illinois Mirrors National Trends

• Illinois has a higher-than-average dropout rate, with 1.63 million residents categorized as having "some college, no degree" (SCND).

• Over 4.4% of all college dropouts in the U.S. reside in Illinois.

• However, Illinois also ranks in the top five states for re-enrollment and completion rates, demonstrating the impact of targeted support in reversing dropout trends.

Scholarships Are Proven to Address Barriers

Scholarships directly mitigate financial burdens, one of the most significant contributors to college dropouts. They:

• Reduce the stress of affording tuition and related costs.

• Enable students to focus on academics and reduce the need for excessive part-time work.

• Show students that their communities believe in their potential and are invested in their success.

The Ripple Effect of College Completion

By providing scholarships, we don’t just help individual students; we also strengthen society. College graduates:

• Earn significantly more over their lifetimes, contributing to a stronger economy.

• Are less likely to experience unemployment and more likely to achieve upward social mobility.

• Inspire their families and communities, especially first-generation graduates, to prioritize education.

We can make an impact!

Providing scholarships is not just an investment in education—it’s an investment in the future of individuals, families, and entire communities. The evidence is clear: financial support keeps students in school, helps them achieve their goals, and fosters economic and social well-being. Addressing dropout rates through scholarships is not merely a charitable act; it’s a strategic imperative for building a stronger, more equitable society.

Rate Statistics from Education Data Initiative as of August 16, 2024 https://educationdata.org/college-dropout-rates