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CollegeData - Using Scholarship Money: What's Allowed?

Using Scholarship Money: What's Allowed?

Scholarship sponsors often have rules about how you can spend the money. You could lose your award if you don't abide by the rules.

Many students avidly read the scholarship eligibility requirements, but they skip the rules for using the money. Make sure you understand what's allowed and what isn't.

Typical Rules for Scholarship Money

The Consequences of Misspent Scholarship Money

What happens if you use scholarship money for something the rules don't allow? While it's unlikely that the scholarship sponsor will seek legal action, in most cases, you will have to repay the entire award. If the scholarship is renewable, you could lose out on the remaining years. And you'll have to come up with another source of funds to cover the expenses you planned on using the scholarship for. Depending upon the amount of the scholarship, this could be a very challenging surprise to deal with!

How to Resist Temptation

If possible, have the scholarship money sent directly to the college. The college can then apply it directly to your bill.

What's Next?

Note: Financial information provided on this site is of a general nature and may not apply to your situation. Contact a financial or tax advisor before acting on such information.