Guest Post: 10 Scholarship Myths That Could Cost You Money
Dave from Your Daily Scholarship and No Debt College addresses some common misunderstandings about college scholarships and explains why your chances may be better than you think!
Greetings, Quiz Hackers! Today’s update is a guest post from my friend . Dave is a world-class scholarship expert who helped his son win over $95,000 in college scholarships!
Don’t make the mistake of leaving potential scholarship money on the table. Learn how to avoid false assumptions that could cost you and your college student. Check out Dave’s insightful tips below!
~ Dave Walker
While doing some research, I came across this 2017 article from U.S. News & World Report entitled 10 Scholarship Myths That Could Cost You Money. Naturally, I was intrigued. As I flipped through each of the 10 Myths, I found myself nodding in agreement with each and every point. As such, I wanted to share these 10 points with my readers and provide more context.
Myth 1: Scholarships Are For Straight-A Students
The truth is that there are scholarships for every student. Yes, a solid GPA and high standardized test scores open up more scholarship opportunities. However, many scholarships don’t even ask about a student’s GPA or test scores. Find the scholarships matching the student's interests and strengths and apply for as many as possible!
Myth 2: Senior Year is the Best Time to Apply
While the senior year of high school may offer the most scholarship opportunities for most students, many scholarships are open to students in earlier grades. A high school freshman I work with recently won a $2500 scholarship! By applying for scholarships at a younger age, the student not only gets more chances to fund their college education but also, more importantly, builds the tools and practice they need to be better scholarship applicants when senior year rolls around. (High school juniors in the Class of 2025, click here to learn more about my scholarship coaching service. Students in the Classes of 2026 and 2027, click here to learn about my program for you.)
Myth 3: If You Don't Meet the Criteria, Don't Apply
Of the ten myths in the U.S. News article, this is the one that I'm the least enthusiastic to endorse. Yes, some scholarships get so few (sometimes zero) applicants that they may open the doors to students who don't otherwise qualify. However, before applying for those scholarships, exhaust your list of the scholarships you are eligible for first. And, if you choose to enter scholarships for which you don't meet the published eligibility criteria, consider contacting the scholarship sponsor before putting much time and effort into the application.
Myth 4: Only College Freshmen Receive Scholarships
Just like there are scholarships for students younger than high school seniors, there are also a ton of scholarships open to college and graduate students. My son has won numerous scholarships since entering college, including one scholarship he's won prizes for four years in a row for a total of $7500! Finding scholarships related to a student's college major is a great way to win more money for college and enhance their resume by showing that they are a leader in that field. (College students: I can review your scholarship applications and essays. Click here to learn more.)
Myth 5: You Need to Have a Special Talent
You don't need to be a great athlete, artist, or scholar to win scholarships. As mentioned previously, there are scholarships for everyone.
Myth 6: Only Colleges Award Scholarships
This is probably the most costly myth I regularly see students, parents, and even some "experts" buying into. In fact, I addressed this myth in my June 2022 blog article, “Private Scholarship Misconceptions.” To update what I said in that post, more than 61% of my son’s scholarship earnings have come from sources OTHER than the college he attends.
Myth 7: Scholarship Applications Take Too Long
As the U.S. News article points out, every scholarship application is different. Some applications will require a significant time commitment from the student. Sure, there are no-essay and sweepstakes scholarships a student can enter in a minute or less. But those scholarships are kind of like winning the lottery - all luck. To increase the odds of winning a scholarship, students should focus on scholarships that match their interests, talents, college majors, future careers, and past experiences.
The U.S. News article also gives a hypothetical example of a $500 hourly "wage" that a hypothetical student earned by applying for scholarships. My paid Substack subscribers and Podcast Patrons can read below to find out why that hypothetical calculation in the U.S. News article is incorrect, how to correctly calculate a student's "wage" from earning scholarships, and why that "wage," even when properly calculated is likely still higher than any job a teenager is expected to get.
Myth 8: One Scholarship Can Pay For All of College
As the U.S. News article points out, there are indeed full-ride scholarships out there. I encourage students who meet the eligibility requirements to apply for those scholarships. As the U.S. News article also mentions, local scholarships often give students better odds of winning compared to big national scholarships since these are open to fewer students and you face less competition. The big takeaway from this myth is that you don't want to put all your eggs in one basket. My son has, so far, gone to college completely free, thanks to scholarships. That was made possible by winning more than 20 scholarships. When it comes to scholarships, students need to apply early and often if they want to have success.
Myth 9: Only Low-Income Students Qualify
Yes, some scholarships require that a student come from a low-income household. However, most scholarships don't even ask about a student's financial situation. And, unless a scholarship has a maximum income threshold your family is above, don't automatically assume you won't qualify for scholarships that consider financial need. One of my scholarship coaching students won a prize from the Burger King Foundation Scholarship last year. Yes, to win their top prize, financial need is considered. But my student, whose family income would be regarded as upper-middle class, still won a monetary award from this scholarship.
Myth 10: Small Scholarships Aren't Worth the Effort
It all adds up. When totaling the amount of money my son has won and dividing that by the number of scholarships he's won, it comes to $2537 per scholarship won. Sure, the $20,000, $50,000, and full-ride scholarships are great. But don't ignore scholarships with a smaller prize. Not only do they add up, but these scholarships usually get few applications, meaning you face less competition and your odds of winning increase.
If you are a student (or parent of a student) in the Class of 2025 who would like help with the countless scholarship opportunities open to you over the next year and a half until your high school graduation, then email me at Dave@NoDebtCollege.com to schedule a FREE scholarship consultation. During these one-hour Zoom sessions, I will share with you lots of important information about scholarships, including:
The 3 categories of scholarships (and why that matters)
My 5-step process for winning scholarships
Why The Class of 2025 need to apply for scholarships immediately
Scholarship Resources
Beginning your scholarship journey as a high school junior gives you a HUGE advantage over your peers! So, don’t delay. These consultations are completely free, but very limited in availability.
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