Annual Scholarship Report
Annually, we compile comprehensive lists of merit-based scholarships, one tailored for Tennessee students and another for out-of-state opportunities. For Tennessee, we diligently verify data with each school and include information not readily available on their websites. We call this our “It Pays to Prep” Scholarship Guide. From this chart, we have calculated the averages listed below.
These conservative figures don’t account for students often receiving multiple scholarships. The values represent the scenario where a student receives only one listed scholarship. In reality, the financial benefit of each additional ACT point is significantly higher.
Key Findings:
- Lowest Increase in Tennessee: UT Martin offers an average of $1,000 per ACT point over four years.
- Statewide Median Increase: The median increase per point in Tennessee is $2,667 over four years.
- Statewide Average Increase: The average increase per point is $3,333 in scholarships over four years.
- Highest Increase: Cumberland University leads with $13,600 per point over four years.
Methodology:
We assessed the largest merit-based scholarships minus the smallest from Tennessee schools considering ACT scores (excluding Vanderbilt, Rhodes, LMU, King, and Austin Peay). Preference was given to scholarships with identical GPA requirements, ensuring ACT scores were the primary differentiator. In cases where both guaranteed and competitive scholarships were offered, we selected guaranteed amounts for more predictable outcomes.
Calculation Steps:
- Scholarship Added: Difference between the largest and smallest merit-based scholarships at that school.
- ACT Difference: Difference in ACT scores required for these scholarships.
- Average Increase Per Point: ‘Scholarship Added’ divided by ‘ACT Difference’.
For the median increase, we arranged schools by their ‘Average Increase Per Point’ and identified the middle values, coincidentally both $2,667 (at Union and Maryville College).
The overall state average was determined by summing all ‘Scholarships Added’ and ‘ACT Differences’, then dividing the former by the latter, resulting in $3,333.
It Pays to Prep Scholarship Guides:
For a comprehensive list of the merit-based scholarships in Tennessee or in Out-of-State scholarships across the nation, check out our It Pays to Prep Scholarship Guides.
Authored by Bobby Nicholson
