Temple University has launched a new academic scholarship program for incoming freshman that offers more aid across more levels of achievement and brings the total amount of financial aid awarded by Temple to $90 million per year. The program, which starts with the class entering in fall 2013, is the latest in a series of moves by Temple to increase college affordability. In the past several months, Temple froze tuition for the 2012-13 year and launched a $100 million fundraising campaign for student scholarships.
“We are examining our entire financial aid strategy to find better ways to keep college affordable,” said Hai Lung Dai, interim provost and senior vice president for academic affairs. In addition to merit-based aid, Temple is looking at need-based aid, as well as aid for transfer students and upperclassmen.
Requirements and awards
Through the new program, all freshmen students — both in-state and out-of-state — with a minimum high school GPA of 3.0 and SAT score of 1150 will receive the awards. Students who meet the requirements for the top category, President’s Scholars, will also receive three $4,000 summer stipends for use on research or study abroad experiences. All scholarships are valid for four years when students maintain a 3.0 GPA with continuous enrollment.
Previously, Temple’s academic scholarships were offered at two levels and ranged from $2,500 to $5,000 for in-state students and from $7,500 to $10,000 for out-of-state students. Now there are five levels that range from $3,000 to full tuition.
Temple officials project that 40 percent of the class will be eligible for the new academic scholarships.
“By offering more academic scholarships, we’re providing direct aid to students, which helps to reduce the financial burden on families,” said Dai.
“A key part of the new program is offering more levels of eligibility for academic scholarships,” said Bill Black, senior vice provost for enrollment management. “It demonstrates to families that we’re committed to access and affordability and signals our strong commitment to those especially accomplished students who choose Temple.”
In addition to financial aid, Temple offers students and families counseling and resources on money management and financial literacy. Before students have decided to attend Temple, the university reaches out at Paying for College presentations during the Experience Temple Days program. Last year, through its Money Matters initiative, Temple launched its online financial literacy center.
Once they have begun their Temple experiences, students can attend money management seminars and have one-on-one student loan and money management counseling available at both the Bursar’s and Student Financial Services offices. Future plans include creation of a virtual Student Loan and Money management center; initiating a new freshman seminar geared toward personal financial planning and management; expanded online tips for obtaining and repaying student loans; training staff to become certified as personal financial management counselors; and development of a peer mentoring program to increase student access to student loan and money management counseling.