Smart Borrower No-Essay Scholarship & Loan Forgiveness Grant
Bold.org
Overview
Most Bold.org students already carry significant student debt, or they soon will.
60% of Bold.org students say that, to continue their education, they expect to need private loans in addition to any federal aid they receive, expecting to need an additional $40,000, on average.
Of Bold.org students that already have loans, the average interest rate is 6.5%, on the high end of the interest rate range typically available to students.
Unfortunately, student loans are an extremely difficult world to navigate, and one wrong decision can set you back years.
For a 10-year $40,000 loan at 6.5% interest, reducing that interest rate to 3% means saving nearly $100 a month in loan payments, and saving nearly $10,000 in reduced interest over the lifetime of the loan!
Getting your loans right is one of the most important financial decisions you can make as a student.
To help you get the best loan rates possible, we’ve partnered with Credible, a platform that lets you compare rates for new loans and loan refinances, to make sure you’re getting the best possible deal.
We recommend Credible because it’s free, doesn’t affect your credit score, and shows you pre-qualified loan rates in minutes.
This scholarship is also unique in that it will favor students who apply earlier—who are bold and seize the day without procrastinating.
While the scholarship will be awarded on Feb 1, 2021, the scholarship will have rolling monthly application deadlines. Students applying within earlier application windows will have a greater chance of winning the award.
How To Apply
This $5,000 scholarship will be awarded to a student who makes the effort to get the best rates on their loans via Credible’s loan comparison platform, using the links below.
- If you expect you’ll need a private loan in the future, compare your interest rates for new loans.
- If you already have a loan, compare your loan refinancing rates.
Be sure to check your rates before applying! Applications from students who have not checked their rates will not be considered.
FAQ
The application deadline is Mar 31, 2020. Winners will be announced on Feb 1, 2021.
Your privacy is a top priority on the Bold.org platform, and you can find our privacy policy in full here. You may opt out of communications from Bold.org at any time, and unless we’ve first notified you and gotten your consent, you’ll never receive communication from any third parties related to personal information you give us.
The scholarship award is $5,000.
The winner will be publicly announced on Feb 1, 2021. Prior to the announcement date, we may contact finalists with additional questions about their application. We will work with donors to review all applications according to the scholarship criteria. Winners will be chosen based on the merit of their application.
We will send the award check to the winner’s academic institution in their name, and in the name of their institution (depending on the school’s requirements).
Before we award the scholarship, the winner will be required to verify their academic enrollment status by providing a copy of their most recent transcript.
If you have any questions about this scholarship or the Bold.org platform, just email contact@bold.org and we’ll get back to you as quickly as we can.
Yes. The terms and conditions for this scholarship can be found here.