Congratulations, you’ve made it past searching for a scholarship and the application process! What should you do once you’ve received the scholarship? You may have questions about how to use your scholarship money and how to ensure that it covers as much of your education costs as possible. Here are four ways to get the most out of your scholarships.
1. Read the fine print
Make sure to read your award letter in its entirety. Pay attention to even the most minor details in the letter so you know all the essential information about your scholarship.
The information you should be paying extra attention to includes award amounts, whether the scholarship is renewable, any deadlines that have to do with renewing or reapplying, and more. If your award letter doesn’t answer all your scholarship questions, it likely includes contact information for someone you can call.
2. Understand what the funds will cover
What you can use your scholarship money on will vary significantly between scholarships. Make sure you’re aware of what your award money covers. Some scholarships are strictly for tuition and are sent directly to you or your school.
Other scholarships cover additional costs associated with your education, such as a laptop or living fees. If your scholarship covers expenses like these, you will want to know to get the most out of your scholarship money.
3. Be aware of scholarship displacement
Displacement happens when a university adjusts the financial aid they give students because they’ve received other scholarships. These universities believe that outside scholarship money should count as money you can only use for tuition, so you shouldn’t require the amount they initially gave you.
Scholarship displacement is common. Discuss displacement with your scholarship provider to get the most out of your scholarship and your university financial aid. In addition, you can ask if they will spread your award amount over multiple semesters, so your university makes its agreed contribution.
4. Keep searching for more awards
When it comes to receiving scholarships, grants, and other types of financial aid – the more, the merrier! If the scholarships you’ve already won don’t cover all of the support you need, you can always search for more programs looking for applicants like yourself.
Many types of organizations offer scholarships. These can range from faith-based groups, community-focused non-profits, industry-based associations, and more – consider the programs that align with you and start applying.
Kaleidoscope helps applicants get access to more scholarships.
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