Franklin W. Olin College of Engineering previously offered a full-tuition engineering scholarships to any student who attended the college. The school has since reduced their automatic scholarship policy by 50%; however, the school still offers what is considered to be one of the largest merit scholarship programs to all admitted students in the country.
As an engineering school, Olin’s goal is to prepare student to become exceptional innovators in engineering. The school is located in Needham, Massachusetts; approximately 14 miles west of Boston. Olin offers an undergraduate engineering program in electrical and computer engineering and mechanical engineering. Prospective students should understand the school is highly selective. Olin has been ranked as the #8 Best Undergraduate Engineering Program by US News. It was also ranked among the top 20 institutions in the nation by Princeton Review.
Each admitted student at Franklin W. Olin College of Engineering will receive a 4-year, half-tuition scholarship which is valued at approximately $80,000 over the course of four years. Admission to Olin is considered to be ‘need-blind’, which means the ability of a family to pay costs at the college is not considered when evaluating the application of a student for admission purposes. The overall goal of the half-tuition merit scholarship at Olin is to ensure the college remains an affordable option for students seeking a high-quality education.
Students who are interested in applying to Olin and receiving additional assistance beyond the Olin half-tuition scholarship are encouraged to complete a FAFSA by February 15th to be considered for other need-based assistance. The Olin Grant is a need-based assistance grant that is awarded by the Financial Aid Office to students who demonstrate financial need. The school also offers need-based named scholarships.
These scholarships are designated with the specific name of a donor and are awarded on the basis of financial need annually. Named scholarships may be renewable, depending upon the specific guidelines for each scholarship. Olin also offers state and federal need-based financial assistance in the form of the Federal Pell Grant and the Federal Supplemental Educational Opportunity Grant (FSEOG).
The Olin College Tuition Scholarship is awarded for a maximum of 8 semesters of full-time study. Students applying to Olin are encouraged to pursue additional, outside scholarships as a way of reducing the total cost of attendance.
Olin was founded in the memory of Franklin W. Olin; an entrepreneur, professional baseball player and engineer. Without a high school diploma, Mr. Olin managed to qualify for entrance to Cornell University solely through self-instruction. While at Cornell, Mr. Olin majored in engineering. He later founded Olin Corporation, which went on to become a Fortune 1000 company. In 1938, he transferred a significant portion of his personal wealth to a philanthropic foundation. Since that time millions of dollars have been awarded to various college campuses. The Olin Foundation has committed more than $400 million to Olin College. That commitment is one of the largest to higher education in the country.
Olin came about as a result of the need to serve an expanding global economy by preparing engineers through the provision of entrepreneurship and business skills. During the late 1980s, the National Science Foundation as well as the engineering community began to call for changes in engineering education. The F.W. Olin Foundation determined that the best way to make the most of its impact was to assist in beginning a college that would address emerging and relevant needs within the engineering community.
The school received its educational charter in 1997 from the Commonwealth of Massachusetts. Construction of the college began on a 70 acre parcel of land adjacent to Babson College. In the fall of 2002, the school officially opened to its first class. Prior to that inaugural class, more than two dozen partner students worked with the faculty to create and then test a curriculum that would create a rigorous engineering education, while also offering entrepreneurship and business learning combined with social sciences, arts and humanities.
The final outcome was to establish an interdisciplinary approach to engineering education that would reflect the true practice of engineering. Along with nationally renowned professors and state-of-the-art facilities, students are able to take full advantage of a first-class engineering education. The half-tuition guaranteed scholarships at Olin College ensures that students can pursue an engineering education without concern in regards to finances.