What happens when you are rewarded more scholarship money than you need for the school year?

Question

This is not financial aid per say, it is outside scholarships. Not loans. Not grants. Do they take it back? The organizations that awarded them?

Answer 1

If they issue personal checks from their company, you should be able to deposit it in to your personal bank account and do what you please with the funds.  

Answer 2

For me, it means 3 more months without a job.

As far as I know, it's all for the cause.

Party wisely.

Answer 3

Just be happy & dont tell anyone incase it was a mistake.

hahaha.

Answer 4

Go for the Bachelors, then the Masters. <}:-})

Answer 5

You are supposed to tell your school that you are receiving this money because most would lower your loan amount and use the scholarship money towards your classes.

If the scholarship organizations give you the money directly, then you can do whatever you want with it, however, you should do the RIGHT thing and use all of it for educational purposes. My organization gives out scholarships and nothing pisses me off more than students saying they are going to buy things like a video game system with the extra money because there are people out there that are unable to even attend school because lack of funds.

Answer 6

If they want the money..you will know.

Answer 7

If it's a scholarship that's being awarded for some kind of merit (which scholarships usually are) they wouldn't take any of it back because it would basically be money you earned.

The only way they usually take money back is if it is financial aid, which means the government is giving it to you.

Answer 8

If it is already added to your ledger card at whatever school you are at(in other words - deposited toward your tuition/expenses)  then the school has to issue you a credit.  Either that or they can lower your loans.

When you go through Financial Aid you have to fill out a Credit Balance Return form - wherever you designated a credit to go to - whether yourself or your loans - that's where it will go.  

Go to the student accounts office or Bursur and ask for a print out of your account with the school - if you are in a credit go to financial aid and ask them where your overages go and if you can be issued a check.  

For my students - I take the amount of time they are left in school and divide the overage by how many months and issue a monthly check.

Answer 9

yay

Answer 10

That depends on organization but in my past dealings you get to keep the overage.

Answer 11

I know with my college, whatever money isn't used towards tuition and books is given to you to do whatever you please with.