text: how do scholarships work  with regards to the money? i'm a junior and will be applying for some private scholarships, if i win, how does the award money work, is it put in a trust or do i get a piece of paper to show colleges to subtract from my total bill, etc. just a curiosity the scholarship giver generally sends a letter to your college, and if the money is recieved by the school before it is time to disburse your loans, etc., you will recieve any extra as a refund.  they will probably give you some type of a certificate and will pay the college of your choice when you do start college. if all of your tuition has not been paid in full, the scholarship will be applied to your tuition.  apply for everything you can, because you will get everything over the amount you owe the school in a check to you as a refund.