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Author Topic: When the Scholarship is more than Tuition  (Read 6054 times)

Alan Shore

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When the Scholarship is more than Tuition
« on: November 07, 2007, 09:18:41 PM »
I was just curious about what happens when the scholarship offered is more than the actual tuition.

Here's a hypothetical:

Say out-of-state tuition is $25,000.
In-State tuition is $15,000.
I am offered a scholarship for $30,000.
What happens to the extra $5,000 for the first year and the extra $15,000 for the subsequent years (after becoming a resident of said state)?

Do I get that money to use towards housing and expenses?
Or is the scholarship actually just rounded off?

Thanks!

lauralaw

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Re: When the Scholarship is more than Tuition
« Reply #1 on: November 07, 2007, 09:37:15 PM »
depends on the rules of the scholarship, i imagine.

if the scholarship is for total cost of attending, then any extra over tuition and fees would probably be given to you as a refund out of the bursar acct, unless you have on campus housing, then it would just go to that.

if it's just for tuition or tuition and fees, then it might round off at the total cost.

depends on who the donor is - if it's institutional or if it's set up by some alumni fund, etc.  they might all different rules regarding disbursement.

but it's a valid question to ask once you receive your aid letter.

Tetris

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Re: When the Scholarship is more than Tuition
« Reply #2 on: November 09, 2007, 05:22:55 PM »
Its kind of like those celebrity Wheel of Fortunes from what I understand... you know, where the celebrity "makes money" but they don't really need it so it goes to a charity instead?  Same principle with law school.  Since they're giving you more money than you need then it goes to your choice of charity.
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devingymnast

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Re: When the Scholarship is more than Tuition
« Reply #3 on: December 11, 2007, 07:17:20 PM »
^^^ Haha.

I've been in this position for undergrad. I got about $400,000 in scholarships, both from W&M and from outside scholarships. I only get back a check each semester for the difference between total expenses (tuition, room and board, , etc.) and the total Cost of Attendance (COA). In general, you cannot get back more than the COA for an institution. (But for me, all the extra money went to my mother back home, so I still have $3.50 in my bank account.)

So what happened to the rest of my money, you ask? It just gets dissolved in the system. No joke.

Sometimes, though, the individual scholarships are made out to you (not the institution), in which case you can cash away.

Alan Shore

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Re: When the Scholarship is more than Tuition
« Reply #4 on: December 11, 2007, 08:52:21 PM »
I was wondering because my undergrad institution just cut me a check when my scholarships surpassed the tuition!

devingymnast

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Re: When the Scholarship is more than Tuition
« Reply #5 on: December 12, 2007, 12:40:24 AM »
Yeah, my undergrad (W&M) has done the same for me each semester - but like I mentioned before, only up to the Cost of Attendance. Doesn't matter if I have $10k over the COA for each semester/year, I'm only getting back the difference between actual expenses and the total COA. From what I know, the majority of schools operate this way; not sure about LS, but since many of their FinAid departments are the same for the entire school, I'd venture a guess that it's similar to however their undergrad is run.

devingymnast

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Re: When the Scholarship is more than Tuition
« Reply #6 on: December 16, 2007, 05:35:34 PM »
It's not strict "guessing." It's a method I've used for every test I've ever taken, including my 1st LSAT in Sept, which I was very accurate on (within 1 point). For every question except six on the December LSAT, I had a very definitive reason for eliminating all the answers I reasoned as incorrect. On those six, I eliminated down to two answers. Granted, it is possible to say that I've messed up any of those that I eliminated four answers as incorrect, but since I've never done so on any practice test I've taken, I'm taking this into account.

I don't mean to come across as arrogant, just matter-of-factly. But I've probably underestimated how I've come across in my profile, and I should apologize for that. I just mean to come across very straightforwardly. I will edit it and see if I can make it appear less "arrogant."