Can you keep extra money from a scholarship? Scholarship money that is left over is very rare because students can only get as much scholar...
Can you keep extra money from a scholarship?
Scholarship money that is left over is very rare because students can only get as much scholarship money as they need to pay for tuition. As a general rule, the total amount of financial help you get can't be more than the cost of going to school. This includes any student loans you get.
Then again, it's not uncommon for people to use their own money to buy into the idea. There are times when you might have scholarship money or other money from your financial help package left over. Where this extra money goes depends on the circumstances of each person's life.
Refund check
For example, your school's financial aid office or the people who gave you a scholarship may send you a refund check. You could do anything with this money in theory, but you'll probably have to pay taxes on it. This is a less common case, and you probably won't get a refund check this way.
Other costs of college
If you don't get a refund check for the extra scholarship money, you can still talk to your financial aid office and/or the scholarship provider about using the money for other related but not necessarily needed college costs. This could include the cost of notebooks, field trips, rent, food, and other things.
School after college
You can also ask the people who gave you the scholarship if you can use the money to go to higher school. Again, you'll need to talk to the provider and your financial aid office about this, but if you plan to go to college after high school, you might be able to use scholarship money in this way.
Student loans
Also, if you have too much scholarship money and student loans because of a special situation, you can use the scholarship money to pay off your student debts. This will depend on the rules of your scholarship, so you should talk to the people who gave you the money again about how to spend it.
It's important to remember that almost all of these uses still have something to do with the cost of attendance. Even though rent and food money don't have anything to do with tuition and fees, they are still important for college students who live on their own. In other words, if you have a plan for your extra scholarship money that is related to school, your provider and/or financial aid office may be more likely to let you keep the money.
Whether it's a small private scholarship or a large public one, scholarship providers want to help students by giving them as much money as they need. Talk to your scholarship provider about your money and how you can use it.
Do you have to go to school to use scholarship money?
College scholarships must be used for school-related bills unless you have talked to the scholarship provider or have a very special case. Most scholarship money goes toward tuition, but you can use more scholarship money to pay for room and board, books, and other school-related costs.
When you get your scholarship money, be sure to talk to the scholarship group to find out if there are any specific rules you need to follow. This will help you figure out what you can and can't buy with your money.
Can scholarship money be put together?
You can and should mix the money you get from different scholarships. Full-ride scholarships are helpful because they pay for all of a student's tuition and fees. However, they are very competitive, so there is no promise that college students will get the money they need this way.
Instead, the best way to get as much scholarship money as possible is to apply for and win multiple scholarships from different sources, such as private scholarships and institutional scholarships. You can get as much scholarship money as you need as long as the total amount of your financial help doesn't go over the cost of going to school. This means that you can't get more money than you need.
The amount of financial help your school gives you may go down in proportion to how much more scholarship money you get, but you will still have enough money to go to college. If you want to get money from more than one scholarship, you should start looking for scholarships early and apply for many of them.
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