Scholarship Myths May Be Costing Families Free Money for Higher Education

NEWARK, Del.--(BUSINESS WIRE)--November is National Scholarship Month, a timely reminder for students and families to explore scholarship opportunities, yet nearly 40% of families miss out, leaving millions of dollars unclaimed each year.

"Scholarships can be one of the most effective ways to reduce out-of-pocket college costs, but too often they are underutilized or simply go unclaimed,” said Rick Castellano, vice president, Sallie Mae.

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Common misconceptions about scholarships persist, discouraging students from applying. Many believe scholarships are only for students with exceptional grades or abilities (46%), applications are only for incoming freshmen (36%), or that their family earns too much money (32%).

“Scholarships can be one of the most effective ways to reduce out-of-pocket college costs, but too often they are underutilized or simply go unclaimed,” said Rick Castellano, vice president, Sallie Mae. “That’s why it’s so important to continue raising awareness, dispelling scholarship myths, and building resources that make it easier for students to find and apply for them.”

Sallie Mae offers free resources and tips to help students research and apply for scholarships:

• Start early — and keep applying. Scholarships are not limited to incoming freshmen. In fact, nearly half of all scholarships are available to students already in college. Search for and apply for scholarships every year.
• Complete the FAFSA^®. The Free Application for Federal Student Aid (FAFSA) is the first step to unlocking billions in scholarships, grants and federal financial aid, and many scholarships require a completed FAFSA to be considered or to remain eligible. Our free FAFSA Guide breaks down the process step by step to help families apply with confidence.
• Use free scholarship search tools like Scholly Scholarships. This free resource helps students search thousands of scholarships tailored to their interests, background and goals — no registration required. It simplifies the process and expands access so students can spend less time searching and more time applying.
• Explore unique scholarships. Scholarships exist for gamers, artists, coders, volunteers, and even meme creators. Many don’t require essays, and some take just minutes to apply.
• Get tips from students who’ve been there. Hear directly from Bridging the Dream Scholarship recipients about their scholarship journeys.

Sallie Mae also offers its own scholarships to help students access and complete higher education. The Sallie Mae Fund, in partnership with Thurgood Marshall College Fund, has awarded nearly $4 million to students since 2021 through the Bridging the Dream Scholarship Program. In addition, the company awards a $2,000 no-essay scholarship each month, making it simple for students to apply for free financial aid.

For more tips on finding and applying for scholarships, visit Sallie.com.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Category: Financial Literacy