What happens to leftover scholarship dollars. If you earned scholarships and grants that amount to more than your total cost of attendance, your school may send you a refund. Keep in mind, you may have to pay taxes on that amount.
Can you keep extra scholarship money?
One reason it’s so difficult is because most scholarship payments are sent directly to the school and are only allowed to be put toward tuition and fees. In most cases, the student doesn’t get to keep any leftover money for personal use, though some colleges do issue refunds, said Kantrowitz.
What happens to unused KEES money?
The scholarship would also be considered “last dollar in,” which means that if a student has their tuition, books and fees paid for by other scholarships and grants, the KEES money would return to the state. All students would have to fill out a federal student-aid form known as the FAFSA.
What happens if you don’t use your financial aid money?
Your school will still send you a refund check in this case, but keep in mind that the money you receive is still borrowed money. You will accrue interest on it, and you will have to repay that principal amount.
Can I use scholarship money for rent?
When it comes to paying for college, students also have to pay for room and board, books, fees, transportation and living expenses. Just as you can use scholarships to pay for tuition, you can use scholarship money for living expenses as well.
Can you use scholarship money for personal?
In addition to using scholarship money to cover tuition as well as room and board, some scholarship providers allow you to use your winnings to cover any and all education-related expenses. Education-related expenses are items like textbooks, computers, transportation to and from school and student fees.
What is the most KEES money you can get?
You can earn a bonus award for an ACT score of 15 or above. For example, a KEES-eligible student who has a score of 25 would earn an additional $393 for each year of college.
How many years does KEES money last?
KEES will expire five years after high school graduation or after eight semesters of use, whichever comes first. If you believe you have remaining KEES eligibility but KEES is not listed on your award notification, please contact the Jefferson Financial Aid Office.
Can homeschoolers get KEES money?
There is no application needed to receive your KEES award. For high school graduates, once your college certifies that you are attending classes, KHEAA will forward your award to your school. Home-schooled and GED students should contact the financial aid office to have the school report your enrollment to KHEAA.
Do you get 2 refund check every semester?
Refunds for all types of financial aid will begin 30 days after the start of the semester. You will receive loan funds in two disbursements each semester. … You must be attending classes and continue to meet all eligibility requirements to receive a disbursement.
Will I lose financial aid if I withdraw?
If you drop or withdraw from classes, you may jeopardize future eligibility for student aid (including loans). … If you withdraw from your last active class and didn’t complete 60 percent of the semester, you may have to repay financial aid according to the Return of Title IV Funds Policy.
Do I have to pay back fafsa if I drop out?
Therefore, when a student drops out of college, they have to pay back a certain amount of their financial aid, which is determined by a refund-calculation formula. Depending on when the student drops out of college, he or she must pay back 50% of a percentage of aid not used for classes.
Do scholarships count as income?
If you have scholarship money left over after covering your qualified education expenses, you must include that amount as part of your gross taxable income. … And other expenses (including school supplies not listed as required in your program) counts as income when calculating your tax liability.
Can I buy a laptop with scholarship money?
Remember, scholarship money can be used to pay for any education expenses deemed necessary by your school. This could include books, laptops, lab equipment, housing, and more.
Is there a limit to how many scholarships you can get?
When paying for college, always explore scholarship opportunities before considering federal or private student loans. College scholarships are free money that you don’t need to pay back. There’s no limit to the amount of scholarships you can apply for—so apply for as many as you can.