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extra money in scholarships?

consgrafelopeconsgrafelope Registered User Posts: 70 Junior Member
i am just beginning to apply for scholarships and i was wondering what you do if you win more money than is needed for college. Like lets say that you apply for 10 scholarships, and get $5000 out of it. And then, after you have won these, you find out that a college has given you a full ride scholarship, covering tuition, books and room and board. Do you still get to keep the $5000, and save it for something like a semester abroad, or do you have to notify the people who gave you the scholarships and decline them? thanks!
Post edited by consgrafelope on

Replies to: extra money in scholarships?

  • MarylandMomMarylandMom Registered User Posts: 255 Junior Member
    I think you get to keep all extra money that you have earned but outside scholarships usually get applied to your account before any college grants etc. are applied. So they use up that money first.
  • burnsk8erburnsk8er - Posts: 253 Junior Member
    So is it
    5000 (outside scholarships) + 45000 (full ride) ? Or...

    50000 (total) - 5000 (because you have 5000 in outside scholarships)?
  • indieiceindieice Registered User Posts: 74 Junior Member
    I think it varies from school to school. My school just adds up all the scholarships. I guess you have to ask your college. I think private and ivy league schools are more accustom to using outside scholarships to cover their grants (or so I assume. I know mostly people at state schools and never knew of the whole use the outside scholarships first thing. seems unfair to me.)
  • CopterMomCopterMom Registered User Posts: 167 Junior Member
    If you have received aid from your school (ie full ride) to cover tuition, room, board, travel expenses, books, computers and incidentals all in GRANTS - a true "full ride" - any outside scholarships are yours to keep. However, you will not be allowed to profit over the amount of actual college costs and your college grant will be reduced. You will not receive a refund/payment for the amount over costs that you bring in in self-aid.

    Even with reducing your grants you will still be receiving a "full ride" but the grant money they remove from your aid package will be given to another student needing financial aid. You have your full ride and someone else has help.

    If any of your full ride aid package is in the form of loans,(not a true full ride but 100% of need met) any outside scholarships should be applied to these amounts first. It is less money you will be borrowing and eventually have to repay. Follow up with your FAO to verify this policy. Negotiation on this is possible if it is not automatic.

    D just received outside scholarship and was able to have it applied to EFC rather then applied to loan amount. Loans of course need to be repaid (later) but immediate fund needs have been reduced for her.

    On a side note:
    What you may want to check into if you find yourself in this wealth of aid situation -

    Inquire of the outside scholarship administrator: What would happen if you turned down their scholarship (with a thank you very much)? Would it be awarded to another student (perhaps someone in your area if it is a local scholarship, thereby helping someone else, perhaps someone you know, receive funds they may need for school) or is it put back into their general funds until next year and not awarded at all for that year? Then decide to accept or decline. This won't affect your finances one way or the other, but it is just a "nice" thing to do for local scholarships.
  • indieiceindieice Registered User Posts: 74 Junior Member
    I'm still under the impression that the scholarships are yours to keep. The checks go through the school, and any extra is given back to the student. I received a 10K scholarship (college is about 11K a year). I recieved a $500 scholarship from their honors college, two grants, and a loan. I won three outside scholarships totaling 5K. One grant and the loan were cancelled. These outside scholarship checks are sent to the financial aid office, and I'll get the leftovers.
    I've seen topics about this previously (one started by me a while ago), but can't find them now. Don't turn down any scholarships until you contact your college.
  • CopterMomCopterMom Registered User Posts: 167 Junior Member
    You're absolutely right about not making any decisions about turning a scholarship back without speaking to your FAO. In your case, indieice, the FAO may help you use as much of your outside aid overage as possible including providing a way to use some of it for a computer or as a stipend for "living/ traveling expenses" you may incur. Or if you have an overage, negotiate having your credit balance carried forward to reduce next year's expenses. It could happen! I never say never! With the thousands of schools out there, there are that many ways of handling financial aid. Be as determined to keep your awards as is possible, but don't count on getting a refund check.
  • COols875COols875 Registered User Posts: 382 Member
    I have more money than I need right now. I have 25k worth of scholarship money but have only used 2000 for frosh year. What I did was contact the scholarship organization and had them hold my funds for future years.
  • arangatanarangatan Registered User Posts: 109 Junior Member
    yea sometimes they save the scholarships for grad school, or sometimes they let u apply toward "educational" costs like laptop, etc.
  • willow_41zwillow_41z Registered User Posts: 299 Junior Member
    Coptermom, how did you convince the FA office to apply a scholarship to EFC instead of loans?
  • CopterMomCopterMom Registered User Posts: 167 Junior Member
    Amazingly, I didn't have to convince our FAO. I asked if it could be done and she said yes. You just don't know until you try!
This discussion has been closed.