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Revised Scholarship Funding Project Model for LIFE, HOPE and Palmetto Fellows Scholarships : as of January 2024
South Carolina Commission on Higher Education
South Carolina Commission on Higher Education
Abstract
Previously, the CHE used a Compound Growth Rate method to project scholarship needs for the Palmetto Fellows, HOPE, and LIFE Scholarship programs. This approach calculated the average annual growth rate since the onset of the scholarships. Because scholarships historically exhibited a growing trend, this method worked generally well for forecasting purposes. However, beginning in Academic Year 2019-20, COVID-19 adversely affected enrollment. As a result, the previous model began over-projecting scholarship needs. In October 2022, the CHE (Commission on Higher Education) discovered that this historical projection model was not working accurately for its scholarship programs. As a result, CHE adjusted its projections for fiscal year 2023-24 by using a compound annual growth rate based on the previous five years rather than the life of the scholarship programs and requested $10,000,000 less for the LIFE Scholarship program, which had the largest carryforward balance of the three scholarship programs.
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