For nearly a decade, college scholarship app Scholly has helped students eliminate their debt.

“It has always been Scholly’s mission to help as many students as possible access financial freedom,” Scholly Founder and CEO Christopher Gray told AfroTech in 2022. “Since launching in 2015 and helping families across the country receive scholarship opportunities, we realized that there were still many ways to help students throughout their journey to pursue higher education and pay for it.”

On July 26, it was announced that Sallie Mae acquired “several key assets” of Scholly, according to a press release. Additionally, the consumer bank is set to acquire its scholarship administration technology and Scholly Offers, which is “a platform that matches users with strategic partners to help them earn cash back.”

“Acquiring Scholly’s key assets is aligned with our mission to power confidence in students and families and further solidifies Sallie Mae as an education solutions company,” said Sallie Mae CEO Jon Witter. “It also allows us to harness and build on Scholly’s innovative technology to unlock future strategic growth opportunities. I’m thrilled to welcome Chris and his talented team to Sallie Mae.”

Along with the acquisition of the assets, Sallie Mae will make Scholly free for all students, families, and other users, the press release details.

“With Scholly, we created a solution that helps level the playing field and gives every student the opportunity to go to college, regardless of their financial background,” Gray said in a press statement. “Sallie Mae shares that same goal and by making access to Scholly free, together we are further investing in higher education access and affordability for students and families from all backgrounds.”

The announcement of the asset acquisition follows Scholly reportedly awarding $100 million in scholarships to date. According to Inc., the app has helped over five million students secure funding to attend colleges and universities across the U.S.