The top 10 universities in America will be receiving an additional $5 billion in scholarship money over the next decade, but there will be no scholarships for top 20 students, according to a top ten scholarship program official.
In an effort to curb the number of students entering college with a low GPA, the top 10 U.S. universities will be awarding $5.5 billion over the course of the decade, which will be split equally between the top 20 and top 40 students.
While the money will go to a wide variety of scholarships, it will not be available to students from underrepresented groups.
The top 10 will receive $2.6 billion in total scholarship money, but those with a GPA of 2.9 or lower will not qualify for the full $2 billion, according a news release from the College Board.
Instead, the funds will be distributed based on the GPA of the top 50 percent of applicants.
The top 50 students with a 2.0 GPA will receive half of the total funds, while the top 40 applicants will receive the other half.
For the top 25 percent of the class, the amount is $1.5 million, and for the other 25 percent, it is $2 million.
The announcement came shortly after a study by The Associated Press showed that more than 60 percent of top college students with no previous academic record did not graduate.
The College Board said that over the years, its scholarship program has grown to include over 1,400 top-tier institutions, which are able to offer scholarships to over 10 percent of their student body.
The average amount awarded each year is $13,800, which is about $8,500 per student.
The new awards will be phased in over the coming years, with a total of more than $50 billion in grants being awarded in 2021 and 2022, according the release.
In addition to the scholarship grants, the College of Engineering and Technology, the University of California, and the University at Buffalo will be eligible to receive funding.
The $5,5 billion is part of a five-year plan that will also include a $6 billion increase in federal Pell grants, $2,400 in grants for students who attend public schools and $2 for each scholarship awarded to a student.