Myth: Winning a Scholarship Lowers Your Offer Letter Money

This myth is only partly true. Winning a scholarship will lower your offer letter money. But this ONLY applies to your offer letter money. Which are the funds allotted to you by the school you choose to attend. It has absolutely no bearing on the total amount of scholarship money or any other funding that you can receive during any academic year. There is no cap to the number of scholarships that you can apply for and no limit to the amount of scholarship money you can win during any one year.

A pile of hundred dollar bills scattered around.

Don’t hold yourself back on government scholarship applications!

If you have won money through one or more scholarships, don’t hold yourself back from applying for more. In fact, you should apply to all scholarships that you qualify for. This is free money! The scholarship money you win will cover the financial gap from the lower institutional aid that you receive. It does take time to look for and apply to scholarships but the money you receive is free, which makes it completely worth it.

Explore all types of scholarships.

Don’t just look for scholarships based solely on academic merit or athletic skills. While these tend to be huge scholarships, they are also highly competitive. When looking for scholarships, check out all opportunities that you may qualify for, including those based on race, color, culture, religious and affiliations. Of course, don’t forget these unique scholarships too.

Another great tool to help with college finances? College Raptor! With our free match tool, you can discover personalized college price estimates based on your financial situation—for nearly every college in the country!

Use College Raptor to discover personalized college matches, cost estimates, acceptance odds, and potential financial aid for schools around the US—for FREE!


Lender Rates (APR) Eligibility
Citizens logo.
6.97%-15.03%* Variable
5.99%-14.00%* Fixed
Undergraduate and Graduate
Sallie Mae logo.
6.37% - 16.70% Variable
4.50% - 15.49% Fixed
Undergraduate and Graduate
Credibe company logo.
4.98% - 16.70% Variable
4.07% - 15.66% Fixed
Undergraduate and Graduate
Lendkey company logo.
6.07% - 11.31% Variable
4.39% - 10.39% Fixed
Undergraduate and Graduate
Ascent company logo.
6.22% - 16.08% Variable
4.09% - 15.66% Fixed
Undergraduate and Graduate
6.54% - 11.08% Variable
3.95% - 8.01% Fixed
Undergraduate and Graduate
Earnest company logo.
5.62% - 18.26% Variable
4.11% - 15.90% Fixed
Undergraduate and Graduate
4.98% - 12.79% Variable
8.42% - 13.01% Fixed
Undergraduate and Graduate
College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.