Scholarship money is a form of financial aid that helps students pay for college tuition and other education-related expenses. It is not allowed to convert scholarship money into cash, and it is important to remember that the funds are intended for a specific purpose. Generally, you cannot use the scholarship money for another reason, such as paying off student loans. Each scholarship has its own eligibility criteria and application requirements, and some also have their own rules about what the money can be used for.
It is important to read the eligibility requirements for scholarships carefully, as you cannot use the money for just about anything you want. If the conditions relating to your scholarship are not clear, contact the scholarship provider to ask about living expenses, materials, etc. If you find yourself in a situation of using it or losing it, beneficiaries can try to contact the source of the scholarship to find out how they can keep their scholarships for later use. Scholarship money can be used to pay for education expenses that your school deems necessary, such as books, laptops, lab equipment, homes, and more.
However, spending scholarship money on something other than education-related expenses is subject to scholarship spending rules imposed by the scholarship committee. If the scholarship expires, you won't be able to spend the scholarship money on tuition and related costs.The best alternative, instead of going into debt for student loans, is to find scholarships and other forms of financial aid to pay for college. You can try contacting the source of the scholarship and your school's financial aid office to learn how to set aside the scholarship money for later use. All the money you earn in the form of scholarships is yours; you don't have to pay any interest on it or have to pay it back.