What to do AFTER You’ve Won a Scholarship

Winning a scholarship is exciting. It puts your student one step closer to graduating debt-free, ensuring at least some of their expenses are handled with money that doesn’t have to be repaid. However, that doesn’t mean your student’s work is done. There are some additional steps your student needs to take after they’ve won a scholarship. Otherwise, the process may not run smoothly.

Submitting the acceptance letter and providing college and disbursement information, such as the chosen college’s address, tuition fees, and enrollment proof, are crucial to ensure the scholarship process runs smoothly.

Here’s what your student needs to do after they’ve been informed they have won a scholarship.

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In some cases, a scholarship isn’t awarded automatically. Your student may need to officially accept the award and notify the scholarship committee of their decision.

While this may seem odd, this process ensures the winner’s plans haven’t changed. Officially accepting the scholarship may involve additional steps, such as attending events or submitting documents, which vary depending on the specific scholarship. For example, someone may have applied only to decide later that heading to college at that time wasn’t right for them. By requiring the winner to accept the award, the scholarship committee can make sure the funds are still needed before sending them to the school.

Usually, if your student needs to accept the award after they’ve won a scholarship, they will receive instructions regarding any required response.

Sending a thank you note to scholarship providers is always a smart move. Scholarships aren’t like traditional financial aid; the money is a gift provided by philanthropic organizations and generous donors who want to help students thrive.

By sending a thank you note, your student has a chance to show their appreciation. Plus, it makes a good impression, something that is beneficial if your student may apply for the same scholarship again in the future.

Ideally, your student should be saving all of their scholarship application materials. By organizing scholarship materials as they apply, they can always find critical documents for future applications. However, if they hadn’t made this a habit, saving the winning essay and other materials from when they won a scholarship is a smart move.

Essentially, the materials used for that scholarship application have been tried and tested. Your student successfully won a scholarship with that essay and a combination of documents. As a result, they should be stored in a safe place (like a cloud storage solution) in case they can use them again in the future. Additionally, after winning scholarships, it’s important to save these materials for future applications and to provide official documents, confirm college and disbursement information, and inform the college or university of attendance. Additionally, it’s important to save these materials for future applications, especially when applying for private scholarships.

To make sure the scholarship funds make it to the right place, your student needs to confirm any pertinent college and payment information with the committee. Usually, this includes:

• Student’s name
• Student’s college-issued identification number
• College name
• College financial aid office contact details (address, phone number, primary email, etc.)

This information ensures the funds are credited to the right student.

It’s important to note each scholarship committee may have different requirements regarding what needs to be confirmed after your student won a scholarship. Your student will need to review any instructions and respond with the correct details and documents to make sure the award goes to the right place.

Even if the scholarship committee has everything they need to send the funds, your student still needs to reach out to the school’s financial aid office and let them know they won a scholarship. That way, the school’s financial aid office can adjust your student’s financial aid package (if necessary) and is fully aware the money should be arriving soon.

Plus, it gives your student a chance to learn how winning a scholarship impacts their other financial aid. This can be crucial for planning, so it is wise to find out as quickly as possible.

In many cases, the scholarship committee will let your student know when the money from their winning scholarship should be sent to their school. If that happens, your student should mark their calendar and then review their account within a few days of that date. That way, they can confirm the funds have arrived safely and, if they aren’t there, they can follow-up with the scholarship committee or school. It is important to monitor accounts to ensure scholarship dollars are properly credited.

If your student wasn’t given a concrete date, they should ask the scholarship committee for a delivery estimate. In situations where that isn’t available, it is wise to monitor the account regularly. Within a few weeks, if the money hasn’t arrived, then following up is a good idea.

At times, scholarship awards are not automatically applied to your student’s college bill. Instead, the money sits as a credit on their account and has to be manually applied.

Once the money arrives in their account, your student should contact the bursar’s, receivables, or student account’s office. This may be a different department than the financial aid office. However, if your student isn’t sure who to contact, the financial aid office can likely provide them with the right contact information or point them to online instructions for applying the funds as payment. Additionally, your student should report the scholarship to the college’s financial aid office to understand its impact on their financial aid package.

If your student’s scholarship exceeds the amount needed to cover their school-based costs (like tuition, room and board, and fees), they might be eligible for an overage check. When this happens, the check is issued by the school in an amount that removes any excess funds from their account. The relief and joy of receiving free money through scholarships can be immense, as it helps ease financial burdens.

How the check is delivered can vary. Some schools may mail them. Others might make them available through the bursar’s or student account’s office, allowing your student to pick up the check-in person.

If your student won a scholarship and there is overage, have them speak to the department that handles incoming tuition payments to find out how the check will be delivered.

Taxes are always a complex issue. Some scholarships are taxable as income while others are not. Your student should be prepared to potentially receive tax documents, like a W-2, from the awarding organization. Usually, the scholarship committee can tell your student if a W-2 will be sent. Then, your student will receive the document in the mail after the end of the year. Scholarships help make college education more affordable by providing financial assistance.

Colleges provide tax forms to students as well. These documents include details about any educational costs your student paid to the school.

Everyone’s situation is unique, so your student needs to consider their case to ensure they handle tax issues properly. It is wise to research the scholarships and taxes issue in advance. That way, your student will have a better idea of what to expect.

Some scholarships allow students to receive the award more than once. If your student is going to be in college during the next school year, they need to set a calendar reminder to make sure they don’t forget to apply for the same scholarship again. Maintaining a good relationship with the scholarship provider is crucial for future applications.

While there is no guarantee they’ll win a second, third, or fourth time, it doesn’t hurt to try if it is allowed. After all, your student made such a great impression last time they were selected, so it makes sense to direct more energy in that direction every year they are in school.