Scholarships are a great way to help pay for college, but it's important to understand what expenses are covered by the award. Some scholarships may allow you to allocate the money to campus transportation costs, but having a car is not one of them. You may be tempted to use the scholarship money for personal expenses, but remember, when you win a scholarship, you're signing a contract with the scholarship provider. Educational expenses, such as tuition, books and other course materials, are usually covered, but what is considered “education-related” may vary by provider, so be sure to review the rules for each award.
While not all scholarship programs cover room and board, many consider this to be a cost of attendance. However, many scholarships make a distinction between on-campus housing and off-campus housing, with a preference for living on-campus. There are even private scholarships that exist specifically to cover the cost of books. Even more important than paying for those books is using them.
Do you need some tips on how to make studying for that big semester a breeze? Look no further. Sitting in a conference room trying to doodle notes by hand can make getting that great GPA much more difficult, which is why most college students prefer to use laptops. This is an expense that is considered education-related for some providers, but not for others. It's a good idea to check the small print on your private scholarships before using the scholarship money to pay for a computer.
Transportation to and from campus is another cost of attendance that can be difficult to decipher. Some prizes will cover expenses such as bus fares or parking. However, many other scholarship programs consider this a personal expense, especially if you're traveling between states or across the country. Financial assistance through private scholarships is often need-based and competitive, which is why college students should never abuse the free money that comes with these awards.
It's important to read the fine print of all forms of financial aid and understand what it covers and doesn't cover.
Buying a car
to drive to and from campus is an expense that many college students incur. Unfortunately, it's not something that can be covered with scholarship money. Because your car can be used for many different things, such as travel, recreation, and commuting to work, paying for the car is considered a personal expense.Double XL sheets for the bed in your new bedroom, a microwave to heat instant ramen cups, and a padded coat to withstand that long walk around campus in the cold are examples of personal expenses that most scholarships don't cover. Additional living expenses on campus, such as fees for activities, clubs, attendance at sporting events and training classes, are also included in this category.Many college students wonder if they can spend their scholarship money on student loan repayment.It's a good idea, but the answer is no. Prize money cannot be used to repay federal or private student loans. It may be tempting to want to put extra money in your bank account to help pay off those loans, but this is definitely not a college expense.Depending on your financial needs, you may qualify for student loan forgiveness on some federal student loans. Check out this handy manual on federal financial aid.
While investing for the future is a noble goal, spending scholarship money on investments such as stocks and bonds is not allowed. Even if you plan to pursue a major in finance or economics, this type of spending is not considered an educational expense.Depending on the conditions of your scholarship, you can use these funds for other education-related expenses. If you haven't used the scholarship money yet, check with your school's financial aid office as you'll have to pay taxes on these funds as income. Yes, your scholarship money can affect your financial aid.
But if you're lucky enough to win a scholarship, you should report this change to your school's financial aid office.But don't let this stop you from applying for scholarships! Free money is never a bad thing. Often, the effect on your financial aid will be a reduction in student loans or work-study programs; it shouldn't result in you having to pay more money for college.None of these scholarship programs require letters of recommendation, minimum grades or essays of more than 1000 words. If you are looking for more scholarships like these we have found 26 more with simple and straightforward applications.The American College Foundation is an online reference tool to help high school students prepare for college; they know that paying for higher education is half the battle which is why they created the Visionary Scholarship. To enter the competition you'll write a 400-word essay about the biggest influences on your interior design style; another part of the application is your Houzz profile which should show your portfolio and your personal style; this award is open to undergraduate and graduate students.Porch is an online portal that connects homeowners looking to remodel their homes with contractors and other skilled workers; they offer the Porch Skilled Trade Technology Grant & Digital Responsibility was founded by a group of technology executives to educate young people on how to use technology responsibly; in service of this mission they created the Don't Text and Drive grant which advocates safe driving.If you're not so sure what you want to study in college or what you want to pursue after you graduate CareerFitter could help; they have created a career test together with psychologists which helps identify meaningful careers that fit aspirations; once identified apply for the CareerFitter grant by writing about why you want follow that particular path; answer must not exceed 900 characters.Dream big and have fun thinking about your future! Instead get an estimate of number of scholarships eligible for; just answer 7 quick questions no registration required.Not using scholarship funds for education-related expenses may cause the award provider revoke funds or require repayment; if unsure about what expenses are covered contact school's financial aid office or review rules each award.
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