Scholarships Frequently Asked Questions

Q. How many students get scholarships now?

A. Nearly 7,000 of the 65,000 undergraduate and professional students are now helped with scholarships created through gifts to the U of M, up from 4,500 when the scholarship drive began.
"Student support will continue to be a top fund-raising priority and I am now committed to doubling the number of students helped compared with three years ago when the drive was launched," said U President Robert Bruininks.

Q. Who else benefits?

A. All of Minnesota does. More than half our students stay in the state after they graduate. Scholarships are an opportunity to keep our best and brightest.

Q. Why don’t students just get a job to support their education?

A. Many do, but the cost of attending school has increased dramatically compared to wages. In 1970, students would have had to work 24 hours a week at minimum wage to cover the cost of their education. Today, it’s up to 60 hours per week.

Q. How else can scholarships help students?

A. They graduate sooner. Students with scholarships graudate in 4-5 years at a rate 15-35 percent higher than other students.

Q. I’ve heard something about a scholarship match. How does that work?

A. Called “The President’s Scholarship Match,” it’s a rare chance to double the impact of your gift. Here’s how it works:

• Gifts of $25,000 or more that meet program qualifications are eligible.
• The gifts are used to create an endowment fund at the University of Minnesota Foundation.
• About 5 percent of the fund’s market value is paid out each year to fund the scholarship. Each year, the University matches this payout to double the impact of the gift.
• Gifts may be paid over five years, which means $5,000 a year for five years can create an endowed scholarship.

Q. Are you trying to raise need-based or merit scholarships?

A. Both. Donors will designate how they want their gifts to be used.