<p>If scholarship money is in the form of checks, can I put them in my bank and use them for any purpose?</p>
<p>Yes, but, of course, you still have to pay the college bills for which the scholarship is given -- and, if it is an outside scholarship for which you get a check and then you decide to skip college, they will be demanding that you pay it back. Note that scholarships awarded by colleges (and many from the outside) are generally not checks to you but come in the form of credits towards your college tuition (or room and board) bills, or, if from outside, in the form of checks made out to the designated college.</p>
<p>from finaid.org website:
<a href="http://finaid.org/scholarships/%5B/url%5D">http://finaid.org/scholarships/</a></p>
<p>t is important to ask the school's financial aid office about its outside scholarship policy, since this can affect how much you benefit from winning a scholarship if you are receiving need-based student aid.</p>
<p>A portion of your scholarship might be taxable. Usually amounts used for tuition and required fees are tax-free, but you should review the rules to ensure that you report the scholarship correctly.</p>