You Won - Now What
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:
- One time lump sum payment to you;
- One time lump sum payment to your school;
- Term by term fixed payment to you;
- Unscheduled variable sum payment to you;
- Unscheduled variable sum payment to your school.
Some questions you need to ask:
- Who gets the check (you or the school)?
- How the payment will be made (one lump sum, or installments)?
- When you must use the funds (within four years, etc.)?
- What schooling it covers (2 year, 4 year, technical school, etc.)?
- Have I remembered to send my thank you note???
- Know who the scholarship administrator is.
- Know any limitations, requirements, or restrictions of the scholarship.
- Know the procedure for getting the funds transferred to you or the school.
- 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
An unknown fact of saving up to 25% of your first year's college costs: Advanced Placement Credit! Students take the AP test and earn credit that may be applied to their college. Another option is to sign up for College in the High School courses or Tech Prep through the Career and Technical courses.
Information on this page was obtained from the book How to go to College (almost) for Free by Benjamin R. Kaplan, Waggle Dancer Books.