Scholarships are a great way to fund your college education, but it's important to understand what you can use the money for. College scholarships are intended to cover many of the average costs of higher education, such as tuition, room and board, and living expenses. To a large extent, the amount of financial aid you are eligible for may vary from year to year, so it may be more financially beneficial to save your scholarship for a later academic year. The money left over from the grant is given to you for other expenses, such as books and supplies.
If you find yourself in need of bridging the gap between your federal aid and any scholarships or grants you earn, private student loans can help you close that gap. No matter how much scholarship money you are awarded, each scholarship will designate exactly what the money can be used for. If this is the case, talk to the financial aid office to reduce or replace student loans or student employment with your scholarship, so that you still benefit from earning the money. A scholarship provider will send funds directly to your student account, which will reduce the total cost of tuition.
But there are also state scholarships or grants issued by your university with conditions such as maintaining a specific GPA. If you have any questions, talk to your financial aid office for guidance on how to use scholarship money and what expenses, such as these, can be covered by scholarship money. If you can't find that information, contact the scholarship provider directly and ask if your scholarship will cover room and board. Living expenses scholarships can cover these costs, but it's important to understand the types of living expenses that scholarship money can cover before spending them.
When he was in high school, McGeough had applied for more than 30 scholarships, hoping to qualify for at least one. So why aren't more people applying for scholarships? “The application process can be intimidating, time-consuming, and often fraught with rejection,” Berkey says. Whether you apply for national scholarships or within your local community, you're sure to find some that you're eligible for. Merit-based scholarships provide financial aid to students who demonstrate academic excellence and individual achievement. If using your scholarship this year will result in the loss of other forms of financial aid (such as a grant), ask the scholarship provider if you can defer your scholarship for a future year.
You may also receive a refund check from your university for unused scholarship funds. Scholarships come with conditions, such as requirements to maintain a minimum grade point average, take certain types of classes, or pay for specific items as mentioned above to ensure that you will use the scholarship for your education.
