64% of Families Used Scholarships to Cover Education Costs in AY 2023-2024 But Misconceptions about Eligibility and Availability Persist

November is National Scholarship Month, an ideal time for students and families to explore scholarship opportunities. The key is knowing where to find them, and when, and how to apply.

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While research from Sallie Mae and Ipsos confirms 64% of families used scholarships to pay for higher education, millions of dollars in scholarships go unclaimed every year. In addition, misconceptions about scholarships persist. More than half (52%) of families believe scholarships are only available to students with exceptional grades or talents, and families who didn’t apply cited lack of awareness (50%), doubt in winning (32%), and effort required (21%).

“Researching and applying for scholarships should be a critical aspect of planning for higher education but too often they go unclaimed,” said Rick Castellano, vice president, Sallie Mae. “We’re committed to providing students and families with free tools and resources to unlock these opportunities which can help make college more accessible and affordable.”

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

• Start Early — Many scholarships opportunities have deadlines during junior or senior year of high school. Keep a checklist of application deadlines and requirements to avoid missing out on key opportunities.
• Complete the FAFSA® — The Free Application for Federal Student Aid (FAFSA) is the gateway to accessing more than $100 billion scholarships, grants, and federal financial aid. Be sure to apply every year in school to be eligible.
• Use Free Scholarship Tools — Scholarship Search by Sallie is free and connects students to hundreds of scholarships —no registration required.
• Target Niche Scholarships — Look for scholarships that match your unique background, skills, or interests. These smaller, more targeted awards may have less competition.
• Perfect Your Application — Make sure scholarship essays and application materials stand out. Seek guidance from teachers or mentors to strengthen your chances.
• Apply Every Year — Scholarships aren’t just for incoming freshmen. Despite the emphasis on finding scholarships when entering college, approximately 50% of available scholarships are for students already enrolled.

In addition to its free scholarship search tool, 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 through its Bridging the Dream Scholarship Program.

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

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