<p>Hi, I have a question about scholarships. Full scholarships usually cover expenses such as food, books, tuition and living, but are there hidden expenses? Or are there aspects of college that is does not cover that could cost some money?</p>
<p>It is my understanding that a college will tell you how much money it is prepared to award to you so and how much it costs to attend and live at the college, so that you know exactly what is and isn’t covered. A full scholarship might not pay for pizza, laundry tokens, copying things at the library, etc.</p>
<p>Yes, often all the miscellaneous little things like printing, parking, club dues, entertainment…and income taxes! You should be aware that the portion of your scholarship which covers non-qualified expenses (room, board, personal, transportation) will be treated as income for tax purposes. If your total income for the year exceeds your standard deduction ($5700 for single dependent students) you will pay income taxes on the excess…so it’s best to estimate and plan for that. Otoh, if your parents are as thrilled as I’d be with a full ride, maybe they’ll go ahead and pay the taxes for you:)</p>