Unlocking Room and Board Savings: Do Scholarships Cover Your College Costs?
College is a significant investment, and understanding the various costs involved is crucial for students and their families. When students think about the total cost of attending college, they sometimes forget that college is not one lump sum. Instead, there are different costs that make up the total cost of attendance. Tuition is a primary expense, but room and board often represent a substantial portion of the overall cost. This article delves into the specifics of room and board, explores how scholarships can help cover these expenses, and provides strategies for saving money on college living costs.
Understanding Room and Board
Very simply, room and board refers to lodging and meals. Room and board is a bit more misunderstood, so in this post we will discuss what room and board entails, what it might cost you, and how you pay for it. For many students, "room" typically includes a campus dorm room, usually equipped with a bed and a desk. "Board" refers to the cost of your meal plan. Some colleges always package these two together, while others may allow you to only accept room or only accept board. In these cases, you would be responsible for finding your own housing or preparing your own food.
The Cost of Room and Board
Living expenses vary by college. If your university is in an expensive part of the country, your costs for room and board could be higher. The cost of room and board can vary significantly based on the type of accommodation and meal plan chosen. Generally, colleges charge more money for students who choose to live in a single room. Colleges give students the option to choose among several different meal plans. For example, an unlimited meal plan is going to be more expensive than a meal plan that gives you two meals a day.
Scholarships and Room and Board Coverage
Scholarships can cover many college costs - from tuition to fees to books. But do they cover everything? Can they pay for meal plans, off-campus housing, or spring break trips? Every scholarship has its own terms and conditions, so there is no one-size-fits-all answer to this question. However, many scholarships do come with the option to cover room and board. It’s important to know that the way you spend a scholarship could affect your financial aid package, tax filings and how much you borrow in student loans.
Full-Tuition vs. Full-Ride Scholarships
It’s important to remember that full-tuition scholarships generally only cover tuition. Full-tuition scholarships are financial awards that cover 100% of college tuition costs. This means that you won’t have to pay for your classes, saving you tens of thousands of dollars over the course of your degree. In general, full-tuition scholarships only cover the cost of tuition. This typically excludes expenses like housing, meals, textbooks, or personal costs.
Read also: Camp Scholarships Guide
Full-ride scholarships, on the other hand, often include room and board, required fees, books, and sometimes even money for travel or personal use. For example, The Gates Scholarship is considered a full-ride scholarship because it provides funding for the full cost of attendance not covered by other financial aid.
Types of Scholarships for Room and Board
Housing Scholarships: These scholarships are specifically designed to cover the cost of your living arrangements, whether you're staying in a dorm on campus or renting an apartment off-campus. For example, the "Housing Assistance for Students" scholarship offered by the National Association of College and University Housing Officers provides financial aid to students facing housing insecurity.
Meal Plan Scholarships: If you're worried about the cost of your meal plan, don't fret! There are scholarships that can help you out. The "Food for Thought" scholarship offered by the College and University Food Services Association provides financial aid to students who are struggling to afford their meal plans.
Combined Housing and Meal Plan Scholarships: Some scholarships cover both your housing and meal plan costs. The "Live and Learn" scholarship offered by the National Association of Student Financial Aid Administrators provides financial aid to students who are facing both housing and food insecurity.
General Scholarships: While not specifically designed for room and board, many general scholarships can be used to cover these expenses. For example, the "General Excellence Scholarship" offered by many universities can be used to cover any college-related expenses, including room and board.
Read also: Benefits of NSHSS Scholarships
Finding Scholarships for Off-Campus Housing
Finding college scholarships for off-campus housing is just like finding any other opportunity. First, it’s helpful to fill out a profile on Fastweb. Filling out a profile is free and just takes a few minutes. Furthermore, it gives you access to Fastweb’s entire scholarship database. With the information provided, we can match you with opportunities for which you qualify. Essentially, we do all the hard scholarship search work for you. After you fill out a profile, you will be given a list of scholarship matches. These are opportunities that you qualify for and can apply to immediately. Each scholarship will have a scholarship detail page. You can find helpful information like the deadline, amount, and eligibility requirements here. Additionally, you may find information about what the scholarship will cover.
Strategies for Winning Scholarships
Winning scholarships is a numbers game and requires a bit of strategy. The more you apply, the greater your chances of winning one - or many. That means treating the scholarship search and application process like a part-time job. Commit to applying to several weekly, and make sure they vary by type. Split your application time between easy-to-apply-for scholarships and those requiring more work. Scholarships that are easy to apply for and require little time to complete have hundreds, if not thousands, of applicants. While your chances of winning are small, the payoff can often be big. However, those opportunities that require a little more work, like essays, video submissions, or letters of recommendation, tend to have a smaller applicant pool. While applying may take more time, the chances of winning are more significant.
Start Early and Research Thoroughly: Don't wait until the last minute to start applying for scholarships. Many scholarships have deadlines months in advance, so it's important to start your research early. Create a calendar and mark down all the important deadlines. Take your time to read through the eligibility requirements and application instructions carefully. Make sure you understand what the scholarship is looking for and if you meet all the criteria.
Craft Compelling Essays and Personal Statements: Many scholarship applications require you to write an essay or personal statement. This is your chance to showcase your personality, achievements, and goals. Think about what makes you unique and how your experiences have shaped you. Be honest, genuine, and passionate. Don't be afraid to ask for help from your teachers, counselors, or parents to proofread your essays and provide feedback. For example, if you're applying for a scholarship for students who are passionate about environmental sustainability, you could write about a time you volunteered at a local park or started a recycling program at your school.
Meet Application Deadlines: This might seem obvious, but it's crucial! Don't miss deadlines. Plan ahead and give yourself plenty of time to complete your applications. If you're applying for multiple scholarships, make sure you keep track of all the deadlines and submit your applications on time. You don't want to miss out on an opportunity because of a late submission.
Read also: Scholarship Guide
Highlight Relevant Experiences and Achievements: When filling out scholarship applications, make sure to highlight your relevant experiences and achievements. This could include your academic record, extracurricular activities, community involvement, leadership roles, or any awards or recognitions you've received. For example, if you're applying for a scholarship for students who are involved in STEM fields, you could highlight your participation in science clubs, your experience with coding, or your involvement in a research project.
Seek Help from Mentors or Counselors: Don't be afraid to ask for help! Your high school counselors, teachers, or mentors can provide valuable guidance and support throughout the scholarship application process. They can review your applications, offer feedback on your essays, and help you brainstorm ideas. They can also connect you with other resources and opportunities that might be helpful.
What to Do After Winning a Scholarship
Once you have won, you must talk with the scholarship provider about what the funding covers. Almost every opportunity will cover tuition. After that, scholarships get specific about what they can be used for in terms of college costs. Some scholarships cover room and board at the college only. Others cover expenses like books, computers, and fees. However, you will find that there are scholarships with less rigid stipulations which can pay for off-campus housing.
Any scholarship you win outside of your college or university must be reported to the school - even if you use them to pay for off-campus housing. If you have been over-awarded between scholarships and financial aid, the college will remove money from your financial aid package. They are not doing this to punish you. Typically, they’ll remove the student loans first, meaning you will have less to pay back after graduation - if any at all. You can also indicate that you want to use the scholarships to pay for off-campus housing. While the college will likely lessen your financial aid package, you will all be on the same page about the award amount and the college costs it covers.
Scholarship Refunds
Although some scholarship organizations send checks to your school, others give the award directly to you. If you get the funds directly, or indirectly as a tuition refund, you can typically spend the money on a range of education-related expenses.
For example, Arunabh Sinha attended Indiana University-Bloomington on a merit-based scholarship earmarked to cover the full cost of tuition and fees, but he was responsible for paying for his own food and housing. However, because his scholarship amount exceeded the cost of tuition and fees, he received the surplus back as a refund and could spend it how he wanted. "For me, that was just $100 or a few thousand dollars per year,” he says. “It wasn’t that monumental and it would just go straight to the housing, which I would do off campus."
Refund amounts vary because scholarship amounts and tuition costs vary. 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. "They’re not monitoring how you spend that money once it gets refunded to your bank account," Sinha says.
It's important to use extra money wisely, says Kristina Ellis, founder of College Ninja, a company that helps students strategize paying for college. "Handling these funds responsibly can really help in managing the overall costs of your college experience."
Plus, how you use scholarship money could affect tax refunds for yourself or your parents. Scholarship money for some education expenses is taxable, but it's not for qualified expenses like tuition, fees and books. Record your expenses and consult a tax professional if needed, Ellis says.
It's also wise to report outside scholarships to the school, Geiger says. Many schools require this, which he says "will ensure that the scholarship is processed properly so students do not have to worry about the tax implications of the scholarship."
Alternative Ways to Save on Room and Board
While scholarships are a fantastic way to reduce your room and board costs, they might not cover everything. Don't worry, there are other strategies you can use to make your college experience more affordable!
Living at Home: Good news - you don’t have to pay room and board if you live at home! Although some colleges will offer you the opportunity to pay a fee to get on their meal plan, it is almost never required. So, you’ll end up saving a lot of money by living at home - probably upwards of $10,000 per year.
Commuting to College: Commuting to college can be a great way to save money on meals and lodging. This may not be for everyone and not all colleges will offer this option, but you can save serious money.
Working as a Resident Advisor (RA): Working as a Resident Advisor or RA can be a great move for students who want to save money! At some colleges, RAs receive free or discounted housing, which can be a great way to save money.
Cooperative Housing: Some colleges may offer alternative living options for students, including cooperative housing. These options allow student to live on-campus, but generally allow the residents of the co-op or house to be responsible for cooking their own meals.
Living off-campus: This might seem like a daunting task, but it can be a great way to save money. You can find apartments or houses that are cheaper than on-campus housing, and you might have more space and freedom. Just make sure to factor in additional costs like utilities, internet, and furniture. Many colleges have off-campus housing resources and can help you find safe and affordable options.
Sharing housing with roommates: This is a classic way to save money on housing. You can split the rent and utilities with one or more roommates, which can significantly reduce your overall costs. Plus, it's a great way to make new friends and build community!
Working part-time: A part-time job can help you earn money to cover your expenses, including room and board. Many colleges have on-campus job opportunities, like working in the library, dining hall, or student center. You can also look for jobs in the surrounding community. Just make sure to balance your work schedule with your studies to avoid burnout.
Taking advantage of college meal plans: While meal plans can seem expensive, they can actually save you money in the long run. Instead of eating out every day, you can use your meal plan to eat at the dining hall or grab food from the campus cafeteria. Many colleges offer different meal plan options to fit your budget and eating habits.
Exploring campus housing options: Not all on-campus housing is created equal! Some dorms are more expensive than others, so it's worth exploring your options. You might find a cheaper dorm that's still in a convenient location. Some colleges also offer housing options like apartments or townhouses that are more affordable than traditional dorms.
Scholarships Can Affect Financial Aid
The amount you receive in scholarships could affect your need-based financial aid, as it likely will change your expected family contribution. After you win a scholarship, your college could adjust your financial aid package by reducing the grants or loans it gives you, which could require you to contribute more out of pocket, Ladd says.
For example, your need-based aid includes $10,000 in grants and $5,000 in student loans. If you win a $3,000 scholarship, your college may subtract an equal amount from your loan, so you would need to borrow $2,000 instead of $5,000. Or the school may subtract that money from your gift aid in a move known as scholarship award displacement.
"The reason for this is that a student's financial aid award can't exceed the total cost of attending a college," Geiger says. "How this plays out will vary from college to college, so it's best to check in with the colleges you are considering to understand what their displacement policy is."
Maximizing Scholarship Funds
Scholarship money can be used to cover a variety of education expenses. For college students looking to supplement their financial aid package, there are so many different types of scholarships available. Before you put the funds to use, double-check the details for your scholarship award. If you’re confused by any of the language, reach out to your scholarship provider to find clarity.
Expenses Typically Covered
Kevin Ladd, chief operating officer and co-creator of Scholarships.com, estimates 95% of scholarships cover things like tuition, room and board and books. This is particularly true with most merit-based and institutionally awarded scholarships, he says.
Tuition: Depending upon your financial aid package, tuition will likely be your greatest expense when it comes to paying for your college education. Many awards that renew for each academic year are designated to cover this expense.
Fees: When people talk about “tuition and fees” it can be confusing. Fees can encompass a number of different education-related expenses like enrollment fees, library costs, and printing charges. Many colleges and universities will provide a detailed breakdown of fees if you contact your school’s financial aid office.
Textbooks and Supplies: If you’ve ever spent time in an on-campus bookstore, you’ll realize that textbooks and other course materials can be pricey. There are even private scholarships that exist specifically to cover the cost of books.
Expenses Not Typically Covered
Unless it's tuition, fees, books and room and board, it's generally unwise to presume an expense will be covered by scholarship money, Ladd says. Transportation, groceries and off-campus dining, technology and clothes are typically not covered, but some scholarships may be less strict on how the money is used.
Personal Travel: If you’re dreaming about spending your scholarship funds on a spring break trip, think again. Scholarship money can never be used for personal travel. A caveat to this: Education-related trips, like studying abroad or pursuing an out-of-town internship, can be covered by specific scholarships.
Buying a Car: Buying a car to drive to and from campus is an expense that many college students incur. Unfortunately, it’s not one that can be covered by scholarship money.
Personal Expenses: Twin XL sheets for your new dorm room bed, a microwave to heat up cups of instant ramen, and a puffy coat to handle that long walk across campus in the cold are all examples of personal expenses that are not covered by most scholarship awards.
Student Loan Repayment: Many college students wonder if they can spend scholarship money on student loan repayment. It’s a nice idea, but the answer is no. Award money cannot be used to pay back federal or private student loans.
Investments: While investing for the future is a noble goal, spending your scholarship money on investments like stocks and bonds is not allowed. Instead of exploring other ways to invest, college students have the opportunity to invest in themselves through their education.
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