Scholarships are financial awards in which the amount of the award is fixed, but sometimes it depends upon the cost of education. To calculate the scholarship percentage, you have to consider the total scholarship award amount and the cost of education. By using some methods, you can easily calculate the scholarship percentage. You might express a quantity as a percentage because it gives you a clear picture of your expenses. Calculating scholarship percentages does not require any specific skill or good mathematics as it is very simple and you can easily deal with the percentage calculation. Percentage can be expressed as an integer or in ratio and you can also be written as decimal. Here, we will discuss all the steps that you have to follow while calculating the scholarship percentage. Let’s begin.
How To Calculate The Scholarship Percentage?
The calculation of the scholarship percentage is a straightforward process. It determines the percentage of the student’s tuition expenses that are covered under the scholarship award amount. To calculate the scholarship percentage, you need to know about the specific period of the scholarship, the scholarship amount, and the cost of education. Your calculation may cover the entire duration of the program, a semester, or a year. The process of calculating scholarship percentage is mentioned below.
Steps of Calculating Scholarship Percentage
The steps that are considered relevant for calculating scholarship percentage are as follows.
- Collect the Information: You need to collect the information that is relevant while calculating the scholarship percentage. The information includes the scholarship amount and the total cost of education.
Scholarship amount refers to the amount that is offered by the institution or scholarship providers. The total cost of education refers to the tuition expenses for the specific period of the program. The figure of this amount must be accurate as it is important to calculate the percentage.
- Calculate the Percentage: Using the percentage formula, the share of a whole is expressed in terms of 100. The basic formula to calculate the percentage is
Percentage (%) = (Value/Total Value) × 100
In terms of the scholarship percentage, you can calculate the percentage by using the following formula.
Scholarship Percentage (%) = (Scholarship Amount/Total Cost of Education) × 100
So, to calculate the scholarship percentage you need to collect the scholarship amount and the total cost of education, then you have to multiply their division by a hundred to get an exact percentage.
- Interpretation of the Scholarship Percentage: After calculating the percentage, it is important to understand the outcome whether it is good or bad. You have to evaluate the percentage based on higher, lower, and full consumption.
- Lower: The lower scholarship percentage states that the scholarship covers a smaller portion of the total cost of education. Therefore, students need to fund their remaining education costs on their own. They need to find other sources to cover the cost of the remaining expenses.
- Higher: The highest scholarship percentage states that the scholarship covers a larger portion of the total cost of education. In this, students do not need to find any other source of funding and it is more beneficial for the students.
- Equal or Full: When the calculation shows a 100% scholarship percentage, it states that the scholarship covers the full cost of education. The scholarship amount does not either go beyond or fall behind the cost of education. It covers the cost for a specific period.
After interpreting the percentage of the scholarship, you can decide whether you have to accept this scholarship or decline the scholarship offer. If you accept the offer do you need an extra source of funding or is it covered under the scholarship itself? The benefit of calculating percentages is that it shows a clear picture of the amount that is covered under scholarship for a specific period. It helps you plan your future activities accordingly.
Some Other Important Considerations
Before calculating the percentage, consider these points as well because they also impact the overall percentage.
- Currency for the Scholarship: If the scholarship is offered in a different currency, then firstly, convert the amount into the common currency. The whole percentage of scholarship is affected by the value of the currency.
- Renewability: If the scholarship is renewable then you have to calculate the percentage based on the renewal time. You are required to calculate the percentage every year because the scholarship amount may vary by the year. The scholarship amount is awarded based on the academic performance of the student. Therefore, it is not fixed which requires you to calculate it separately.
- The Full-ride or Partial Scholarship: The total cost of the education also has varying percentages because it is affected by the full-ride and partial scholarship. The partial scholarship covers a small portion of the cost and the full right scholarship covers the entire cost of the education.
Therefore, these are the points that affect the percentage of scholarship. So, try to consider these points as well to get an exact percentage.
Conclusion
Calculating the scholarship percentage is a mathematical representation. By using the percentage formula you can calculate the scholarship percentage. After calculating you can evaluate the cost of the scholarship and how much is covered under the scholarship program. To calculate the exact percentage, you need to collect information regarding the total cost of education and the scholarship amount. To understand the financial impact of scholarship, the calculation of percentage is crucial for both students and the educational institute. It helps students in making their decision regarding declining and accepting the scholarship offer.