Sallie Mae Provides Tips and Tools to Help Students and Families Access Scholarships This National Scholarship Month

Rhea-AI Summary

Sallie Mae (SLM) highlights the importance of scholarships during National Scholarship Month, revealing that 64% of families used scholarships for education costs in 2023-2024. Despite this, misconceptions persist with 52% of families believing scholarships are only for exceptional students. Key barriers include lack of awareness (50%), doubt in winning (32%), and required effort (21%). The company provides free tools like Scholarship Search and has awarded nearly $4 million through its Bridging the Dream Scholarship Program in partnership with Thurgood Marshall College Fund.

Positive

• 64% of families successfully utilized scholarships for education costs
• Company offers free scholarship search tools without registration requirement
• Awarded nearly $4 million through Bridging the Dream Scholarship Program

Negative

• Significant portion of scholarship funds go unclaimed annually
• High percentage (52%) of families have misconceptions about scholarship eligibility
• 50% of families report lack of awareness as barrier to scholarship applications

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

NEWARK, Del.--(BUSINESS WIRE)-- 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.

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20241112528116/en/

Caron Jackson

302.304.3041

Caron.Jackson@SallieMae.com

Source: Sallie Mae

FAQ

What percentage of families used scholarships according to Sallie Mae's research in 2023-2024?

According to Sallie Mae's research with Ipsos, 64% of families used scholarships to pay for higher education in the 2023-2024 academic year.

What are the main barriers to scholarship applications identified by Sallie Mae (SLM)?

The main barriers identified are lack of awareness (50%), doubt in winning (32%), and effort required (21%).

How much has Sallie Mae's Bridging the Dream Scholarship Program awarded?

The Sallie Mae Fund, in partnership with Thurgood Marshall College Fund, has awarded nearly $4 million through its Bridging the Dream Scholarship Program.

What percentage of families believe scholarships are only for exceptional students?

52% of families believe scholarships are only available to students with exceptional grades or talents.