Top Scholarships Myths That Could Cost You (And Facts)

Although some scholarships require an essay there are many which do not. While some scholarships only require that you submit an application, others may ask you to create and share social media posts, make a TikTok, or respond to a survey. Students who aren’t comfortable writing essays often assume they’ll miss out on scholarship opportunities. […]

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July 13, 2023

Although some scholarships require an essay there are many which do not. While some scholarships only require that you submit an application, others may ask you to create and share social media posts, make a TikTok, or respond to a survey. Students who aren’t comfortable writing essays often assume they’ll miss out on scholarship opportunities. There are a lot of scholarships that don’t require an essay.

MYTH: I will not receive any scholarship because only high-achieving students are eligible.


Some scholarships focus on student achievement while others don’t. Need-based scholarships, for example, are based more on financial need than academic merit. Many scholarships are designed to help students overcome barriers that prevent them from achieving academic success. Scholarships are also available for students with GPAs that fall between average and lower. There are also a lot of scholarships which don’t require you to disclose your GPA, or your test scores. You’ll find a wide range of scholarship opportunities, no matter what your situation is.

MYTH: Each year, billions of dollars worth of scholarships go unclaimed.


Many scholarships are not claimed because they have very strict eligibility requirements, which means that most students cannot apply. Some scholarships are not claimed because they require the student to meet multiple requirements. This discourages students from applying. Some scholarships are not claimed because they don’t advertise or promote that the scholarship is available.

You can take advantage of these situations if you’re a student by researching scholarships that have narrow eligibility requirements to find out if you qualify. You can also apply for multiple-requirement scholarships if you want to. Most students will not do this so there is less competition. You can also ask local businesses and organizations if they have scholarships. Many of them may not have taken steps to advertise them, so you will have less competition.

It is important to also note that many scholarships are not claimed because the scholarship provider cannot reach the recipient. Students often do not check their emails, and often they screen their phone calls. Scholarship providers may choose another winner after a few days, but this is not always the case. If the scholarship provider is unable to contact their intended recipient, they may never award any funds. It is important that students regularly check their voicemail and email to make sure they don’t miss out on the scholarship they have earned.

MYTH: I should concentrate on applying to private colleges because they offer more scholarships.


Although private universities seem to offer generous scholarships, they should be viewed in the context of their total cost. Private universities often offer a substantial tuition discount that is disguised as a grant. For example, if a private school charges $55,000 for the total cost of attendance, and offers a scholarship worth $20,000, you will still be required to pay $35,000 in annual education costs. You might be able to get financial aid, but the out-of pocket costs will still be high.

Let’s say, on the other hand you are applying to a university in your state. The total cost for attending that school is $25,000 Let’s assume that you do not receive a scholarship. Even if you were to get a scholarship from that university, you’d still have to pay $10,000 less. This example shows that it’s often cheaper to attend a state-run public university than a private one, even if the private institution offers you a large scholarship.

MYTH: You should focus your scholarship applications in the senior year of high school.


Students are encouraged to apply for scholarships when they are younger, at least as juniors, and continue to do so throughout their college and high school education. How? Most scholarships are lump sums, so even if a student is able to get a scholarship for the first year while a senior in high school, they will need additional scholarships for future years. The cost of attending college also increases every year. Students and parents often focus on saving money for the first year of college, but forget to keep doing it year after year to complete their education. We recommend that students begin applying for scholarships in their junior year (if not earlier) and continue until they have completed their bachelor’s or graduate degree.

MYTH : My family will find a way to fund my dream school even if I do not get a scholarship.


Parents tell their children that if their kids do the right thing in high school they can achieve anything, including getting accepted into their dream schools. Students who take this advice are often able to get into the school of their dreams. Getting in is just one part of the problem – paying is another.

Students may think that if they complete “their part” of the deal, their parents will pay for college. Unfortunately, many parents cannot afford to pay for their children’s college education, despite all their efforts. It is important that students apply for as many scholarship funds as possible. They might be able to attend their dream school instead of having to settle for a cheaper alternative.

Myth: The scholarships I receive are usually for small amounts, and they won’t really make a difference to my ability pay for college.


While it may not seem like much, a scholarship of $500-$1500 could pay for your books and supplies. The money could be used to lower your tuition. Many students receive multiple scholarships of this amount, which could cover a large portion of tuition.

How many part-time hours would you need to work to earn a scholarship of $1000? You’d have to work much harder and longer than you did just to apply for the scholarship! Remember, if you get scholarships, it will reduce the amount of student loans you need, which can cost you more because of all the interest. You might even be able avoid any loans and graduate without debt. Is it worth applying for scholarships with different dollar amounts? Absolutely.

MYTH : I will never get a scholarship, no matter what I try.


It’s the biggest myth! It does matter what you do. There are so many scholarships and billions of dollar available every year. Students make the biggest mistake by not applying for scholarships. They assume they will not receive any. Students make the second-worst mistake by giving up on scholarship applications after only a few. It takes time, persistence and effort to earn scholarships. Scholarship websites can help you sort through all the options and find those that match your needs.

The choices you make in applying for scholarship DO matter. There are also websites that will help you be more successful. The college scholarship application process can be confusing at first. BizInsure supports architecture and engineering students with scholarships to recognize their dedication.

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