Facts About Scholarship America |
| • Charity Navigator, the nation's premier evaluator of non-profit organizations, has put Scholarship America in its top-ten list of "Slam-Dunk Charities," for fiscal health and responsibility to donors. |
| • Scholarship America has raised more than $108 million for this fund. Approximately $20 million more has been committed by major donors. |
| • So far a total of 1,352 families have registered with the fund, representing 4,792 individuals. |
| • Scholarship America has distributed scholarships to 872 people, totaling more than $22,000,000. |
| • Scholarship America has kept administrative expenses for family registration, evaluation and issuing awards to 4 percent of total disbursements since 2001. Our expenses for support and fundraising since inception have been $1,589,000 for this $108 million fund, or 1.5% in an industry where administrative costs of 20% are well within the norm. |
Current Actuarial Information
When the Families of Freedom Fund was originally conceived, it was anticipated that the Fund would cover about 66% of student need.
Each year the assumptions on which payout are based—the age of estimated students, their likelihood of attending school in New York (tuition free), the estimated amount of need, and the anticipated returns from investments, etc.—are reviewed and updated.
Because of greater than expected generosity, good investment returns, and other factors, the Fund is currently covering 95% of need.
Despite the considerable assets of the Fund, and to the surprise of many who look at the eye-popping number, the assets are still insufficient to cover 100% of anticipated financial need.
Many people have asked us why, with a $108+ million fund, we have given out "only" $22 million in scholarships. The reason is that we hold these funds in trust for the children who are not yet of college age.
The table below highlights the financial aid "bubble" of dependents of 9/11 victims anticipated over the next 10 to 15 years, peaking in 2022. These are the kids who may have been babies or toddlers when their mother or father was killed or disabled during the 9/11 attacks. Between 2018 and 2022 alone, we anticipate scholarship needs to reach nearly $80 million for these students. Keeping our eye toward the future, it now appears that the Families of Freedom fund will be able to meet 95% of the students’ financial need.
Based on the current ages of those estimated eligible students it is anticipated that the following number of students will be receiving financial aid in each of the coming years.
| Year | Recipients |
|
|---|---|---|
| 2002 | 71 |
Actual |
| 2003 | 180 |
Actual |
| 2004 | 273 |
Actual |
| 2005 | 302 |
Actual |
| 2006 | 347 |
Actual |
| 2007 | 317 |
Estimated |
| 2008 | 351 |
Estimated |
| 2009 | 388 |
Estimated |
| 2010 | 401 |
Estimated |
| 2011 | 407 |
Estimated |
| 2012 | 401 |
Estimated |
| 2013 | 388 |
Estimated |
| 2014 | 391 |
Estimated |
| 2015 | 394 |
Estimated |
| 2016 | 390 |
Estimated |
| 2017 | 396 |
Estimated |
| 2018 | 401 |
Estimated |
| 2019 | 392 |
Estimated |
| 2020 | 380 |
Estimated |
| 2021 | 358 |
Estimated |
| 2022 | 266 |
Estimated |
| 2023 | 176 |
Estimated |
| 2024 | 92 |
Estimated |
| 2025 | 11 |
Estimated |
| 2026 | 6 |
Estimated |
| 2027 | 3 |
Estimated |
| 2028 | 1 |
Estimated |
| 2029 | 0 |
Estimated |
| 2030 | 0 |
Estimated |
Presented in graph form, we can see that over the 25-year life of the fund, there is a student “bubble” between 2009 and 2020 when there will be nearly 400 students per year receiving aid.
Financial Aid projected at June 30, 2006 per year:
*Statistics for year ending June 30, 2007 are currently being compiled. This site will be updated with new information when it is available, which will likely be late October, 2007.
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