Complete Guide How You Should Utilize Your Scholarship Funds

When you apply for a scholarship and fulfil the eligibility criteria, you either receive the funds that you can use according to your needs or those funds are used directly to pay your hostel and tuition fees by the scholarship awarding committee. In some cases, the scholarship money is transferred to your account and then you are expected to put it to intended use. 

So in this article, we will discuss how you can apply for as well as utilize your scholarship funds wisely.

Tips you need to follow

1. Understand the scholarship – Remember, the scholarship may or may not cover the entire cost of your education. Before you apply for the scholarship for international students or national students, understand what is covered, and how you will manage the rest of the fees for yourself or your child. 
2. Understand the eligibility before applying – If you are an international student who wants to pursue education in Singapore, you need to make sure that you apply for the available scholarships for international students. Additionally, you should check the eligibility criteria so that you apply only for those scholarships that you can win. 
3. Use the scholarship for what it is intended for – If you have got the scholarship to pay for the tuition, it is important that you pay our tuition fees with the funds. Do not use the money to pay for groceries, rent or other expenses. Parents need to keep in mind that the money is for the education of the intended child and not other children they have.
4. Using open scholarship money – Many educational institutions send the money to an admission consultant or admission counsellor of the recipients school or college. They money is meant to meet expenses, in addition to the tuition fee. In such a case, plan for the basic necessities like food and rent, before using the money for anything else. Create a list of the things required, and the cost of each, before earmarking the money for each necessity.
5. Do not spend on luxuries or gambling – Whatever you do, do not use the scholarship money for luxuries such as meals at expensive restaurants, buying a frivolous gift or at a casino. The money is given to you in good faith, and you must use it to for things like reading materials and other aids that are necessary for completing the education.
6. Plan for your future – It is also very important to think about the future. If your education requires you to spend more time in Singapore than your scholarship funds will last, you should spend whatever money you get very wisely. Look out for other scholarships as well to support your stay and education in the future.

Not all scholarships give you the freedom to use them anywhere and for anything you want to. There are those that are strictly meant to be used for a specific purpose. Some scholarships can only be used for paying the expenses related to your school. And then there are those as well that you can use the way you want to. So it is always better to know the guidelines to make the most of your scholarship funds.