What effect will a scholarship have on my financial aid?
It may reduce financial aid dollar for dollar. For example, a $1,000 scholarship reduces federal or state aid by $1,000. The trade off, however, could be in the loan area - a $1,000 scholarship reduces a recipient's loan by $1,000. In most cases, a scholarship is not cash awarded directly to you. It is applied to your student account. Contact the Financial Aid Office for more information.
What effect will a scholarship have on my income tax?
It could be taxable income. Scholarships become taxable only if they are greater than the awardees' costs for tuition, books, and supplies - and then only the amount greater than those costs is taxable. It is a good idea to keep receipts for these items. ("Supplies" does not include housing.) The taxable amount of a scholarship is self-reported. It does not require a 1099 form.
What is the difference between a scholarship and a grant?
Scholarships are typically based on merit and derive from private sources, whereas grants are typically based on need and derive from the federal or state government.
Can I reapply for a scholarship?
Yes, certainly, if you've not been a recipient. If you have been a recipient, check the guidelines; if nothing prevents reapplication, try again.
Where do I go to receive the money?
Most scholarship monies are sent directly to the UW-EC Business Office and applied to the recipient's bill for tuition. If scholarship monies exceed the tuition bill, a refund check will be issued to you.
Should I send a thank you note to the donor?
Yes! It is always a courtesy to send a thank you note and donors love to hear from the recipient. Most Foundation scholarships from UW-Eau Claire will give specific information on where to send a thank you note and to whom it should be addressed. Send the thank you note shortly after receiving the announcement that you have been selected.
