Scholarships are financial aid awards designed to help students pay for an undergraduate or graduate degree. Sometimes a scholarship is a one-time check. Other school scholarships are renewable and provide money for students each semester or school year.
These financial awards differ from student loans in that they don’t have to be repaid. So, to answer a question we often hear, if you get a scholarship, you do not have to pay it back.
Students might receive the money directly as a check in their name. In other cases, the money is given to the student’s school. When that happens, the student would then pay the school for the difference in any money owed for tuition, fees, room, and board. If the scholarships and other forms of financial aid are enough to cover the direct college costs, the excess money is refunded to the student.
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