It is very helpful to have scholarship fund because then you can pay for the majority of college expenses such as tuition and housing. However, it can be pretty challenging to manage scholarship fund that come straight to you. When the scholarship funds are applied to your tuition or board, you don’t really have to manage it further since it is already clear where it is spent to. However, scholarships fund that come straight to you need more thorough management. You need to manage it wisely and responsibly.
Manage your scholarship funds wisely and responsibly
Responsibly manage your scholarship funds might be challenging but you can actually do it well with some of these tips:
Collect your scholarship money
The very first thing you need to do when you are confirmed to be the recipient of scholarship funds is know how to collect the money. Make sure to confirm that the group or foundation awarding your scholarship funds know where to send your money. Make sure you ask where and when the money will arrive. Always confirm the amount of money you are going to receive as well. Furthermore, you also need to report any outside scholarship you get to your school’s financial aid office.
Understand the rules
Some foundations or groups award scholarships funds along with various rules the recipients must follow. For example, the funds being awarded should be used for certain purposes only and may contain more specific things. For example, the scholarship funds should be spent for a new laptop or textbook. There are also other scholarship funds that can be used for anything related to ‘school expenses’. Regardless, make sure to read and understand the rules attached to your scholarship money because there is also a possibility to repay the award money due to misspent funds.
Plan a budget
You need to decide how you are going to spend your scholarship money. Ask your school’s financial aid office if you’d like to apply your scholarship money for covering tuition or board. If you need to cover other school expenses, make sure to detail the budget by listing your top expense priorities, estimating the cost of each expense, and documenting your expenses. Make sure to not use the money planned for designated expenses for other purposes.
Keep the receipts of every expense
It is best to document all your expense when managing your scholarship funds. It is also best to keep all the receipt of each expense you spent such as from bookstore, electronic store, or grocery store. It helps you track down the money and can be use as proofs just in case you need it someday.
Start planning for the future
Keep in mind that college is not cheap and the money you have will be used for college expenses. It is best to have any remaining money for emergency funds so you still have a backup when unexpected things happen. It is recommended that you start searching for more scholarship money to help you cover next year’s expenses.