Latest Research Confirms Families Underutilizing Scholarships for Higher Education
October 28 2021 - 10:01AM
Business Wire
Sallie Mae’s Free Scholarship Search Tool is
Home to 6 Million Scholarships Collectively Worth $30
Billion
Students Can Register to Win More than
$5,000 This National Scholarship Month
Latest research confirms that 44% of families didn’t use
scholarships last year to pay for college, and nearly
three-quarters of those families simply didn’t apply. The reality
is, there are millions of scholarships available to students of all
backgrounds and interests. They key is knowing where to find them,
and of course, when, and how to apply.
Sallie Mae’s Scholarship Search is free and home to 6 million
scholarships collectively worth up to $30 billion. Students fill
out a brief profile, and in minutes, the tool responds with matches
that identify relevant scholarships, and their award amounts,
application requirements, and deadlines. Last year, more than
24,000 students who used the tool secured at least one scholarship,
covering more than $67 million in college costs. Sallie Mae also
offers a Graduate School Scholarship Search, home to 950,000
graduate school scholarships worth up to $1 billion.
“Higher education is a proven pathway to upward mobility and
figuring out how best to pay for it makes all the difference,” said
Jen O’Donald, senior vice president, Sallie Mae. “That’s why we
continue to offer free, best in class scholarship search tools to
empower more students and families with the resources they need to
access their education.”
Additional tips from Sallie Mae to help families secure
scholarships for higher education include:
Start with the FAFSA. In order to qualify for a share of
$150 billion in financial aid, including scholarships, students and
families should complete the Free Application for Federal Student
Aid (FAFSA) as early as possible. Sallie Mae recently launched a
free FAFSA application tool that helps students and families
complete the form is as little as 7 minutes.
Don’t assume you won’t qualify. Scholarships aren’t just
for athletes and valedictorians. There are scholarships for nearly
every interest, hobby, or background. For example, there are
scholarships for being left-handed, for wearing a duct tape dress
to prom, and for creative plans to fight off a zombie
apocalypse.
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. Whether a high school senior, current college
student, or graduate school student, research and apply for
scholarships each year.
Every dollar counts. Not every scholarship is going to
provide a full ride, but every little bit helps. Remember: every
scholarship dollar used to pay for college is a dollar that doesn’t
need to come out of pocket or be borrowed. No scholarship is too
small.
Avoid the scams. Never pay for scholarships, be wary of
“guaranteed” money, and don’t be lured in by sites or organizations
that charge a fee to access scholarship applications.
Sallie Mae recommends a 1-2-3 approach to paying for college:
first, maximize money that does not need to be repaid, such as
scholarships and grants; second, explore federal student loans; and
third, consider a responsible private student loan.
For additional tips to find and apply for scholarships, check
out free Scholarship Search tool or Graduate School Scholarship
Search.
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: Research
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version on businesswire.com: https://www.businesswire.com/news/home/20211028005772/en/
Sallie Mae Connor Peoples 302.451.0402
Connor.Peoples@salliemae.com
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