Hello. I received scholarship money that will be directly awarded to my school financial aid. However, I’m wondering if It is a bad idea to ask my scholarship donor to distribute my scholarship check payable to me… I received more scholarship money than the cost of attendance, so I’m about to get reduced in my school financial aid packet, as well as not being able to receive my scholarship money at all. I’m trying to find a way to utilize all the money I receive…
Yes, that’s a bad idea. Do you want to jeopardize your financial aid?
Maybe ask the donor to give it to the school in January instead.
You are getting some of the scholarship, the part that replaces your loans and work study, so that you have no debt and don’t have to work on campus in your first year.
Are all your scholarships renewable? Can they be deferred to future years, or grad school?
Also remember that any scholarship that covers anything but tuition, qualified fees and books, is taxable income.
@ mommdc Thank you for your response! Two of my scholarships are renewable, and those two scholarships fulfill my COA for my entire four years of attendance. So even though I defer my scholarships to future years, I will still have extra money over the COA.
Will the scholarships reduce your self help? That would be work study or loans? If so…that’s a good thing.
Also, some schools will increase your cost of attendance for one time purchases like a computer…so call your college and ask.
You are fortunate that your awards cover your full const of attendance.
Will you go to summer school?
Ask your school if scholarship money can be used to purchase a laptop before reducing aid.
One reason it would be nice to get the scholarship check sent to you before the semester starts is that you can use that money for start up costs, for travel, to buy books. In the end you will receive the same amount, and even if the scholarship money is sent to you it must be reported to the school, but it often takes schools several weeks to get the excess money to you once the semester starts.
If you really don’t want the funds now, it is possible to delay the money until you can use it - for study abroad, for grad school, for a summer program. You need to discuss the possibilities with the financial aid office.
Not only is it a bad idea, but the donor almost certainly won’t do it.
@thumper1 Thank you. I didn’t get any loans or am not participating in the work study program. All my money that I received were grants or scholarships. So overaward will only negatively impact my financial aid status. I’m thinking of utilizing that extra money for purchasing a new laptop. Thank you for your comment!