A few days ago
What can I do with scholarship money?
Let’s say I win a $50,000 scholarship for school but finacial aid covers all my tuition room and board and books. Do I lose the scholarship for 50grand or does it become my money and I can spend it on anything?
Top 2 Answers
A few days ago
Favorite Answer
Often, when you win a scholarship for sources outside of your school, your financial aid office will require you to report it to them. This will probably lead them to reduce some of the aid they offer you. Sometimes, they will deduct from the loan amounts they offer you, but if you don’t accept their loans anyway, it won’t really matter to you.
However, they will not give you aid money, if your total amount of aid money (from financial aid or scholarships, etc) is greater than your estimated cost of attendance.
For instance, if you won a $50,000 scholarship that will pay for your school for 2 years (i.e. $25,000 per year) and your cost of attendance is only $20,000 per year, then you will probably not get any financial aid from your school for that amount of time.
This may be different for your school, depending on if it’s a private or public school, or it’s location (i.e. in the US or not). So you might want to check with sources that are more specific to your school and location.
Hope this helps.
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A few days ago
far as i know you get the money in the bank….
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