So I was awarded $1000 scholarship from an organization and it’s a check written out to me. I immediately forgot about it and I’ve already submitted my FAFSA. I also didn’t receive any scholarships from the school, and my parents already got the federal loan. Was I supposed to report this in my FAFSA? Do I report this to my school (state school if that matters)? Or do I just cash this check in to my personal bank account?
Yes, you must report it to your school
Alright, thank you for the help.
you can ask the school if you can use the funds for a one time purchase of a computer. otherwise they will use it to reduce what you owe to the school by $1000
^^Not necessarily. BlackJesus96 didn’t say he was on full financial aid. Both my kids got outside scholarships their first year and it didn’t change anything. Neither was getting need based aid, but both had lots of other types of merit scholarships. They had ‘room’ in their bills/awards because we were still paying some of the EFC not covered by merit scholarships. Neither took a student loan that year, and I think it would have turned at least some of it from subsidized to unsubsidized.
Just report it to your school. When you get your 1908-T form for your taxes, check if the school included it. Usually not if the money wasn’t run through the school.
Don’t forget about the scholarship when you do your taxes for 2017.
Scholarships and grants in excess of tuition, fees and books are taxable income for you.