When applying for a scholarship (or after you’ve been awarded one), it’s important to understand how their specific terms and how they work. One question you might be asking yourself is “Can they expire?” Here’s what you need to know about expiration dates and your scholarship:
Can They Expire?
Some students who win scholarships wonder if the award will still be there if they decide to take a year or two off to travel, work, volunteer, or relax before beginning their college career. Sadly, most scholarships will expire during this time frame. They are often considered “use it or lose it” and must be used during that particular award year. Many times if the student has not enrolled in classes during those 12 months, it expires.
In almost all cases, scholarships are put directly towards your college’s tuition and expenses, rather than a check sent to you. If you choose not to go to school, it will not be put in a savings account for later use. However, every scholarship is different, so it’s important to speak to the program or school that is awarding the money first. Your scholarship may be one of the few that can be used at a later date or there may be other options regarding the award available to you.
Maximum Awards
In some cases, scholarships will also reach an expiration date depending on maximum award limitations. These can be based on the maximum monetary amount or credit hours. A good example of limitations regarding credit hours is the Hope Scholarship from the University of Georgia. Once a student has taken 127 credit hours, the scholarship can no longer be used. Some other awards will expire after four years.
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Reapply and Renew
If you do decide to take the year off for something other than school, remember you may always have the option of reapplying. This includes the original scholarship and others that may be available to you even if you’re no longer in high school. If you choose to volunteer during your time off, you may qualify for different awards so it’s important to check with your intended college as well as scholarship boards found online.
However, when you do accept a scholarship and use it towards your college tuition, remember that you may have the option to renew it every year. Keep in mind though that an accepted renewal may depend on your academic standing, GPA, and more. Many of these will also expire after four years of use. Read the terms of your scholarship to see if you can renew it every fall.
While you may want to take a year off between high school and college, it may be beneficial to weigh your options if you have received a scholarship for your freshman year. In the end, it might be worth it to enter college right away, rather than waiting. Contact both your intended school and the scholarship program to see what paths are available if you do decide to take the year off.
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FAQs
Reapply and Renew
Do college scholarships expire? ›
Can scholarships expire or be taken away? Yes. Scholarships can expire for a few reasons. If students don't enroll in classes within a certain time period, or if students take a break from school, then the scholarship could expire.
What happens to scholarships you don't use? ›
Failing to use scholarship funds for education-related expenses can result in a scholarship provider revoking your award, or forcing you to pay back what you spent. In extreme circ*mstances, providers could take legal action.
Do you lose your scholarship if you take a year off? ›
Merit-based scholarships generally do not change if you defer your enrollment a year. Need-based grants and scholarships tend to only be affected if your family's financial situation changes during your gap year.
How do I know if a scholarship is renewable? ›
A renewable scholarship is a scholarship that can be renewed each academic year for the same amount that was initially awarded. For instance, if you win a $10,000 scholarship and it's renewable, you'll receive $10,000 in scholarship money every school year.
How long do most scholarships last? ›
Each award is different. Some may only give you money one time, while others renew each year automatically. And even if they renew every year, it may stop renewing at the third or fourth year. They may also base it off how much you won.
Can you save scholarship money for the next year? ›
In some cases, you may be allowed to keep the money and put it towards anything you want. However, in most cases, you will likely have to return the money to the provider so that they can add it to a new scholarship fund for other students.
How long does a scholarship last before it expires? ›
Most scholarship prizes can only fund college tuition for one year, and expire after that use. For example, if you receive a scholarship that covers all your finances for your freshman year of college there is no guarantee that it will be rewarded for your consecutive years as well.
What are two things you should never do when applying for a scholarship? ›
Ten Things Not To Do
- Don't wait until the last minute. ...
- Don't let others do your work. ...
- Don't fall for scams. ...
- Don't spend money to make money. ...
- Don't give out bank or credit card information. ...
- Don't believe you are guaranteed a scholarship. ...
- Don't avoid a scholarship just because you have to write an essay.
Many students use their scholarship refunds on things not covered by their scholarship, such as groceries, housing, furniture or a laptop. Sometimes these things are approved expenditures, but even if they're not, there's often not much a scholarship provider can do to enforce its spending rules.
If there is money left over, the school will pay it to you. In some cases, with your permission, the school may give the leftover money to your child.
Why do I keep losing scholarships? ›
Poor Academic Performance
This is often the first condition that comes to mind while worrying about the loss of a scholarship. Some awards are given out on academic merit—having a certain GPA or test score—and so are conditional on maintaining satisfactory grades while in college, or even steadily improving them!
Will scholarships affect my Pell Grant? ›
You may receive less financial aid
If your total financial aid package—including outside scholarships and need-based aid—comes to more than $300 above your calculated need, your college must reduce the amount of need-based aid you receive.
How do I renew my scholarships? ›
Renewal:
- Student Photo. ( Mandatory)
- Institution Verification Form. ( Mandatory)
- Income Certificate: ...
- Declaration of the Student. ( ...
- Religion Certificate: ...
- Marksheet: ...
- Fee Receipt of 'Current Course Year'. ( ...
- Proof of Bank Account in the name of Student.
A renewable award is good for more than one year — after the initial award, the funds continue to come in each semester as long as you meet the renewal requirements. The more of these awards you win, the easier it is to manage yearly education costs for the duration of a degree program.
What is a nonrenewable scholarship? ›
A non-renewable scholarship offers a one-time award to recipients. Many organizations offer non-renewable scholarships for college students in undergrad or graduate school. Recipients do not need to repay the award; however, unlike renewable scholarships they cannot automatically renew the scholarship.
What happens to scholarship money if you don t go to college? ›
Typically, you will not have to repay anything. Of course, you won't receive the future disbursem*nts of the scholarship that you would have received if you continued attending school. But even so, you won't face further financial penalties.
Do you keep scholarship money after college? ›
What happens to leftover scholarship money. If you earned scholarships and grants that add up to more than your total cost of attendance, your school may send you a refund of the leftover scholarship money. Keep in mind, you may have to pay taxes on that amount.
Are scholarships guaranteed for 4 years? ›
Most athletic scholarships are only guaranteed for one year, but they are generally renewed annually. There are some exceptions to this such as having academic or conduct issues. So, be sure to discuss scholarship offers in detail with each coach in order to get a good idea of what your situation will be.
Are college scholarships year to year? ›
Most don't understand that athletic scholarships are only year-to-year. There is no such thing as a four year athletic scholarship. Coaches can simply decide to not renew the scholarship in a given year.
