What is a First Dollar Scholarship?

College Promise programs were first developed to bridge the tuition gap for students in communities with declining economies. Initially, anonymous benefactors donated to local communities, but the initiative eventually expanded to statewide programs across the United States. The two methods of funding College Promise programs are first-dollar and last-dollar scholarships. In first-dollar programs, students receive a set amount of funding prior to receiving any federal or state grants they may be eligible for. First-dollar scholarships are thus focused on funding direct college costs, or tuition and fees, as well as associated costs such as housing, transportation and school materials. In contrast, last-dollar programs require students to exhaust federal and state financial aid and are intended to bridge the gap for direct college costs rather than provide funding for associated student expenses.

For more information about financial aid options for college students, check out this article: Financial Aid Options for College Students