Economy affects merit awards and more

CountingDown
Sat, 07 Feb 2009 14:34:08 +0000

Chicago offers about 100 $10k/year awards and ~30 full tuition awards. This totals about $2 million/year. If students who are offered them choose not to attend, the awards are not reallocated to others. I assume that like other colleges, Chicago has tracked over the years how many merit offers are accepted and have developed some realistic budget numbers for this program.

From what I understand, Chicago doesn’t release the number of students attending who receive merit awards – but if one assumed the usual yield rate, Chicago is on the hook for roughly 1/3 of this $2M – so their actual expense for merit awards is ~$700k/year.

Penny wise, pound foolish?