Cost Estimate for a Beloit Promise
01/01/2011 - 02/15/2011
Upjohn Institute staff addressed the feasibility of a Promise-type college scholarship program for Beloit, Wisconsin. The Upjohn Institute estimated the first-dollar, middle-dollar, and last-dollar costs for a Beloit Promise over a 10-year time frame. The cost estimate was based on details that were provided by the planning committee regarding student eligibility, eligible post-secondary institutions, and time frame for the program.
A "middle-dollar" program required students to complete their FAFSA and then fill the gap between federal/state financial aid and college cost. The last-dollar estimate was calculated using two different methods, one relying on a survey of the past five years of college-going patterns by Beloit graduates and an assessment of average financial aid granted by the institutions they attend, and the other based on the average institutional aid received by students through programs, such as the Denver Scholarship Foundation, that required students to apply for private scholarships.
Greater Beloit (Wisconsin) Economic Development Corporation
EDUCATION; Promise scholarships