YOU'VE WON A SCHOLARSHIP! NOW WHAT?

Congratulations! Your hard work and smart strategies have paid off! Here's what happens next:

Types of scholarships:

1. One time lump sum payment to you;
2. One time lump sum payment to your school;
3. Term by term fixed payment to you;
4. Unscheduled variable sum payment to you;
5. Unscheduled variable sum payment to your school.

Some questions you need to ask:

1. Who gets the funds (you or your college finanical aid department)?
2. What will these funds cover (tuition, housing or books/supplies)?
3. How the payment will be made (one lump sum, or installments)?
4. When you must use the funds (within four years, etc.)?
5. What schooling it covers (2 year, 4 year, technical school, etc.)?
6. Have I remembered to send my thank you note???

Making arrangements:

1. Know who the scholarship administrator is.
2. Know any limitations, requirements, or restrictions of the scholarship.
3. Know the procedure for getting the funds transferred to you or the school.
4. Track the details for each award:
   a. Name of the scholarship
   b. Administrator's name and contact information
   c. Total amount of award
   d. Payment schedule
   e. Expiration date
   f. Any reporting and maintenance requirements
   g. Allowed use of funds

Information on this page was obtained from the book How to go to College (almost) for Free by Benjamin R. Kaplan, Waggle Dancer Books.