In this post I’ll give the key steps to take after winning a scholarship:
Winning a scholarship is a huge deal! Also, it can be a lifesaver when it comes to paying for your education. But, let me tell you, it comes with a lot of responsibility on your end. You need to make sure the money gets to the right place and that it’s distributed properly. And what I mean by distributed properly is that you spread out the funds evenly between the semesters. You want to ensure you all your school expenses are covered and not leave money on the table. We failed to understand this in the beginning, and it cost us almost.
Here’s What You Gotta Do After Winning a Scholarship
First and foremost, read the fine print. Make sure you understand all the requirements and obligations before accepting it. Scholarships normally come with some stipulations. These include things like what types of expenses it can cover, which semester it must be used in, and if there is an obligation for it to pay last after all other funds have been applied.
One local scholarship my daughter won required her to participate in their charitable 5k run before they would send the funds. The scholarship organization used the event to raise their scholarship funds. No complaining here, I’m just giving you a reference that running could be a possible stipulation.
Don’t Be Afraid to Ask Questions
If you still have any questions by this point, don’t hesitate to reach out to the scholarship provider for clarification on their expectations. Also, if the scholarship provider has not asked you by this point, contact them. You want to give them the specific address where the scholarship (read the next paragraph to get more clarification this) should be sent along with your child’s student identification number.
Next, let the school know. Inform the financial aid office at your school that you have been awarded an outside private scholarship. Specifically ask them how to get the funds from the scholarship provider to the school.
- College Prep Go Tip: Normally each school has a specific address that the scholarship check must be mailed to. You can also find this information by searching the financial aid section of the college your child will be attending. If you can’t find it, call the financial aid office for the address. Schools often refer to these scholarships as private or outside scholarships.
Make Sure the Money Arrived
After a few weeks have your child log into their school account and ensure the funds have arrived. If not, this is when the phone calls and emails start. Sometimes the check gets lost or misplaced. This has happened to us, and it required for the original check to be canceled and a new check to be issued by the scholarship provider.
It was great when the check did show up, but it did create some financial burden. The check arrived late in the semester which required us to use the credit card to cover the amount the scholarship would have paid. Luckily the scholarship provider allowed the funds to be deposited in my daughter’s bank account as an excess fund that was later used to pay off the credit card. But it did create a few tax burdens we did not think of. After learning about theses key steps to take after winning a scholarship, read my post about how to maximize your scholarship funds and avoid paying taxes on them.
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