Many students forego applying for scholarships, thinking the money only gets awarded to athletes and straight-A students. But, they couldn’t be more wrong!
In fact, only 2% of high school athletes earn college scholarships each year! And because of this common misconception, over one-hundred million dollars in scholarship money remains unclaimed. Every year.
Is your mind blown yet? Keep reading for some crazy interesting scholarship and financial aid facts.
How are students paying for college?
According to Sallie Mae, the average family spent around $26,000 on college in 2018-2019. That’s a lot of money! For over 43% of students, this was covered by savings and income, meaning students and their families paid out of pocket for tuition costs.
24% of students during this time frame paid through borrowing or taking out loans. This means more than half of the student population is paying for their college out of their own pocket in one form or another.
Fewer than 20,000 students per year will earn a private full-ride scholarship – so about 0.1% of students, or one in 1000, get full-ride scholarships.
With all of the money unclaimed every year, there’s no reason why more students shouldn’t fall into the 0.1% category to cover their college costs.
Why aren’t students applying for scholarships?
It’s no secret that applying for scholarships can be incredibly time consuming and stressful. In fact, a whopping 22% of students don’t even apply for this very reason.
But, did you know, that there were scholarships out there that don’t require an essay or a ton of extra work? You can apply by filling out a short survey or even answering a few questions about yourself.
Many students also believe they need to be an honors student with a 4.0 GPA, but only 17% of students receive scholarships based on merit!
Get that money!
Each year there are literally MILLIONS of dollars left unclaimed by students. You just need to know where to look!
Did you know you could get a scholarship for creating your prom dress out of duct tape? Or have you been planning for a zombie apocalypse? There’s a scholarship for that!
With $5.5 million dollars being awarded by the soft drink and fast-food industry every year, you’re bound to find a wacky or quirky scholarship to make the application process a little more fun.
Don’t get scammed!
Although there are thousands of businesses doing what they can to help students get to and through college with little to no debt – there are some bad guys too!
Less than 5% of students are affected, but it’s still good to be careful. You should never pay for a scholarship opportunity! If the application has any fees, RUN AWAY. Do not pay! There are plenty of free and reputable companies out there with your best interest in mind.