Do any of you know ways to search for scholarships that give you actual checks, to be used for any purpose, including non-educational ones? I would like to apply for them and invest the proceedings. Are there scholarship websites that allow you to filter scholarships for those that dish out checks for any purpose?
Good luck. The purpose of most scholarships is to pay for tuition, or at least living expenses while a student.
I have heard that at some colleges, if you are given a scholarship by the college, after you are done using the scholarship to pay for tuition and educational expenses, they will issue the remainder as a check. Do you know if the UC Regent’s scholarship does that?
Also, there are numerous $500-1000 scholarships given by private institutions or individuals; do you know of larger amounts in which an actual check is issued? Any recommended essay contests, in particular? For example, the Fountainhead essay contest actually issues check awards.
I think many colleges will reduce their grants by the amount of outside scholarships, so often times there isn’t anything to be refunded. If you want money to invest, why don’t you get a job and use some of your income?
The UC Regents scholarship is NOT in excess of the cost of attendance.
ETA…most colleges will not a,low you to stack scholarships beyond the cost of attendance. If you receive an outside scholarship, the college MUST be informed of this money you are receiving. Once your scholarship amount gets TO the cost of attendance, your school can reduce any money they award to you themselves.
even IF you find you can do this…you would need to get some hefty scholarships have any refund come to you. The college will first pay all of your billable costs to them.
Also, some scholarships are very specific…they MUST be used for college costs…and investing is NOT a college cost.
I’m not sure where you got this idea, but it is very unlikely to be one that can actually happen.
Yes, colleges will issue a check for any over payment of billed amounts, including loans. If your college gives you a full ride scholarship and you also have outside scholarships that AREN’T for tuition only, then you might get some of the money back. It is very unlikely, but you have to know the terms of the scholarships, the terms of the merit award you are getting from the school and whether either allow you to keep amounts in excess of tuition or COA.
If there were lots of little $500 or $1000 scholarships available, everyone would be stacking them up. There just aren’t that many available so that a student would have so much overage that it could be invested. Students are using their scholarships to pay for school.
Where do you plan to invest this?
And don’t forget that you would owe income tax on any scholarships in excess of tuition and legit expenses (room and board are not legit expenses).
That is correct. You would pay taxes on any scholarships in excess of qualified educational expenses which are tuition, fees, book. Room, board, personal expenses, and transportation are not qualified educational expenses.
If you get a refund, which is unlikely per the reasons listed above, you can invest that money since you have to pay taxes on it anyway at that point.
Proceedings?
Thumper1, Can you send me a link or source of information as to where you concluded that UC Regents Scholarships are not in excess of cost of attendance?
My parents have saved enough for my entire undergraduate tuition and room and board. So do you mean even if I get a scholarship from UC, they won’t give it to me as a check?
They will not give it to you as a check. Your parents will have their money (saved) and the Regent money will be applied to the tuition bill. Why would your parents pay tuition if it is covered?
If the COA is $20k, the Regents isn’t going to be $25k.
Why would any university award a scholarship that exceeds cost of attendance?
Twoinanddone,
Suppose this. COA is $20k. My parents saved $20k. Then I get the scholarship. My parents agree to still pay that $20k, despite the scholarship. Will the regents send me an actual check, then?
If the Regents scholarship gives you a net negative balance after you pay tuition to your school (and whatever else you owe them), then you get the excess money back in the form of a refund check.
Editing this in case you are confused by the other two people. I am not Regents, but I have a friend who is and gets a small refund check every quarter. They aren’t large because all other aid is adjusted to be a smaller amount because he does get so much from Regents. And no, he has no loans or outside scholarships.
Why don’t you get your parents to give you the scholarship amount? Oh, wait, it isn’t your money…
OP, in another thread, you’re already a comm college student. What makes you think you’d get the Regents? And I can’t believe you’re so eager to “invest” the smallish amounts you’re talking about. Is this about something else?
“Why would any university award a scholarship that exceeds cost of attendance?”
It doesn’t need to exceed COA. It needs to exceed direct expenses.