In the nineteenth century the college offered scholarships generally to enable a poor student of ability to go to college. In more recent years a scholarship has been used more for another purpose, namely, to enroll in a college the type of student the college wants. He is likely to be a man of quality but not necessarily one with high scholastic standing. In the competition for students colleges increasingly use scholarship funds in order to achieve the type of student body that the college considers desirable. Of late many have criticized the use of the scholarship as a recruiting device.2
According to the American Association of College Registrars and Admissions Officers, "Scholarships are best understood as recognition of scholarly or academic excellence. It is possible, however, to have scholarships that recognize excellence in a particular field; this field may or may not be one that has been officially regarded as academic; for instance, it might be physics or literature or music or athletics."
According to the Council of Financial Aid to Education, "A scholarship, rightly conceived, is a grant made to an exceptionally able but financially needy student which will help in substantial measure to close the gap between his or his family's available resources and the total annual cost to him of a college education."3
In a book on the economics of higher education scholarships perhaps should not occupy a very large amount of space. In all, as I have indicated earlier, scholarship funds offered by the institutions, inclusive of fellowships, prizes, etc., amounted to $131 million in 1957-58. In 1955-56, of $99 million available, endowment income, gifts, and government appropriations provided $53 million, or more than half; the remainder came from general funds. Of course this percentage varies. At Columbia in 1956, for example, endowed funds provided 29 per cent.4 In relation to total educational and general expenditures of $3.6 billion in 1957-58, the
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Publication information: Book title: Higher Education:Resources and Finance. Contributors: Seymour E. Harris - Author. Publisher: McGraw-Hill. Place of publication: New York. Publication year: 1962. Page number: 171.