What Will Happen To Scholarship Money That Is Left Over From College Tuition?
Posted by admin on 30th September and posted in scholarships
I am getting ready to enter college and I have a state-funded scholarship that pays for my tuition at a state college (Louisiana’s TOPS Program). However, I have many other things to pay such as books, housing (off-campus), and electricity bills, meals, gas, clothes, entertainment, etc. My question is this: If I get additional scholarships, will I be able to use that money to pay for what I chose? Does my college regulate that money, or can I use it to pay rent or bills? Do I receive the money or does my college receive it? What happens to scholarship money once college tuition is paid?
Some scholarships are paid directly to you. These are usually not related to the college you’re attending. Most scholarships are paid directly to the college.
In most cases, you get "financial aid Christmas" — that’s a day each semester when we get all of the excess financial aid money in our financial aid account. ☺
Caution though – many scholarships are need based. That means if you get another scholarship that covers cost, you no longer have "need" and drop that one.
Know too – very often, if there is excess money (above tuition) in your financial aid account, you can charge your books to that account at the campus bookstore. There may be an application fee to allow this – look into it. Otherwise, you have to buy your books out of your pocket well before ‘financial aid Christmas’.
It really depends on the terms of the scholarship you have received. Some will actually allow the college to give you the remainder amount in the form of a check while other scholarships will be applied to future college tuition bills. The best option is to complete the FAFSA form because it will tap into need based financial aid including the work study program. I have included some websites below containing great information. Good luck!
References :
http://www.fafsa.ed.gov/
http://www.finaid.org/
http://www.collegeboard.com/ (includes some college funding advice)
http://www.careersandcolleges.com/