7 Myths About College Scholarships

Applying for scholarships — aka free money to cover college bills — sounds like a no-brainer. As easy as it may sound, finding the right kind of scholarship amidst all the options provided is a challenging task.

Scholarships come in different packages and forms ranging from institutional, to state-sponsored merit awards or need-based scholarships, to smaller scholarships from private foundations. These scholarships play a crucial role in affording colleges, with some 60% of families using them to cover a portion of the expense, according to Sallie Mae’s 2022 How America Pays for College report.

However, scholarships are one complicated affair with a lot of myths surrounding them. Here are some myths about scholarships that could be hampering your shot at one!

Myth 1: My stellar scholar will get a scholarship at an elite college

One of the most widespread misconceptions about scholarships is that straight-A students with excellent test scores can apply to any college and receive a generous scholarship. But there are a number of elite institutions, including Ivy League schools and others, that don't grant merit scholarships to anyone. Only need-based financial aid is given out by these universities, and family income and savings—not grades or test results—determine whether you are eligible. For middle and lower-income families with top students, these scholarships can be a boon. Even at schools that do award merit aid, scholarships aren’t guaranteed for every A-student. It’s about finding a college that wants you.

“Students need to choose a diverse list of schools,” says Candace Chambers, a college coach and author of The ABCs of College Admissions and Scholarships. “That involves research to determine what a school offers for what the student brings to the table.”

Chambers recommends researching the “Common Data Set” for each school to learn whether they give merit aid and how many students received it. Also, use the school’s net price calculator which predicts merit and need-based aid for you, though you should be aware that mileage varies with these calculators.

“The best scholarships come from colleges themselves because they’re generally bigger than what the student would receive from a private scholarship,” Chambers says. Another bonus: institutional scholarships usually last all four years if a student meets the requirements. Private scholarships are more often one-and-done, leaving you in the lurch for a sophomore year or frantically hunting for replacement scholarships.

Myth 2: My star athlete will get a sports scholarship

Plenty of high school sports stars go on to compete in intercollegiate sports. But a tiny percentage of them earn a scholarship for doing so. It takes a lot of work to locate the right combination of school, sport, coach, and team position to determine whether or not an athletic scholarship is a possibility. Fewer than 2% of student-athletes receive true athletic scholarships, according to Dorman, a specialist in working with them. The average athletic scholarship is around $5,000. In other words, even with all those club practice hours and travel expenses, a sports scholarship might not be possible.

It’s also critical to understand that earning a full-ride scholarship for athletic abilities is very rare. This isn’t to say that athletic prowess won’t help your student stand out: It may give them a leg up in the admissions process, and ultimately, some 50% of student-athletes do receive some kind of scholarship, Dorman says.

Myth 3: If I don’t get straight A’s — I am out of luck

You aren’t! But you’re not alone in thinking this: 45% of families think students need to be academically exceptional to win money for college, according to the Sallie Mae report.

Finding scholarships that are appropriate for you is what matters most, though. Using the Common Data Set, look for colleges that match your academic and financial profile if you are looking for institutional scholarships. If you’re an average student, you must be strategic about the institutions you choose.

Students with financial needs or other attributes, such as leadership, music or other extracurriculars, may also be eligible for scholarships that aren’t tied to grades — or at least don’t require a high GPA.

Myth 4: Only minorities receive scholarships

Scholarships are designed to help students who need assistance paying for college, and while some scholarships may target minority students, many are available to students of all races and ethnicities. In fact, there are plenty of scholarships available to students based on factors like their field of study, community service, or extracurricular activities. Students should research scholarship opportunities that match their unique qualities and experiences, and not assume that scholarships are only available to certain groups.

Myth 5: Filling out the FAFSA is all you need

One common myth about college scholarships and financial aid is that filling out the Free Application for Federal Student Aid (FAFSA) is all you need to do to receive financial assistance for college. While the FAFSA is a crucial step in the financial aid process, it is not the only step.

The FAFSA is used to determine a student's eligibility for federal financial aid, including grants, loans, and work-study programs. However, many scholarships are not awarded based on financial need alone. Other factors, such as academic merit, extracurricular activities, community service, and leadership, may also be considered.

Myth 6: You only need to worry about scholarships as a high school senior

Another common myth about college scholarships is that students only need to worry about applying for them during their senior year of high school. While it is true that many scholarships have application deadlines that fall during the senior year of high school, there are also many opportunities for students to apply for scholarships throughout their college career.

In fact, some scholarships are specifically designed for students who are already enrolled in college. These scholarships may be awarded based on a variety of factors, including academic merit, financial need, leadership, community service, or specific areas of study.

You can also apply for scholarships during your junior or senior year of high school. Starting the scholarship search early can give you more time to research and apply for scholarships that fit your unique qualifications. Additionally, some scholarships have application deadlines that fall before or during the senior year of high school.

Myth 7: You need to write an essay to be eligible

Another common myth about college scholarships is that students need to write an essay to be eligible. While it is true that many scholarships do require an essay, there are also many scholarships that do not require an essay at all.

Scholarship requirements vary widely, depending on the organization or individual offering the scholarship. Some scholarships may require an essay, while others may require a personal statement, letters of recommendation, transcripts, or other materials. Some scholarships may also require applicants to meet certain eligibility criteria, such as being a resident of a particular state or pursuing a specific field of study.

However, there are also many scholarships that do not require any essays or writing at all. These scholarships may be awarded based on factors such as academic achievement, financial need, community service, or leadership potential. Some scholarships may simply require students to complete an application and submit transcripts or other documents to demonstrate their eligibility.

It is important for students to carefully read the requirements and instructions for each scholarship they are interested in, to determine what materials are needed for the application.

There are many myths about college scholarships that prevent students from applying for them. However, students should not be deterred by these myths. Scholarships are an excellent way for students to pay for their higher education, and there are many scholarships available for students of all backgrounds and academic programs. Therefore, students should continue to search for and apply for scholarships throughout their college years.

Sources

Zinn, Dori. “9 Scholarship Myths That Stop Students from Getting Aid.” Forbes. Forbes Magazine, 10 Dec. 2021. Web. 11 May 2023.

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