Scholarships are monetary rewards given to students to pay for college. Scholarships are provided to students for several reasons, including academic achievement, financial need, extracurricular or athletic activity, and just plain luck. Given that scholarships are free money, one might assume that they can be used for anything. However, this is not always the case.
Before you start investing your scholarship money, make sure you understand the terms of the scholarship. Is it possible to use the scholarship solely for tuition? Is it possible to use scholarship money to cover living expenses? Is it possible to use your winnings for spring break vacations?
Knowing the scholarship criteria and legislation ahead of time will assist you in making more informed decisions on how to pay for tuition. You'll know just how to put your scholarship, financial assistance, and investment money to work for you.
Why Should You Budget for Living Expenses With Scholarship Money?
It's no secret that attending college is costly. However, students and parents may be unaware that there are additional expenses in addition to the tuition sticker price they see when looking for schools. Students must also pay for room and board, books, tuition, housing, and living expenses when it comes to paying for education.
Scholarship money can be used for living expenses in the same way as it can be used to pay for tuition. Some students do not know that room and board can be just as costly – if not more – than tuition. Housing, meals, and housekeeping in shared spaces such as bathrooms and study rooms are usually included in the room and board.
While the cost of room and board appears to be exorbitant, it is less expensive than living off-campus. Students must pay for utilities, parking, laundry, and a host of other services in addition to their rent. Besides, several scholarship providers would not allow students to use scholarship funds for living expenses if they choose to move off-campus.
Finally, if a student's tuition is paid by other scholarships and grants, any extra funds can be put toward room and board.
How to Budget for Living Expenses with Scholarship Money
Although there are thousands of scholarships available to help students pay for college, not all scholarships are equal – and this is true in more ways than one. Every scholarship is different in that it needs different application components or different uses once the scholarship has been awarded. As a result, if students want to use the scholarship money for living expenses, they must have a plan.
When searching for scholarships, make sure to read the scholarship's stipulations as well as the scholarship requirements for applying. Don't apply for a scholarship if you won't be able to use it for room and board.
Students will find all of the rules and regulations for a scholarship on the scholarship information tab. Students should visit a scholarship provider's website to see the stipulations of what the scholarship can and cannot be used for in terms of college expenses if they are not readily available there. Students should check here to see if the scholarship money can be used for living expenses.
Some scholarships are only good for tuition. Others may be used to pay for tuition, taxes, room and board, and books, among other things. However, there are many scholarship opportunities available that can be used for any purpose.
Types of Scholarship Money for Living Expenses
When a student is admitted to a university, they may be eligible for merit aid. Academic achievement, financial need, and extracurricular and athletic activity all go into this merit aid award. Occasionally, the amount awarded is sufficient to cover just a portion of the tuition costs. Occasionally, the merit grant is high enough to cover tuition, room and board, and fees. A full-ride scholarship is what it's called.
Although full-ride scholarships are desirable, they aren't usually given out regularly. If merit funding is insufficient to cover the cost of attending college, students may look for outside scholarships and grants, as well as financial aid.
Outside scholarships and grants are available from the state or federal government, and students may be able to use the funds for living expenses. These scholarships can be found on websites like Fastweb, in the local community, or via the college's various academic departments. Grants, on the other hand, are usually received as a result of a financial assistance application.
In addition to searching Fastweb for specific resources, students can ask their high school guidance counselors or financial aid administrators about grants that could help them pay for living expenses. The Pell Grant, Federal Supplemental Education Opportunity Grants (FSEOG), and Academic Competitiveness Grants are among the most common grants (ACG).
Complete the Free Application for Federal Student Aid (FAFSA) and see whether you qualify for financial aid for college (FAFSA). Financial need is determined by the FAFSA, and colleges make financial aid decisions based on the information given. The FAFSA allows students to apply for grants, loans, and job study opportunities. To be eligible for these types of awards, students must complete the FAFSA by October 1st. They will need to submit a separate application to their state as well. These forms of funding, along with scholarship funds, may be used to cover living expenses for students.
