The College Board—a nonprofit best known for its SAT college entrance exam—has announced the award of scholarships totaling more than $2.3 million for the 2023-24 school year.

The BigFuture Scholarships program encourages students to plan for life after high school by completing six steps that include building lists of careers to explore, preferred colleges, safety schools, and potential scholarship opportunities, as well as completing the government Free Application for Federal Student Aid (FAFSA) form and applying to college. Students who complete each step qualify for monthly drawings for $500 and $40,000 scholarships.

In the past year, more than 500,000 students participated in the program, with more than 3,000 receiving funds and at least 25 winning $40,000 scholarships. According to the College Board, two-thirds of scholarship winners are from low-income households and half identify as African American, Latinx, or first-generation college students. Since 2018, the College Board has awarded nearly $19 million in scholarships to 21,000 students.

“BigFuture Scholarships celebrate the initiative that millions of students are taking to own their future,” said BigFuture senior vice president Amy Reitz. “The scholarships successfully drive students to plan, and we’re proud to offer a program where all students benefit.”

(Photo credit: Getty Images/petrenkod)