Gloria Said:

Do I send scholarship money to my college?

We Answered:

if you are already registered at the college for the next semester, then yes. i would definitely send it to them to be applied to your account, if you have any financial aid awards (like pell grants) then it will offer you more of that money to use on books and other items you may need. also, it reduces the temptation to spend it unwisely by giving it to them early. by the way... congrats on winning the scholarship, in today's competitive market that must mean that you really stood out somehow..kudos to you!!

Dale Said:

Do you have to claim college scholarship money when filing your taxes?

We Answered:

If it was used to pay for tuition, fees, books, equipment, or supplies, then no. If is was used to pay for room, board (food), or anything else, then yes...it is considered ordinary income. Check out page 5 of the attached IRS document for a complete answer.

Rachel Said:

college scholarship money used for the wrong thing?

We Answered:

If these were private scholarship funds, awarded to her by some private organization, your friend's responsibilities are dictated by whatever agreement she signed when she accepted the money.

IF the scholarship organization became aware that she used the money for purposes other than to cover educational expenses, they COULD elect to sue her for fraud. If we're only talking about $1000, it's likely that the organization would find that the time and expense of that action would be prohibitive.

This is a concern for any scholarship awarding organization - obviously they want to make sure that their limited funds are devoted only to students who will use the money as it was intended. There is probably language in the agreement that explains what might happen if your friend fails to use the money appropriately.

Some scholarship awards have documentation requirements - here's an example:

"Recipient must document with receipts or
enrollment records how the scholarship money was spent. Inappropriate use of scholarship funds will
be subject to full or partial reimbursement up to the full amount of the award."

If you are really bothered by your friend's conduct, you have the right to contact the scholarship organization and alert them to your concerns. I'm not recommending that you do (or don't do that), but the option is there for you to consider.

I hope that helps!

Grace Said:

What will happen to scholarship money that is left over from college tuition?

We Answered:

Some scholarships are paid directly to you. These are usually not related to the college you're attending. Most scholarships are paid directly to the college.

In most cases, you get "financial aid Christmas" -- that's a day each semester when we get all of the excess financial aid money in our financial aid account. ?

Caution though - many scholarships are need based. That means if you get another scholarship that covers cost, you no longer have "need" and drop that one.

Know too - very often, if there is excess money (above tuition) in your financial aid account, you can charge your books to that account at the campus bookstore. There may be an application fee to allow this - look into it. Otherwise, you have to buy your books out of your pocket well before 'financial aid Christmas'.

Nicole Said:

What are some websites that could help with scholarship money/college tuition?

We Answered:

www.collegeboard.com can help.

Florence Said:

Will a college increase the amount of scholarship money rewarded if your grades are better senior year?

We Answered:

most colleges only look at your grades btw freshmen to junior year. but since you are taking ap's it will certainly save you lots of buck. but you score a 4 or a 5 on you ap exam you will save lot and money in college. scholarship is something that you have to find out yourself with the scholarship department in college. sometimes if you do well in your first year, most likely you will be offered with some scholarship.

Rosa Said:

What are good scholarship ideas for college money?

We Answered:

Contact the Financial aid Office at the college and they could help you.