The best part about scholarship funds is that one can use them to finance other educational needs and not just tuition. Unfortunately, there are lots of students who do not know this. For this cause, in this article, we have listed other relevant areas in which scholarship funds can be used. Keep reading to find out.
How Can You Spend Scholarship Money?
In some cases, scholarship funds are awarded directly to the winner, while in others, it is directly to the institution of choice. The surplus is given back to the student for matters where the grant is more than the money required. In other cases, other personal expenses of the prospect are covered by the host. Either way, some of these expenses which scholarship funds cover are;
● Living Expenses:
These are other costs of attending a higher institution: insurance, healthcare, technology, and transportation. Transportation includes flight tickets if one is studying overseas, to local transport such as bus and train tickets. Grants provide coverage for these expenses. However, it is essential to know the costs covered by your host before using them amidst.
● Room and Board:
For students who would stay in an apartment or a dormitory, food and housing expenses are inevitable. Some scholarships provide funds for these expenses. The award documents contain information on if the host covers these costs. However, if this information is unavailable, contact the host and inquire if there’d be financial provisions for room and board.
● Tuition:
This is the most important fee for a student. It is the cost of attending classes and is usually 20-40% of an entire budget. Most grants cover fraction or total parts of the tuition.
● Books and Other Materials:
A significant part of the grant is purchasing books and other relevant course materials, both at undergraduate and postgraduate levels. Several scholarship providers cater more to book costs because of their importance.
● Research and Lab Fees:
For science-related courses, some scholarships may essentially cover the cost of lab and research expenses. This is usually done in postgraduate studies, where extensive research is generally carried out. Therefore, most grants see to it that these funds are available.
Things Scholarship Funds Can be Used For.
Regardless of the funds awarded, each scholarship body will outline the exact things the funds will use. Therefore, it is vital to get familiar with these rules and follow suit.
Note: In most cases, there are strings attached to scholarships. Such as maintaining good grades, not getting involved with illegal activities, careful use of funds, and strictly adhering to the rules. You will bear the responsibility of repaying any money used on expenses not stated by the host and risk halt or disqualification. Be sure to obey all rules and obligations.
Conclusion.
We all want free money. I mean who doesn’t? However, only a few know what to do with free academic funding. Some student grant sponsors can be generous enough to inform the students. Others may not. Free money for school is not meant for parties and weekend getaways. Scholarships are designed to cover one’s tuition fees, books, and other materials, accommodation, living expenses, research, and lab fees, and some may even go further to cover airfares.
However, it is important to note that not all scholarship providers are willing to cover everything. Some may just be interested in paying the only tuition, while others may be willing to offer stipend for living expenses only. It is important you read and understand the scholarship details to know if that’s what you want before sending in your application for it.
