DETROIT (CBS Detroit)  When’s the best time for students to apply for college scholarships? There’s no time like the present, according to a new study done for NerdScholar, a website aimed at helping students and parents with financial literacy.

“We found that March is the best time for students to apply,” said study author Rachel Ny. “Over 25 percent of private scholarship deadlines occur in March, with over $3.5 million on the table for students to win.”

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The study found that Michigan is among the top states when it comes to scholarships for students. There are 196 scholarships available in Michigan, which ranks third in the country, with 380 thousand dollars on the table for students to win.

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Ny said students will need to do their homework if they want to find available scholarships.

“Students really need to make an effort to go out and search. There’s a lot of new scholarships every year. So there’s a lot of money on the table for them to win, especially in March.”

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