<p>I know that this forum is mainly about getting financial aid, but I was wondering what to do when you receive too much aid. I just received a $40,000 scholarship from my first choice school. I wasn't counting on so much, so filled out tons of other local scholarships as well. My question is, should I keep going with scholarships or stop? I'm under the impression that what isn't used for my education goes to me after I get my degree. That in itself gives me strength to keep going.</p>
<p>no, scholarships have to be used for school stuff</p>
<p>Indieice - your school will usually reduce its aid by the same amount as any outside scholarships received. If there are loan or work study components to the school's offer, the outside scholarships might substitute for those, which would be better. But you will not get to pocket the excess over cost of attendance. What a nice problem to have! </p>
<p>There would not seem to be any reason to keep applying for outside scholarships, unless you like collecting them like trophies, or there is the slightest, slimmest chance you might change your mind about where you will attend and might need them after all.</p>
<p>If that $40 k is really $10 k a year for four years, unless that covers the full cost of your college education (including room, board, books), you still could benefit by getting more scholarships. Some colleges cost $43 k a year when one includes all of the costs. Even some state schools cost $12 k a year or even more when one includes room and board.</p>
<p>it depends on the scholarship if the money is yours. For a lot of scholarships, they can only be used for education, but others let you use the money if you get more aid than you need.</p>
<p>Don't forget that ALL AID ABOVE TUTION, BOOKS, AND FEES IS TAXABLE.
The schools send, every year, a tax form to you and the IRS telling them how much tuition and fees are, and how much scholarship money you got from them. So do scholarship services - - my kids have gotten many private scholarships and I got forms in the mail all February. Even if you don't get a form, the amount will probably be reported to the IRS. You must report this. Of course, if you your total income, including scholarships and jobs, is low enough, you may not owe taxes.</p>
<p>Note that money for room and board IS taxable. So for example, though my son's school costs $40,000, the form they send the IRS reports somehting like $31,000 for the tuition amount.</p>