How will you spend the scholarship money, if awarded?

Many students avidly read the scholarship eligibility requirements, but they skip the rules for using the money. Make sure you understand what's allowed and what isn't. Typical Rules for Scholarship Money • What expenses does it pay for (or not)? Some scholarships limit what you can spend the money on. For example, you might be able to use the scholarship only for the expenses billed directly by the college. Or only for certain costs, such as tuition and fees, but not room and board or books and supplies. Or it could be designated for a unique purpose, such as study abroad. • Is it renewable? A renewable scholarship can help pay for your college costs for up to four years. But you will have to meet certain standards every year, such as a minimum GPA, in order to keep it. • What are the requirements for keeping it? In addition to maintaining a good GPA, many scholarships require the student to pursue specific studies, majors, or careers. The Consequences of Misspent Scholarship Money What happens if you use scholarship money for something the rules don't allow? While it's unlikely that the scholarship sponsor will seek legal action, in most cases, you will have to repay the entire award. If the scholarship is renewable, you could lose out on the remaining years. And you'll have to come up with another source of funds to cover the expenses you planned on using the scholarship for. Depending upon the amount of the scholarship, this could be a very challenging surprise to deal...

The amount of money you can expect from college scholarships depends on how many you apply for and get awarded. The number of scholarships you can apply for is unlimited. Many students spend time researching and applying for many scholarships to maximize the scholarship money they receive. If you’re interested in getting the most amount of money possible from college scholarships, there are a few things you need to keep in mind. How likely is a full college scholarship? While the media is full of stories about student-athletes and child prodigies heading off to college with a full-ride college scholarship, the truth is full-ride scholarships are exceedingly rare. College is expensive, and full scholarships are unicorns unless you're in the top percentage of the most sought-after applicants. Even if you excel in athletics and have a grade point average of 4.0, you'll likely need a nice mix of community service, extracurricular activities, and a great story to make yourself stand out amongst the hundreds (if not thousands) of likely candidates you’ll be competing against. But that shouldn’t discourage you from applying for multiple scholarships in hopes of being awarded money for college. Even just a few hundred dollars here and there can help a lot. Also of note, Ivy League schools have moved away from offering scholarships at all — shifting to a need-based aid format to assist students. While that might seem like an additional hurdle if you are a student who is int...

If going to college is something you want to do, you’ll eventually need to figure out how to pay for it. For many students, the answer is college scholarships. College scholarships, as opposed to student loans, are unpaid gifts that you can use as you please. They can be given to you for a variety of reasons, including having exceptional talents, receiving good grades, and generally being an awesome person. HOW COLLEGE SCHOLARSHIPS WORK How do scholarships work? Scholarships are given by organizations or individuals to students they believe best meet their criteria. Depending on the scholarship, the money may either be given to the student directly or to the institution. Some scholarships are lump sum payments, while others come in installments over the course of the student’s academic career. Some scholarships are low-interest loans that the recipient is required to repay once they graduate. Other scholarships—also referred to as grants—provide money to students without requiring repayment. Numerous students favor grants over loans because they are more financially advantageous. What are scholarships? Scholarships are grants that give students financial assistance. Typically, these grants are given to those pursuing undergraduate degrees at colleges or universities. Many students look for scholarships to help pay for their college tuition and other expenses. They play a crucial role in the process because for some students, receiving a scholarship could mean the differenc...

1.3K Shares Paying college with scholarships isn’t as simple as it sounds. • • • • • • • • • Let’s start with the definition, scholarships are simply free money for students to spend on their education. This basic definition includes scholarships awarded for pre-schools, dance classes, camps, and, of course, colleges. When you start asking what are scholarships in terms of paying for college, things don’t seem as simple any more. Now you have athletic scholarships, academic scholarships, and other various merit scholarships. And scholarships are just one kind of Click HERE for FREE Scholarship Tracker Instant Download When paying for college, scholarships are one of two types of free money that falls under the general description of financial aid. Besides scholarships, students can also receive free money in the form of grants. People new to financial aid often assume that scholarships are based on merit and grants on need. Neither is true. Some of the most generous and prominent scholarships such as Why is this important? You may be overlooking valuable scholarships if you limit yourself to these terms. For our purposes, we’ll continue to use the generic term “scholarship” to refer to free money that students receive for spending on paying for college. There are many ways to classify different types of scholarships, merit and need-based is just one way. I think that a more useful grouping for most families is portable or institutional. Institutional scholarships are those...

Scholarships are free monetary awards that students can use to pay for college. Students are awarded scholarships for a variety of reasons: academic achievement, financial need, extracurricular or athletic involvement as well as just plain old good luck. Given that scholarships are free money, one would think that they can be used to pay for anything, but that’s not always the case. Before you being spending your scholarship money, you need to find out the scholarship stipulations. Can your scholarship be used for tuition only? Can you use scholarship money for living expenses? Can you use your winnings for spring break trips? Knowing the Why to Plan to Use Scholarship Money for Living Expenses It’s no secret that going to college is expensive. But what students and parents may not realize is that there are added costs on top of the tuition sticker price they see as they search for colleges. When it comes to paying for college, students also have to pay for room and board, books, fees, transportation and living expenses. Just as you can use scholarships to pay for tuition, you can use scholarship money for living expenses as well. What some students may not realize is that room and board can oftentimes be just as expensive as tuition – if not more. Room and board typically includes housing, meals and housekeeping of shared spaces, like bathrooms and study rooms. Types of Scholarship Money for Living Expenses When a student is accepted to a college, they oftentimes qualify ...

Paying for your college education with scholarship money is smart. But many students are confused about what scholarships are and how they work. How is scholarship money awarded? What can you spend scholarship money on? How can you find scholarships? If you have questions like these, we're here to help. What Are Scholarships? Scholarships are financial aid awards designed to help students pay for an undergraduate or graduate degree. Sometimes a scholarship comes in a one-time check. Other scholarships are renewable and provide student with money each semester or school year. These financial awards differ from student loans because they don't have to be repaid. So, to answer a question we often hear, you do not have to pay it back if you get a scholarship. Students might receive the money directly as a check in their name. In other cases, the money is given to the student's school. When that happens, the student would pay the school for the difference in any money owed for tuition, fees, room, and board. If the scholarships and other forms of financial aid are enough to cover the direct college costs, the excess money is refunded to the student. Where Do Scholarships Come From? Scholarships come from various sources, including clubs, organizations, charities, foundations, businesses, colleges and universities, the government, and individuals. These scholarships can be merit-based, need-based, or a combination of both, giving you opportunities to continue your education with...

1.3K Shares Paying college with scholarships isn’t as simple as it sounds. • • • • • • • • • Let’s start with the definition, scholarships are simply free money for students to spend on their education. This basic definition includes scholarships awarded for pre-schools, dance classes, camps, and, of course, colleges. When you start asking what are scholarships in terms of paying for college, things don’t seem as simple any more. Now you have athletic scholarships, academic scholarships, and other various merit scholarships. And scholarships are just one kind of Click HERE for FREE Scholarship Tracker Instant Download When paying for college, scholarships are one of two types of free money that falls under the general description of financial aid. Besides scholarships, students can also receive free money in the form of grants. People new to financial aid often assume that scholarships are based on merit and grants on need. Neither is true. Some of the most generous and prominent scholarships such as Why is this important? You may be overlooking valuable scholarships if you limit yourself to these terms. For our purposes, we’ll continue to use the generic term “scholarship” to refer to free money that students receive for spending on paying for college. There are many ways to classify different types of scholarships, merit and need-based is just one way. I think that a more useful grouping for most families is portable or institutional. Institutional scholarships are those...

Scholarships are free monetary awards that students can use to pay for college. Students are awarded scholarships for a variety of reasons: academic achievement, financial need, extracurricular or athletic involvement as well as just plain old good luck. Given that scholarships are free money, one would think that they can be used to pay for anything, but that’s not always the case. Before you being spending your scholarship money, you need to find out the scholarship stipulations. Can your scholarship be used for tuition only? Can you use scholarship money for living expenses? Can you use your winnings for spring break trips? Knowing the Why to Plan to Use Scholarship Money for Living Expenses It’s no secret that going to college is expensive. But what students and parents may not realize is that there are added costs on top of the tuition sticker price they see as they search for colleges. When it comes to paying for college, students also have to pay for room and board, books, fees, transportation and living expenses. Just as you can use scholarships to pay for tuition, you can use scholarship money for living expenses as well. What some students may not realize is that room and board can oftentimes be just as expensive as tuition – if not more. Room and board typically includes housing, meals and housekeeping of shared spaces, like bathrooms and study rooms. Types of Scholarship Money for Living Expenses When a student is accepted to a college, they oftentimes qualify ...

Many students avidly read the scholarship eligibility requirements, but they skip the rules for using the money. Make sure you understand what's allowed and what isn't. Typical Rules for Scholarship Money • What expenses does it pay for (or not)? Some scholarships limit what you can spend the money on. For example, you might be able to use the scholarship only for the expenses billed directly by the college. Or only for certain costs, such as tuition and fees, but not room and board or books and supplies. Or it could be designated for a unique purpose, such as study abroad. • Is it renewable? A renewable scholarship can help pay for your college costs for up to four years. But you will have to meet certain standards every year, such as a minimum GPA, in order to keep it. • What are the requirements for keeping it? In addition to maintaining a good GPA, many scholarships require the student to pursue specific studies, majors, or careers. The Consequences of Misspent Scholarship Money What happens if you use scholarship money for something the rules don't allow? While it's unlikely that the scholarship sponsor will seek legal action, in most cases, you will have to repay the entire award. If the scholarship is renewable, you could lose out on the remaining years. And you'll have to come up with another source of funds to cover the expenses you planned on using the scholarship for. Depending upon the amount of the scholarship, this could be a very challenging surprise to deal...

The amount of money you can expect from college scholarships depends on how many you apply for and get awarded. The number of scholarships you can apply for is unlimited. Many students spend time researching and applying for many scholarships to maximize the scholarship money they receive. If you’re interested in getting the most amount of money possible from college scholarships, there are a few things you need to keep in mind. How likely is a full college scholarship? While the media is full of stories about student-athletes and child prodigies heading off to college with a full-ride college scholarship, the truth is full-ride scholarships are exceedingly rare. College is expensive, and full scholarships are unicorns unless you're in the top percentage of the most sought-after applicants. Even if you excel in athletics and have a grade point average of 4.0, you'll likely need a nice mix of community service, extracurricular activities, and a great story to make yourself stand out amongst the hundreds (if not thousands) of likely candidates you’ll be competing against. But that shouldn’t discourage you from applying for multiple scholarships in hopes of being awarded money for college. Even just a few hundred dollars here and there can help a lot. Also of note, Ivy League schools have moved away from offering scholarships at all — shifting to a need-based aid format to assist students. While that might seem like an additional hurdle if you are a student who is int...