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The small scholarships will probably go - and the merit for low-ish stats also (like the scholarships for ACT25/SAT 1200 and HS GPA 3.3).
I doubt UK is giving merit aid to kids with stats that low anyway, unless they've got some exceptional ECs or have some other hook.
3.30 / 26 = $1,500 per year for residents
3.00 / 25 = $7,000 per year for non-residents (non-resident tuition surcharge is $15,000 per year)
Wording seems to imply that they are automatic but first come first served until the money runs out.
Supposedly UK's goal was to be a top 20 research U by 2020.
"Last year, the athletic department recorded a $33 million profit, according to university documents. It gave $9.1 million to the university, including $4 million for the university’s Presidential Scholarships, which go to top-performing students."
...most financial decisions are based on the availability of Undesignated General Funds. With declining or flat state appropriations, tuition revenue has become a critical funding source for the University.