Do Scholarships Expire?
So much effort goes into finding scholarships and applying. But what happens when you actually win one? Does the scholarship expire?
The answer is yes. Most scholarships do have an expiry date.
Because your scholarship money often gets sent directly to your school, you usually don’t get to decide when and how to use it. If the provider sends the money to you, you need to know how and when to use it. There are repercussions for not using the money correctly.
Use It or Lose It
In some cases you need to use your scholarship money as soon as you win it.
For example: Say you won a scholarship but you still aren’t sure whether you’re ready to start school. If you defer school for a year there’s a chance you’ll lose your scholarship.
Most scholarships require students to be currently enrolled in school or have plans to enroll the following school year. They award students with money with the intention that the student will use that money now.
Bottom Line: Make sure you check with the scholarship provider on the rules of the scholarship if you are thinking of waiting a year before starting school.
A scholarship may also expire once you pass a certain number of credits. This is because some scholarships only pay for a certain number of academic hours. Once you reach that number, your scholarship may no longer be valid.
Winning a renewable scholarship is incredible. It’s kind of like the gift that keeps on giving. But, a renewable scholarship doesn’t guarantee you the money every year.
The scholarship provider can take away your scholarship at any point.
If you keep your performance up, you should be okay. But, if your GPA falls below the requirement, you risk losing your scholarship.
If you do something irresponsible that violates the terms of the scholarship you might be in danger of losing your scholarship as well.
Scholarship committees review a student’s performance every year. To avoid losing your renewable scholarship, make sure to follow the scholarship conditions.
Check with the Provider
The most important thing you should do is check with the scholarship provider regarding the terms of the scholarship. They will be able to tell you exactly how and when you can use the scholarship money.