You probably remember the shouting.
It was 2015. Christopher Gray, a student from Drexel University with a crisp suit and a crazy story about winning $1.3 million in scholarships, walked into the tank. He wasn't just there to brag, though. He’d built an app called Scholly to help other kids find the same "free money" he did.
What happened next became the most legendary blowout in the show's history.
Lori Greiner and Daymond John didn't even wait for the full pitch to finish. They saw the vision, smelled a winner, and offered Gray exactly what he wanted: $40,000 for 15%.
Then, the set basically exploded.
What Really Happened During the Scholly Pitch
Most founders spend an hour being grilled about their customer acquisition costs or their "moats." Gray barely got his opening statement out before Lori jumped in.
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Mark Cuban and Robert Herjavec were visibly livid. They started yelling about "due diligence" and "the backend algorithm." Robert was so disgusted by what he called "Charity Tank" that he actually got up and walked off the set.
Honestly, it was uncomfortable to watch.
The sharks who passed—Mark, Robert, and Kevin—felt like the deal was being treated like a handout. They wanted to know if the technology was actually proprietary or just a glorified list of links. Meanwhile, Lori and Daymond were betting on the guy. They saw a founder who had lived the problem and solved it for himself.
Gray took the deal, of course. He walked out with two sharks and left three others screaming at each other in the chairs.
Why the Scholarship App Shark Tank Deal Was a Turning Point
Before Scholly, the "scholarship app shark tank" search wasn't even a thing. Searching for money for school was a miserable, manual process involving dusty library books or sketchy websites that looked like they were designed in 1998.
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Scholly changed the vibe. It made the search mobile-first.
But was it actually a good business?
Critics at the time, including the sharks who passed, questioned the $0.99 price tag. They wondered how a company could scale on one-off app downloads. They were wrong, but also kinda right. The real money wasn't in the $0.99 downloads from broke students; it was in the enterprise deals with cities and schools.
The Numbers That Silenced the Critics
- Initial Ask: $40,000 for 15% equity.
- Total Revenue by 2023: Over $30 million.
- User Base: More than 5 million students and families.
- The Big Exit: In 2023, the student loan giant Sallie Mae acquired Scholly.
The Sallie Mae Acquisition: Success or Sell-out?
The most recent chapter for this scholarship app involves a massive acquisition by Sallie Mae. For Christopher Gray, it was the ultimate "I told you so."
But the internet had thoughts.
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Some people on Reddit and social media felt a bit of "ick" about a scholarship app being bought by a student loan company. It felt ironic. A tool meant to help you avoid debt was now owned by a company that profits from it.
However, from a purely business perspective, it was a masterstroke. Sallie Mae made the app completely free for users. By removing the paywall, they turned Scholly into the ultimate lead-generation tool for their other services while actually helping students access the estimated $100 million in scholarships that goes unclaimed every year.
How to Actually Use Scholly (The Right Way)
If you're looking for the scholarship app from Shark Tank today, you don't have to pay a dime. But don't expect it to do 100% of the work.
The app uses an eight-parameter algorithm to match you with funds. You put in your GPA, your major, and your background. It spits out a list.
The pro tip most people miss: You still have to write the essays. Scholly finds the money; it doesn't win it for you. Gray won $1.3 million because he treated applying for scholarships like a full-time job. He applied to dozens. He refined his story.
The app is just the map. You still have to hike the trail.
Actionable Next Steps for Students
- Download the App: It's free now under Sallie Mae. Use it as your primary database.
- Focus on Niche Matches: Don't just apply for the "Big $50,000" awards everyone sees. Look for the $500 local scholarships. They are way easier to win.
- Optimize Your Profile: Be incredibly specific about your background, hobbies, and even your parents' employers. Many scholarships are hyper-specific.
- Schedule Your Sprints: Set aside two hours every Sunday. Apply to at least three scholarships. Consistency beats luck every single time.
Christopher Gray's journey from a "charity" pitch to a multi-million dollar exit is the blueprint. It wasn't about the $40,000; it was about the platform. Whether the other sharks like it or not, Scholly became the gold standard for ed-tech success.