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I'm no expert, so apologies if I say something misleading for your particular situation. My son's National Merit Finalist stipend, awarded by his university, is simply applied as a credit to his account and can be used for any bill that shows up on his account. In his case, it is used for room and board. However, his major merit award from the university, unrelated to NMF, explicitly states that it is for "tuition and engineering fees, including laptop and software". I don't believe there would be a way to apply the funds to room and board or other expenses.
That is a very nice perk you have there. I have heard of some universities offering that deal to their faculty members.
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