According to the 2022 State of Higher Education Study by the Lumina Foundation and Gallup, only 9% of Americans believe quality, affordable higher education is accessible to all. The Education Data Initiative estimates that a four-year public school costs more than $26,000 a year, while a four-year private institution costs around $55,000.
Students may use student loans to cover college expenses, despite potential long-term effects. Alternatively, kids can apply for scholarships, some of which may provide them with a complete ride through college.
It is achievable, particularly for Black students, as demonstrated by these three Black scholarship recipients who transformed their experience obtaining scholarships into businesses, paving the way for others who wish to do the same.
1. Million Dollar Scholar
Derrius Lamar Okiro Quarles understands scholarships. He received more than $1 million in scholarships while earning his bachelor’s degree as a first-generation college student. Quarles did not want to be the only one with this expertise.
While attending Morehouse College, he organized free workshops for low-income families in his hometown of Chicago. In 2013, Quarles and classmate Ras Asan established Million Dollar Scholar, a website offering guidance, mentorship, coaching, and scholarship opportunities for a price.
The New York Times hailed him as a “financial prodigy” for co-founding Million Dollar Scholar and investment firm BREAUX Capital.
2. Growing with Gabby
Gabriella Carter, a Princeton University graduate, received more than $2 million in scholarships to further her study. As an entrepreneur and content developer, the “Free Money Maven” helps people find and obtain scholarships.
“I decided to look to social media as like the great equalizer so that I could just disseminate information whenever I found it,” she said CNBC in the year 2023. “And people from all across the world can really benefit from my expertise.”
Carter claims to have helped over 450 kids receive $500,000 in scholarships and intends to continue the effort. In addition to granting her own scholarships, Free Money Maven provides resources for high school, college, graduate, and foreign students.
In addition to a scholarship list, applicants can pay for résumé assessments, financial aid negotiation guidance, and college essay editing.
3. Scholly
Christopher Gray, founder of Scholly, a scholarship search platform, secured a $40,000 investment from Daymond John and Lori Greiner after appearing on Shark Tank. Last year, Sallie Mae acquired the company and made the platform free for all customers.
Gray’s success story started years ago, when he received $1.3 million in scholarships to attend Drexel University. Scholly by Sallie offers over $100 million in scholarship options.
“Our goal is to reduce student debt, an issue really key to people of color,” he told EBONY Magazine in August 2023.
