Financial aid officials at Miami University in Ohio estimate that roughly 1,100 scholarships may be cut back next year, the result of a 25 percent reduction in funds available for scholarships, the Miami Student reports. The school won't know until the end of the fiscal year, in July, exactly how much money has been lost from scholarship endowments.
Aid officials say students who have already been awarded scholarships will continue to receive theirs, but those without promised funds will find it harder to secure grants. "It's like if you're on a job, and you get a bonus you didn't know about," said the director of financial assistance. "But if the company doesn't have money to give the bonus, you wouldn't know [for certain] you were going to get it. It's the same thing with these scholarships."