Are scholarships really free?

I know that scholarships are often described as free money for college, but I'm wondering if there are any hidden strings attached. When you win a scholarship, is it genuinely free, or are there certain obligations or requirements you have to fulfill like maintaining a specific GPA or staying in a certain major? If anyone has experience with this, I'd love to hear how it worked out for you!

Yes, scholarships are a form of financial aid that does not need to be repaid, likening them to "free money." However, there are certain conditions tied to some scholarships that recipients must adhere to in order to maintain the funding. These conditions vary widely by scholarship and can include maintaining a specific GPA, enrolling in a certain number of course credits each semester, or participating in specific activities or programs.

For instance, a scholarship may be awarded on the basis of a student's intended major, and if the student changes their major, the scholarship may be withdrawn. Similarly, some scholarships might require recipients to participate in community service activities, maintain a certain minimum GPA, or work in a specific field for a number of years after graduation.

In short, while the money awarded through a scholarship doesn't need to be paid back, there might be certain performance or participation requirements attached. It's always crucial to thoroughly read the terms and conditions of any scholarship before accepting it, to understand what is expected of you.

On another note, sometimes scholarships can affect other types of financial aid. For instance, if you receive a private scholarship, your school may reduce your other financial aid to prevent an "over-award," which is receiving more financial aid than your cost of attendance. If you're not sure how a scholarship might impact your other aid, it's wise to get in touch with a financial aid counselor at your school. They can provide personalized advice based on your circumstances.