Scholarship Myths We’ve Got to Bust

MYTH: I’m going to have to write A LOT of essays if I want to get scholarships!

FACT: While some scholarships do require an essay, there are MANY SCHOLARSHIPS that don’t! Some scholarships don’t require you to do anything other than submit an application, while others ask you to do something else, like create and share a social media post, create a TikTok video, respond to a short survey, etc. There are so many scholarship opportunities available, but all too often, students who can’t stand writing essays assume that they will have to miss-out. You can find tons of “no essay” scholarships on the ScholarshipOwl platform. 

MYTH: Only high-achieving students can get scholarships, so I won’t get anything.

FACT: While some scholarships are interested in student achievement, there are many others that aren’t. For example, there are need-based scholarships that focus on a student’s financial need rather than academic merit. And there are many scholarships that focus specifically on students who are overcoming barriers to academic success. There are scholarships that specifically target students with average or lower GPAs too. And there are PLENTY of scholarships that don’t ask anything at all about your academic achievement, so you won’t have to share your GPA or test scores. Whatever your situation, you’ll be able to find so many scholarship opportunities!

MYTH: Every year, there are billions of dollars in scholarships that go unclaimed.

FACT: Yes, many scholarships go unclaimed every year, but that doesn’t mean that this money is just up for grabs and anyone can get it – and it also isn’t “billions of dollars.” That’s simply not true. However, many scholarships do go unclaimed because the eligibility criteria is very narrow, meaning that the vast majority of students can’t qualify to apply. Other scholarships go unclaimed because the scholarship asks the applicant to complete multiple requirements, which deters students from applying. And finally, some scholarships go unclaimed because the scholarship providers don’t promote / advertise that they are offering a scholarship. 

If you are a student, you can capitalize on these situations by doing research to locate scholarships with narrow eligibility criteria to see which ones you might qualify for. And you can also push yourself to apply for scholarships that have multiple requirements – the benefit here is that most students won’t do this, so you’ll have little competition for these scholarships! And you can also reach out to local organizations and businesses to ask if they offer scholarships – you may find that many of them haven’t taken the steps to promote them, meaning that you’ll have less competition for these as well!

Finally, it is also important to note that some scholarships go unclaimed simply because the scholarship provider is unable to successfully reach the winner – students often don’t check their email, and they often screen their phone calls as well. In some cases, the scholarship provider may wait a few days and select another winner, but not always. Providers who are unable to reach their intended winner might never actually award the funds. So it is critical that students check their email and voicemail daily to ensure that they aren’t missing out on receiving the scholarships that they earned.

MYTH: I should focus on applying to private universities because they offer the biggest scholarships.

FACT: While private universities may seem to offer large scholarships, it is important to put these scholarships in context. In most cases, private universities are offering a hefty tuition discount disguised as a scholarship. If a private university has a sticker price of $55,000 per year for total cost of attendance and they offer you a scholarship of $20,000 per year, you’ll still have to cover $35,000 per year in education costs. Perhaps you might get some financial aid to help out, but your out-of-pocket costs would still be significant. 

On the other hand, let’s say you apply to a public university in your home state. The total cost of attendance for that school is $25,000. You might get a scholarship from that university too, but let’s say that you don’t. Even in that case, the cost you would need to cover is $10,000 less than what you would need to pay at that private university. As you can see by this example, it is often less expensive to attend a public university in your state rather than attending a private university – even if you are offered significant scholarships from the private institution.

MYTH: It’s most important to focus on applying to scholarships in your senior year of high school.

FACT: Students should start applying to scholarships as a younger high school student, certainly as a junior, and should continue applying to scholarships throughout the rest of their high school and college education. Why? Because most scholarships are a one-time lump sum, so even if you are able to earn 1st year scholarships while you are a high school senior, you’ll need more scholarships for subsequent years. On top of that, the cost of college increases each year. All too often, students and their parents focus on cobbling together enough money to cover freshman year, and forget that they have to do it all over again year after year until the student has completed their college education. For this reason, we recommend that students integrate applying for scholarships into their life, beginning in their junior year of high school (if not sooner), and continuing on until they complete their bachelor’s degree, or their graduate degree if they intend to go to grad school, law school or medical school. 

MYTH: Even if I don’t get scholarships, my family will figure out a way to pay for my dream school.

FACT: Parents often tell their kids that if they do all the right things while in high school, they will be able to accomplish anything they want, including getting into their dream school. And students who follow that advice often DO get into their dream school. But getting in is only part of the challenge – paying for it is a completely separate issue. 

Sometimes students feel that because they completed “their side” of the bargain, that their parents will find a way to pay for that college. Unfortunately, all too often, despite their best efforts, parents are not able to cover all of the costs associated with their child’s higher education. That’s why it is so important for students to apply for as many scholarships as they can – because those scholarship dollars might just make the difference in being able to afford their dream school vs. having to choose a less costly alternative. 

MYTH: Most of the scholarships available are for low dollar amounts that really won’t make much difference in my ability to afford college. 

FACT: Many scholarships are for $500 to $1500 each, which might not sound like a lot, but the reality is that every scholarship makes a difference! Earning just one of these scholarships could cover the cost of your books and supplies! You could also apply the funds to reduce your tuition. But many students earn MULTIPLE scholarships in these dollar amounts, meaning that they could potentially cover a significant portion of their tuition. 

How many hours would you have to work in a part-time job to equate to a $1000 scholarship? You would have to work significantly longer and harder than you did to apply for that scholarship! And remember – when you earn scholarships, you’ll also reduce your reliance on student loans, which will cost you far more due to all of the interest that will accumulate. In fact, you might be able to avoid taking out loans at all, and graduate debt-free. So is it worth applying to scholarships of all dollar amounts?? Absolutely. 

MYTH: No matter what I do, I won’t earn a scholarship.

FACT: This is perhaps the biggest myth of all! What you do DOES matter. There are so many different scholarships, and billions of dollars available to students every year. The worst mistake that students make is not bothering to apply for scholarships, assuming they won’t earn any. The second worst mistake that students make is giving up after applying for just a few scholarships. Earning scholarships does take time, effort and persistence. But there are scholarship websites that can help you wade-through all of the opportunities to find ones that are a good match for you. 

ScholarshipOwl is the leading scholarship platform, trusted by over 7 million students. With the ScholarshipOwl platform, all you need to do is complete your profile, and you’ll be matched to hundreds of scholarships. You’ll also have access to dashboard strategy tools that help you to sort, filter, organize and prioritize your matches, making it faster and easier to apply for scholarships. You can apply for scholarships directly from the platform, so no need to visit other websites. You can even write your essays right in the platform, creating a simple, streamlined process. What’s more, you’ll never have to complete a scholarship application because ScholarshipOwl automatically completes the application for you via your profile data. 

So the choices you make when it comes to applying for scholarships DO matter – and there are websites that can help you to be more successful as well. 

Check out David myth busting with WGN Chicago