Anyone's kid have "MORE" money than needed for college?

[Granny square]

Schools don't have an unending money supply. If astride by isn't in need then they are obligated to use it to increase their student population. A school owes nothing to a student. That is why they don't make final decisions until all the info is in. Those who have contributed aren't doing so so that Biff doesn't have to buy his own gas to go to the beach. I sure as heck don't. I expect my school to use its endowments wisely.

 

[csharpwv]

Nowhere in her post did the OP say her son received need based aid. She said he had received a surplus of scholarship money. He earned it and unless the scholarship specifies that money over the cost of schooling should be returned to them, it should be his to keep.

If my husband works hard and gets a bonus and we don't "need" it, should he have to return it to his work? I see this the exact same way.

I'm so glad you said that, I wanted to - but you did it better than I could have!

The federal financial aid system is not a merit based award system - some of the best students (highest grades, greatest potential) receive nothing, and students who barely graduated high school receive FAR more aid than needed.

Is it 'fair' well - that's not for me to decide, is it?

 

[SC Minnie]

Schools don't have an unending money supply. If astride by isn't in need then they are obligated to use it to increase their student population. A school owes nothing to a student. That is why they don't make final decisions until all the info is in. Those who have contributed aren't doing so so that Biff doesn't have to buy his own gas to go to the beach. I sure as heck don't. I expect my school to use its endowments wisely.

She didn't say the scholarships were from the school. They could be from any organization. If they are merit based and he earned them then good for him.

OP if your son was awarded one of the SC Lottery scholarhips they will have to be used for cost of attendance and spent at the school. DD had a scholarship that covered her tuition and the Palmetto Fellows scholarship she received covers the room and board at the school she chose. It can't be usedf or summer school either. She wants to move off campus but if she does she basically forfeits the scholarship and we pay for an apartment OOP- which isn't happening. So it depends on where the scholarship money is coming from as to how and on what it can be spent. Have him check with the schools financial aid office.

And the PP's are correct in that your son will have to claim these scholarships that are not used to pay for tuition and books on his taxes. Any that are appied to room and board are taxable. The school will send him a statement around the end of January/early February with the amount he'll be taxed on.

 

[carymomof3]

I don't quite understand the hoopla over OP's son taking "need-based" aid that he doesn't need. I have been in this situation. DS was offered a financial aid package from his university. A month later, he received a full four-year scholarship from an outside source as well as another smaller scholarship ($2,000) from another source. He reported these to the university and the financial aid office immediately changed his aid package to reflect his having found the funds elsewhere. In other words, any need-based aid was retracted because he no longer needed it. Both scholarships were sent directly to the university, where they were applied as needed and DS was cut a check for what was left over. These were merit-based scholarships, not need-based.

University financial aid packages can and will be changed as outside scholarships are awarded, so no one here needs to worry that someone is getting something he doesn't deserve.

A big congratulations to your son, OP! Well done!

 

[Granny square]

The school can't won't take away someone's true scholarships. They don't have that power. They can take away the money they have power over, they can also give allot financial aid to those who need it.

If the op has 12 different scholarships from the Kiwanis etc. that is a different story.

Edited. Sorry op. I got lost in a random argument.

 

[v.t.]

I had money leftover from a scholarship but was able to use it for my master's degree.