Scholarship Facts

To fully understand the value of Mychal Wynn’s two books of researching and landing scholarships, parents, students, and counselors must stop believing the popularized myth that scholarships are falling from the sky and that billions of dollars in scholarships go unclaimed each year. This is just that—a myth.

Scholarship providers are not just sitting on millions of dollars in scholarships waiting for any student to apply, nor are they moved by the fact that a student may need scholarship money. Not only are the facts regarding scholarships far less sensational and far more sobering, landing scholarship money is far more competitive, requiring a clear and focused scholarship strategy.

In the following video, Kristen, a student who was offered admission to such highly selective schools as Duke, Amherst, Davidson, Amherst, and Williams, together with several full scholarships, provides insight into the importance of a student “packaging” themselves through their résumé, recommendation letters, essays, and by submitting a high quality application to best present themselves to colleges and scholarship providers.

According to data compiled at Research.com (Bouchrika 2025), a successful scholarship strategy is based on facts rather than wishful thinking or simply submitting a large number of scholarship applications:

  • Athletic scholarships are offered to less than 2% of high school student-athletes (Next College Student Athlete, 2021).
  • Only one in eight college students is awarded a scholarship (Kantrowitz, 2019).
  • Of the students who were awarded scholarships, 97% receive $2,500 or less (Kantrowitz, 2020).
  • Furthermore, only 0.2% of students receive scholarships worth $25,000 or more (Unigo, 2021).
  • Full-ride scholarships are awarded to only about 0.1% of students (Wignall, 2021).
  • When it comes to the average scholarship amount per student, Asians receive the highest with $13,480. Next are students of two or more races ($11,940), Caucasians ($11,420), African Americans ($11,390), Hispanics ($11,090), Native Americans ($10,750), and Pacific Islanders ($10,280) (National Center for Education Statistics, 2019).
  • Only 8% of scholarships are granted to students whose families have high incomes (ThinkImpact, 2021).
  • For each full-time enrollee, the average amount of scholarship money per student is $10,050, while a qualified full-time graduate student receives $8,860 (Ma & Pender, 2021).
  • For undergraduates, the type of student aid that awards the highest amount of money is institutional grants with $58 billion, followed by federal loans ($45 billion), federal Pell Grants ($26 billion), state grants ($13 billion), and private and employer grants ($12 billion) (College Board, 2021).
  • As for the biggest source of student aid for graduate students, federal loans leads the pack with $39 billion, followed by institutional grants ($13.4 billion), private and employer grants ($4.2 billion), federal veterans benefits ($1.7 billion), and federal education tax benefits (College Board, 2021).

While Consumer Affairs data from the Journal of Consumer Research (Student loan debt statistics 2025) reports that over 4 in 10 college students take out student loans, the percentage of Black, Native American, and low income students is much higher with Black women leaving college with the highest amount of student loan debt (Student Loan Debt by Race Statistics)

Researching and applying for scholarships is a labor-intensive process requiring many hours of research, writing essays, and creating high quality application packages. The step-by-step guidance provided in Show Me the Money and HBCU Scholarships…and more*  can mean the difference between a debt-free college education or leaving college with tens of thousands of dollars in student loan debt.