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What do you do with leftover scholarship money?

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Does it go towards your next year tuition? #scholarship #money-management

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Michael’s Answer

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Alona,


Lisa suggest's a good article. I'll stress though from a tax perspective the point about keeping track of all monies you received (loans, scholarships, grants, ... etc), what you spent it one, and what is left over. Keep receipts; you or your parents will need this for taxes reporting.


And if you do have extra monies left over at the end of the year/semester my recommendation is save it for future expenses against it's intended purpose (don't go out and buy non-essentials ... live frugally). At the end of your college, use the monies to pay down loans and debt you may have incurred while in school.


Best of luck!

Michael

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John’s Answer

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Depending on how you attained it, there may be specific requirements when spending it. Be cautious when spending money that is intended for educational purposes on things other than school. You can be taxed greatly or even penalized and ineligible from being offered future monies.
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Lisa’s Answer

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Alona - that is a really complicated question, as it depends upon where the money came from. Here is a good article to help you sort thru what needs to be done. http://www.needcollegemoney.org/won-multiple-scholarships-how-to-keep-all-your-award-money/


If part of your financial aid package included loans, then make sure you reduce/eliminate the loan before determining that you have been over-awarded.


Best of luck!

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