Can you use scholarships from this year to pay off last years loans?

Question

I didn't have a good school record before this year, but I've turned things around and I am now eligible for lots of scholarships and grants. I think I can get this year covered and then some. My question is wither of not I can use this year's funds to help pay for last year's loans.

Answer 1

Scholarships typically are paid directly to the school and are only put toward tuition (books, room and board in some cases).  You cannot 'cash out' a scholarship like you can leftover grant money.

While your idea has merit I don't believe it will wash.  

Talk to your financial aid officer at your school.  I could be wrong and you could luck out.

Wishing you the best.

Answer 2

It might vary per school. I have extra financial aid this year at Temple and know that I'll receive a check for the amount extra, so I plan to put it to my future years. My guess would be that if you have money left over after you pay for this semester, you'll get a check and use it however you please. But, you might want to contact your school's financial office just to be sure.

Answer 3

Yes, but this is only if you get those scholarships and only if you have money left over from them.