When it comes to scholarships, there’s a lot of misinformation out there. Scholarships (whether they're from LIM or other resources) are one of the best ways to reduce the cost of education. But many students miss out because of common conceptions that simply aren’t true. Maybe you think scholarships are only for straight-A students, or that you need to demonstrate financial need to qualify. Spoiler alert: That’s not always the case!
At LIM College, we know financial support is crucial to making your education possible. So, let’s bust some of the most common scholarship myths, so you can apply with confidence and maximize your chances of securing financial aid!
1. Myth: New LIM students must apply separately for the LIM Academic Achievement Scholarship
Truth: No extra application is needed! All new LIM College applicants are automatically considered for merit-based scholarships during the admissions process. If you qualify, you’ll be notified in your acceptance letter—no extra forms, no extra stress!
2. Myth: Scholarships are only for straight-A students.
Truth: While some scholarships are merit-based, many consider community service, financial need, focus of study, or unique backgrounds. Even if your GPA isn’t perfect, there are plenty of opportunities available!
3. Myth: You can only apply for scholarships before your first year.
Truth: Scholarships aren’t just for incoming students—many are available throughout your academic journey. These include the Licensing International Scholarship, the Fashion Scholarship Fund, and the NRF Next Generation Scholarship, to name a few. Whether you're just starting out, transferring to LIM College, or already in your second or third year, there are plenty of funding opportunities for current students. Don’t wait until your senior year to start looking for scholarships—there are awards designed to help students at all stages of their education.
4. Myth: You must have financial need to qualify.
Truth: While some scholarships are based on financial need, many are awarded based on academic achievements, extracurricular activities, career goals, or personal background. Even if you don’t qualify for need-based aid, you may still be eligible for numerous scholarships.
5. Myth: You can’t apply for multiple scholarships.
Truth: Not only can you apply for multiple scholarships, but you should! The more scholarships you apply for, the better your chances of securing financial support. There’s no limit to the number of scholarships you can pursue, and many students successfully receive multiple awards to help cover tuition. If you receive a merit-based award from LIM, casting a wider net by applying for external scholarships can significantly reduce your out-of-pocket costs. So, don’t hesitate—apply for as many as you’re eligible for!
6. Myth: Scholarships only cover tuition.
Truth: Some scholarships can also be used for books, study abroad programs, housing, and even living expenses. Always check the terms of each scholarship to see how you can use the funds!
7. Myth: There aren’t many scholarships in the fashion business field.
Truth: Many scholarships are industry-specific, including those in fashion and retail LIM College students can find numerous scholarship opportunities tailored to their fields of study! Keep an eye on your LIM College email and the Life at LIM Instagram account for upcoming industry scholarship opportunities!
8. Myth: Scholarships are not available for international students.
Truth: Many scholarships are open to international students (i.e. students studying the U.S. on an F-1 visa), so don’t assume you’re ineligible! Always check the requirements—there may be more funding options available than you think. At LIM College, we’re committed to supporting international students. In fact, starting in Fall 2025, we’re increasing the amount of merit-based scholarships available to international students, making it even more accessible to pursue your education with us!
9. Myth: Scholarships are only for undergraduate students
Truth: Scholarships aren’t just for undergraduate students! There are plenty of scholarship opportunities for graduate students, online learners, transfer students, and even international students. No matter where you are in your academic journey, there are funding options available to help make your education more affordable. Always explore your options—you might be surprised at what you qualify for!
10. Myth: Scholarships are only available through LIM.
Truth: While all LIM applicants are automatically considered for merit awards, and we offer a variety of scholarships to our current students, there are many more opportunities beyond what we provide. We encourage students to explore industry-specific scholarships as well as use trusted search platforms like Fastweb.com and Petersons.com to find additional funding. The more scholarships you apply for, the better your chances of reducing your overall costs—so don’t limit yourself to just one source. Take advantage of every opportunity!
11. Myth: You have to reapply for scholarships every month.
Truth: You don’t need to reapply for scholarships every month! The scholarship process is typically done on an award-year basis. That means, the award you receive is applied toward your full academic year, not per semester. Once you’ve applied and received a scholarship for the academic year, you usually don’t need to reapply until the following year. However, it’s still a good idea to stay on the lookout for new scholarship opportunities throughout your time in school to maximize your financial aid.
12. Myth: All scholarship applications require essays and recommendations.
Truth: While some scholarships ask for essays and letters of recommendation, many do not! There are plenty of scholarships with simple application processes, including ones that only require a short form, a resume, or even just a quick video submission. Don’t let the fear of essays or recommendations hold you back from securing funding!
13. Myth: Scholarships won’t be taken away if your GPA drops.
Truth: Many scholarships (including LIM merit-based award) have academic requirements that students must maintain to keep their funding. If your GPA drops below the required threshold, you may risk losing your scholarship. At LIM College, we encourage students to stay on top of their coursework and seek academic support (from your Academic Advisor or Counseling Services) if needed, to ensure they continue meeting eligibility requirements. Always check the terms of your scholarship to understand what’s required to maintain it!
14. Myth: Scholarships cover my entire tuition
Truth: While LIM College offers many scholarship opportunities, to its students, it’s important to know that we do not offer full-ride scholarships that cover 100% of tuition. Instead, students can apply for a combination of merit-based, need-based, and industry scholarships to help reduce their overall costs. By stacking multiple scholarships and exploring additional financial aid options, you can make your LIM education more affordable!
15. Myth: Scholarships only provide small amounts
Truth: While some scholarships do offer smaller awards, many provide significant financial support, covering multiple semesters or a substantial portion of tuition. At LIM, students have access to a variety of scholarships, including merit-based, need-based, and industry-specific awards, each with different funding amounts. The key is to apply for multiple scholarships—every award adds up and can make a meaningful difference in reducing overall costs. Don’t overlook smaller scholarships, as they can collectively have a big impact!
Don’t let these myths keep you from applying for scholarships! There are thousands of scholarships out there, and with the right approach, you can find the funding you need for your education. Whether you've just applied or are already enrolled at LIM College, take the time to explore scholarship opportunities—you never know what you might qualify for!
Want to learn more about LIM College’s scholarship options? Explore LIM and external scholarships here and see how you can make your education more affordable!
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