NEWARK, DE — November marks National Scholarship Month, yet nearly 40% of U.S. families miss out on applying for scholarships each year—leaving millions of dollars in financial aid unclaimed, according to Sallie Mae.
Despite the rising cost of higher education, many students still avoid applying due to common misconceptions. Nearly half of surveyed families (46%) believe scholarships are only available to students with exceptional grades or athletic ability, while others think they’re limited to incoming freshmen (36%) or that their income is too high to qualify (32%).
“Scholarships can be one of the most effective ways to reduce out-of-pocket college costs, but too often they are underutilized or simply go unclaimed,” said Rick Castellano, vice president at Sallie Mae. “That’s why it’s so important to continue raising awareness, dispelling scholarship myths, and building resources that make it easier for students to find and apply for them.”
To help families access available funds, Sallie Mae offers a range of free resources and guidance. Students are encouraged to start their search early, as nearly half of all scholarships are open to those already enrolled in college. Completing the Free Application for Federal Student Aid (FAFSA®) is also essential, as many scholarships require it for eligibility.
Sallie Mae’s free Scholly Scholarships search tool allows users to browse thousands of opportunities tailored to their background, interests, and goals without registration. The company also highlights that scholarships exist for diverse interests—from gaming and coding to volunteering and content creation—and many require no essays.
In addition to providing resources, Sallie Mae’s Bridging the Dream Scholarship Program, run in partnership with the Thurgood Marshall College Fund, has awarded nearly $4 million since 2021. The company also offers a $2,000 monthly no-essay scholarship to encourage more students to apply.
As scholarship season continues, financial experts say the key is persistence. Each application increases the chance of turning overlooked opportunities into meaningful tuition relief.
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