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In fact it's extremely unlikely that there'll be any
specific service requirements or stipulations attached
to your scholarship upon receipt of the award.
Scholarships
can come in many forms such as: sweepstakes, essays and
students competitions for example .
Scholarship
cover a wide range of the spectrum in terms of award
amounts. They can be as little as a few hundred dollars
and then up to, and covering; 100% of the students full
tuition, which you do not need to be pay back. Not a
cent!
Unlike grants and student loans, if you win a standard
scholarship, your interaction with the donor could end
the day you receive your check, unless it's a renewable
scholarship.
Scholarships are not limited to the federal and state
governments, numerous organizations including
private sources offer scholarships as well, such as:
-
Industry
related Employers
-
High
schools and colleges
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Companies
-
Religious groups
-
Professional associations
Scholarship Eligibility
You can be considered for a scholarship for any number
of reasons. These reasons include but are not limited
to:
According to
a recent IRS information bulletin, if you are a student
and you are not pursuing a degree, your entire
scholarship is taxable. For those students using their
scholarship specifically for or college, any portion
used for student tuition, school fees, books, and
miscellaneous school supplies is not taxable.
Any funds
remaining after your expenses are paid for are
subject to tax. Students are always advised to check
with their financial planners for professional advice
and direction to be certain.
Relevant IRS Publications
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