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Leftover scholarship/grant money

mrabia786mrabia786 Registered User Posts: 182 Junior Member
edited January 2011 in College Admissions
Hey guys! Right now, I am pretty sure that scholarship money + federal aid will = to more than my tuition. So after spending all the aid on tuition, what happens to the leftover money? Do I get it, does the school get it? Currently I'm applying for a $10,000 per year scholarship (which I'm pretty sure I'll get) from the college I plan on attending if I get in. If my other scholarships + aid cover my tuition, will the $10,000 be given to me for spending?

Post edited by mrabia786 on

Replies to: Leftover scholarship/grant money

  • URichmond2010URichmond2010 Registered User Posts: 737 Member
    Are you including room and board in that "tuition" figure? Don't forget about buying books and other miscellaneous fees, too.
  • mrabia786mrabia786 Registered User Posts: 182 Junior Member
    I won't be living on campus. Let's say that after all expenses including books, I do have a decent amount of cash left.
  • b@r!umb@r!um Registered User Posts: 10,199 Senior Member
    If any of your scholarships come from the college itself, they might decide to cut back on institutional funding in response to outside aid. Check their policies.

    Other than that, your school should refund the excess grants to you. You might need to complete some paperwork to get the refund - check your school's procedures on the matter. There might be some complications if your total aid exceeds the cost of attendance (tuition + estimated living expenses) but you are good up to that point.
  • mrabia786mrabia786 Registered User Posts: 182 Junior Member
    Thank you for the responses.

    Also, do they require proof (e.g. receipts) that I spent the money on school-related things?
  • 2college2college2college2college - Posts: 1,523 Senior Member
    Are there loans in your package? If so, the smart thing to do is to not take the loan so you'll be in good financial shape after you graduate.
  • mrabia786mrabia786 Registered User Posts: 182 Junior Member
    Nope, no loans at all. Everything is covered by scholarships and financial aid. In fact, I believe I will get full tuition to my dream college. So will the aid be given to me or will I just not get the aid money?
  • metemanmeteman - Posts: 832 Member
    Setup a fake college, say you're going there part-time and use it to launder the money into cash.
  • 2college2college2college2college - Posts: 1,523 Senior Member
    The cost you can get between FA from the Feds and the school and outside scholarship is the cost of attendance (COA) as determined by the school. This includes room and board whether you liven or off campus. So yes, you get to keep some cash. And no, you dont have to say what it was spent on.
  • teachandmomteachandmom Registered User Posts: 1,244 Senior Member
    Your school will report to the fed. govt. the amount you received in scholarships and grants, and any that was not used on approved education expenses (tuition, books, fees, supplies - room and board not counted in approved expenses for taxes) will also be noted on a tax form. You will have to claim that extra scholarship/grant money as income on your next taxes, so be prepared to also have to pay some taxes on it...I was shocked to learn that you can be taxed on scholarship/grant money, even if it is used on room and board! I know the aid still helps, but not if you have to pay taxes on it in the end, and you don't have the cash to pay the taxes because it has been used on other things! Good luck.
  • mrabia786mrabia786 Registered User Posts: 182 Junior Member
    Can the college take away my $10,000 scholarship just because all my education related expenses are covered?
  • mrabia786mrabia786 Registered User Posts: 182 Junior Member
  • 2college2college2college2college - Posts: 1,523 Senior Member
    We need more details. What does the schools current package look like? They can use an outside scholarship to replace parts of the institutional award.
This discussion has been closed.