Approximately 40% of college students fail to complete their education within the expected timeframe or drop out altogether, with financial constraints standing out as a primary culprit. The inability to afford tuition and related expenses often hampers students’ academic endeavors. Christopher Gray, the founder of Scholly, understands this challenge, having personally overcome financial hurdles by securing $1.3 million in scholarships. His journey fuels Scholly’s mission to fundamentally change scholarship accessibility, easing the financial strain experienced by most students nationwide. Scholly streamlines the scholarship search process, enhancing students’ prospects of quickly identifying suitable opportunities.
Gray’s personal narrative underscores the transformative power of scholarships, which served as a lifeline for him as a student raised in a low-income household. His experience represents the challenges faced by many aspiring scholars, ranging from the costs of college applications to the pursuit of financial aid. According to Gray, “Raised by a single mother in a low-income household, I experienced firsthand the impact of scholarships. There were moments when the application fees alone barred me from certain colleges. I was lucky enough to secure over a million dollars in scholarships, but the journey involved over seven months of searching for scholarships, relying on the few computers at the free library, and writing essays from my phone due to the lack of internet at home. This experience showed me why technology and student-focused platforms are fundamentally a catalyst for students already burdened with an increasing high school workload.”
Scholly’s journey to prominence was bolstered by its appearance on ABC’s Shark Tank, where Gray’s pitch captured the attention of investors Daymond John and Lori Greiner, sparking one of the show’s most lively investment confrontations. The exposure on Shark Tank catapulted Scholly into the spotlight, propelling its mission to empower students through scholarship accessibility to a larger audience.
Reflecting on his journey, Gray emphasized the pivotal role of technology in democratizing access to scholarships, particularly for marginalized communities with limited resources. Central to Scholly’s ethos is the recognition of Historically Black Colleges and Universities (HBCUs) as places of educational opportunity, providing unparalleled access to low-income students.
According to the Century Foundation’s research, HBCUs provide nearly twice as much college access to low-income students than other colleges and universities. At HBCUs, about 70% of students receive a Pell Grant—a federal grant for college expenses for low-income students that does not have to be repaid—compared to 32 percent at non-HBCUs.
Gray underscored the pivotal role of scholarship tech in leveling the playing field for HBCU students, who often embark on their academic journey without the financial means to sustain their education. For example, the Bridging the Dream Scholarship, a collaborative endeavor between Scholly and Sallie Mae, is targeting students of color and those from underserved communities. This initiative seeks to bridge the gap in graduation rates between HBCUs and national averages.
According to Gray, “The Bridging the Dream Scholarship, backed by Sallie Mae, is specifically designed to increase access and completion of higher education for students of color and those from underserved communities, aligning with the challenge that average graduation rates at HBCUs are around 38%, compared to the national average of 63%. These statistics emphasize the need for targeted support in bridging these gaps, and without scholarship tech, deserving students might miss out on these opportunities.” He added, “The struggle for HBCU students to access affordable education is real, and scholarship tech can help level the playing field. It’s not just about financial aid; it’s about empowering these students with the resources and opportunities they deserve.”
The recent acquisition of Scholly by Sallie Mae is aimed at breaking down the systemic barriers to higher education. By leveraging Scholly’s innovative platform, Sallie Mae seeks to expand its reach and empower students from underserved communities to pursue their educational aspirations. Gray’s vision aligns with Sallie Mae’s stated mission of fostering inclusivity and promoting academic success among students of color and those from disadvantaged backgrounds. As a result of the acquisition, the Scholly app is available to students for free.
Under Gray’s leadership Scholly has moved to the forefront of scholarship accessibility, transforming the educational landscape for students across the nation. To date the organization has helped students win more than $100 million dollars in scholarships.