Sallie Mae Aquires the scholarship app Scholly in a multimillion-dollar deal

Imagine you really want to go to college to study something you love, like art or science. But maybe your family doesn’t have a lot of money, and you’re not sure if you can afford it. That’s where the scholarship app Scholly comes in. It helps students like you find scholarships to make college more affordable. But here is a good news for you.

Scholly’s owner, Christopher, sold his app to Sallie Mae and made the big announcement in 2023 about the acquisition. Sallie Mae is a leading private student loan lender in the USA. This is a huge deal because it means they’re joining forces to help even more students like you! This multimillion-dollar deal has sparked many students’ curiosity about what this acquisition means for them.

Over the years, Scholly has helped over 5 million students. Now, with the recent acquisition by Sallie Mae, many wonder about the motives behind this move. What is the reason behind the company’s acquisition? How would this impact students seeking services from Scholly? Would this partnership help Scholly to make their services better? To find it all out, keep reading!

Scholly’s Acquisition by Sallie Mae: A Turning Point in the Company’s Journey

An acquisition can help a company to increase its market share. As Lori stated in Scholly Shark Tank update, “It is every entrepreneur’s dream to be acquired.” Within a few years of its appearance on the show, a giant in America’s education solutions industry acquired Scholly. According to Christopher, Sallie Mae bought Scholly in a multimillion-dollar deal. Scholly has been a demanding scholarship app for over eight years. Scholly becoming a part of a massive private student loan company has raised different opinions. Therefore, the deal with Sallie Mae is an essential turning point for the company’s future. 

What does this acquisition mean for students?

Here’s why this is such a big deal: Going to college can be super expensive, and a lot of students worry about how they’re going to pay for it. Scholly makes it easier by finding scholarships that match your interests and background. And now, with Sallie Mae’s help, they can do even more to make sure every student has a fair shot at getting the money they need for college.

Donna Vieira, the Executive Vice President of Sallie Mae, noted that they have made the Scholly app free as part of this deal. Before the acquisition, Scholly users had to pay a monthly fee of $4.99 or an annual fee of $34.99. After the acquisition, there is no subscription fee, so the app functions with zero charges. 

So, what does this mean for students? Simply put, it means more opportunities. More opportunities to find scholarships, more opportunities to fund their education, and more opportunities to pursue their dreams. With Scholly and Sallie Mae working together, the future looks brighter for students seeking financial aid for college.

Addressing controversial opinions about the deal, Sallie Mae’s CEO, Jon Witter, mentioned that this partnership aligned with their mission to power confidence in students and families. It helps them solidify their objectives and allows students to achieve their goals. 

What’s next for Scholly?

After the acquisition, Scholly is now available for free to students. The Scholly website is actively functioning. You can also visit the affiliate website via the Sallie Mae official site. Scholly’s owner, Christopher, appeared on the Shark Tank update in early 2024. There, he provides a gist of Scholly’s acquisition by Sallie Mae and the company’s current status.

One of the investors of Scholly, Daymond, mentioned that he got a return of investment up to 40*-60* from Scholly. All sums up that Scholly has had a successful business journey. Following the acquisition, Christopher and Daymond visited Bayside High School in Queens, New York, and offered two $1 million scholarships from Scholly by Sallie. 

The terms and conditions of the acquisition are not available to the public. However, the deal with Sallie Mae seems to positively influence Scholly’s future.

Conclusion 

So, to wrap it up, the fact that Scholly and Sallie Mae are teaming up is a big step toward making education easier to get and pay for. As you start thinking about college, it’s nice to know that there are companies like Scholly and Sallie Mae out there, ready to help you with whatever you need. They’re like your buddies on the journey to college, cheering you on every step of the way!