<p>If I got a "full ride" at a school, and then won scholarships, where would the money go?</p>
<p>You usually have to tell the schools about any scholarships you receive. Was your "full ride" for tuition only? Or was it for all costs? Each school has its own policy regarding where the money would "go". At some schools, an outside scholarship will reduce any merit aid you receive. At some schools, the outside scholarship will reduce other parts of your finaid package. In most cases, aid cannot exceed the cost of attendance. Check with the school.</p>
<p>don't some also "pay" you the extra money?</p>
<p>Most have stop "paying you" the extra money because of double dipping. For other scholarships that are not directly used for tuition, it will be considered taxabe income</p>
<p>When I say full-ride I am saying everything (tuition, room, board, books, etc.). </p>
<p>So if that happens and I get a scholarship, then I get the money, but it is taxable income?</p>
<p>Im talking about receiving outside scholarships.</p>
<p>Most schools REQUIRE you to let them know of any outside scholarships you receive. Each school has a way of dealing with this as I put in my post above. The bottom line is in most cases you will not be able to receive more money than the cost of attendance (including tuition, room, board, fees, expenses).</p>
<p>I received a full ride from a state school, and a merit scholarship from a small private, but I did not report that to other schools where I've applied. Was I supposed to? Since the offers are for use at those particular schools only, I didn't think it would matter anywhere else. I thought when they say "outside scholarships" they were referring to something like the Coca-Cola scholarship for example. Can anyone clear this up?</p>
<p>money received for room and board, is considered taxable income and will be reported to IRS.
yes I believe that if you receive a merit scholarship from a private school that is not going to be transferable, if you attend a different school</p>
<p>Happygolucky, you are right. Scholarships from other schools don't count, just outside ones such as Coca-Cola.</p>
<p>Thanks for clearing that up for me over30 -- wanted to make sure I'm filling out my forms correctly!</p>