Why Scholarships are Critical for Families Paying for College

Paying for college can be a complex, stressful process. Yet, a new study finds students and families may be missing out on scholarships, which can help make college more accessible and affordable. In fact, about one-third of families didn’t take advantage of scholarships to help cover college costs for the 2023-2024 academic year, according to Sallie Mae’s 2024 How America Pays for College report.

In addition, misconceptions about scholarship availability and eligibility persist. More than half of families (52%) believe scholarships are only available for students with exceptional grades or abilities, and families who didn’t apply cited lack of awareness, doubt in winning, and effort required to apply.  

The good news is there are free resources that can help connect students and families to scholarships. Scholarship Search by Sallie easily finds and sorts through hundreds of available scholarships with no registration required.

Don’t Leave Free Money on the Table

Applying for free money is the first step in Sallie Mae’s 1-2-3 approach to paying for college.

Free money, such as scholarships and grants, are often what helps students from historically underserved communities access and complete higher education. Last academic school year, 88% of students attending Historically Black Colleges and Universities (HBCUs) relied on scholarships and grants to pay for college.

To help expand access and completion for more students, Sallie Mae’s Bridging the Dream Scholarship Program helps those from historically underserved communities access and complete college. Since 2021, Sallie Mae has awarded over 900 scholarships worth nearly $4 million in partnership with Thurgood Marshall College Fund (TMCF) through the Bridging the Dream Scholarship programs, which also include the Completing the Dream Scholarship and the Bridging the Dream Scholarship For Graduate Students. These scholarships are part of the company’s continued mission to help students access and complete higher education. 

Connecting students with scholarships and grants before they borrow is critical. However, more clarity around college costs and greater transparency in federal lending programs would go a long way in helping families make informed decisions about higher education financing.