Scholarships and grants can be a great way to help pay for college, but what happens if you receive more money than you need? Can you have too much scholarship money? The answer is a bit complicated. The issue isn't necessarily the number of scholarships you apply for, but rather the amount of money you earn with the scholarships you win. Generally, scholarship funds are used for tuition, but more scholarship money can be used for other related expenses, such as room and board, books, and other education expenses. If you have an excess of scholarship money, you may be able to use it to pay off your student loan or other expenses.
It's important to note that if your scholarships and grants exceed the total cost of attendance, your school may send you a refund of the money left over from the scholarship. However, this refund may be subject to taxes. If you decide that you don't want to use your scholarship money, it's important to contact your provider and your financial aid office to understand the right course of action. Some university and scholarship overgranting policies may reduce or maintain the award they originally offered because other scholarships or resources were received.
Money left over from scholarships is incredibly rare, as students can only receive the amount needed to cover tuition. Scholarship providers really want to help students by providing them with all the financial aid they need, so discuss the circumstances of your money with your provider to see how you can use yours.