Are scholarships applicable at any college?

I'm planning my college applications and wondering if scholarships I've applied for can be used at any college I ultimately decide to attend. Are there limits on which institutions accept certain scholarships?

The applicability of scholarships to different colleges largely depends on the type of scholarship.

There are two main types of scholarships—college-specific and outside scholarships. College-specific scholarships are directly offered by the institution and can only be used at that specific college. For example, a merit-based scholarship from the University of Pennsylvania can only be used to cover costs at the University of Pennsylvania and not any other institution.

On the other hand, outside scholarships—those provided by companies, organizations, or community groups—are often not tied to a specific school. For example, if you win a scholarship provided by the Coca-Cola Scholars Foundation, you can typically use it at any accredited college or university.

That being said, it's very important to read the fine print of each scholarship's rules and regulations. Some outside scholarships may be tied to a specific field of study, class level, or even a geographical region where the college is located.

When you receive an outside scholarship, notify the financial aid office at your chosen college. The school might adjust your financial aid package, as outside scholarships sometimes reduce the amount of need-based aid you’re eligible to receive. However, it's usually the student loans part of the offer that gets reduced first, which means you'll graduate with less debt.

In short, some scholarships can be applied at any institution, while others are more restrictive. Always make sure to do research and understand the specifics of each scholarship you apply for.