Scholarship Money... where does it go... what is it used for?

Question

Once you get scholarship money.. where does it go? Does it go in a bank account.. if so, do I need to make a bank account?
Can I use it for more than school? What are my limits?

Is there a website that covers all my questions about scholarships?

Answer 1

Actually, where the scholarship goes depends on the donor. The donor decides whether to hand you a check after you give them proof that you are enrolled in a university or to send it directly to the university. Sometimes scholarships by local businesses are handled that way. In those cases yes you simply can deposit the money into your bank account and save it for later use, the school wouldn't know you got that scholarship unless you present it to the Financial Aid office. However, most scholarships are sent directly to the school in which case it will be put towards your tuition and fees including dorms and meals if you are staying on campus and if there is any money left over, the school will give you a check or a debit card with that money. The downside is that if it goes directly to the school it will be limited by Cost of Attendance (COA). Each school comes up with a budget of how much it will cost to attend school there. The COA includes Tuition & Fees, Room & Board, Books, Travel and other misc. expenses. COA will vary depending on whether you live on-campus, off-campus, or with parents. Schools can only put in a student's account any grants, loans, scholarships up to COA, if COA has been covered, scholarship money will have to be sent back to the donor, or put into a later term (for ex. summer) if the donor agrees. So, my advice is if you get a check directly from a donor and it is made under your name only (if it has the school name, it must be deposited by the school) you don't need to present it to the school, but that does not mean you should go on a shopping spree. Scholarship money is hard to come by, so if you get extra money one year put it into a savings account and save it for later use. Most businesses, schools, and institutions give the most money away to Entering Freshmen, so if you get it, save if for later.

Answer 2

Who cares? .. All I know is that I am poor.. and my kids have worked real hard to get scholarship dollars.. and are now able to go at hardly no cost. Actually.. I do care.. and I am thankful that the money is there for them. It does not go into a bank account.. And you cannot use it for anything other than education.. which is its purpose. So NO.. you cant get a new wardrobe on scholarship dollars... if that is what you were wondering... education only.. however, there are student loans for that.. but it is repayable... with interest...

Answer 3

The way the money is send it depends on the school.The money is usually sent to the school to pay for your stay in school.If there is left over money then it will be sent to your house by check and you can spend the money on anything you want.I depends on how much your school costs.If all the money is sent to you and none to the school then you must give it to their financial aid office.