Scholarships and grants can be a great way to bridge the gap between pocket money and financial aid. But what happens when you receive more money than you need for tuition and fees? If you have leftover scholarship money, there are several ways you can use it. When you win a scholarship, you must declare it to your school so that they can include the amount in their general aid package. The school will review your scholarship and may subtract it from your aid package.
If the amount of your scholarship exceeds the cost of tuition and fees, your college or university will often send you a refund for the remaining money. Keep in mind that you may have to pay taxes on that amount. If you have leftover scholarship money, you can use it for other education-related expenses that are not normally covered by scholarships. These could include double XL sheets for the bed in your new bedroom, a microwave to heat instant ramen cups, or a padded coat to withstand that long walk around campus in the cold.
You can also use the money to apply for the CareerFitter grant by writing about why you want to follow a particular path. The Gen and Kelly Tanabe Scholarship is another option for students who have leftover scholarship money. This merit-based award is available to high school, university or graduate students. Sponsored by Going Merry, a one-stop shop for all your scholarship needs, this contest requires very little work on your part.
You can also use your scholarship money to pay for tuition, fees, books, supplies, and any other equipment needed for your studies. 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. When you have leftover scholarship money that you can't use for your education, you must declare the scholarship money as taxable income. It may be more financially beneficial to save the scholarship for a later academic year as the amount of financial aid you are eligible for may vary from year to year.