FAQ and Answers for CollegeNET.com Scholarship Winners

How do I know if I've won a scholarship?

We will send you email notification each week you win a scholarship. This email will give you instructions for acknowledging notification and providing the information we need to disburse your scholarship.

Once I've won, what do I need to do to receive my scholarship?

When we send you an email notifying you of your win, we will include a link to our Winner Acknowledgement Form. This form will ask you for your student information and also link you to an electronic signature page. When you have completed the Acknowledgement Form and signature page, and hit "submit," you will receive a message back from us saying, "You have successfully acknowledged your scholarship." The acknowledgement page will also prompt you to download an Enrollment Verification Form. You will need to take this form to your financial aid office for them to complete and return to us. You must complete your Winner Acknowledgement Form and signature page within 30 days of the date you received our end-of-the-tournament email. We must receive your Enrollment Verification Form from your school within one year of that date.

How do I fill out the Enrollment Verification Form?

You need to provide the personal information requested on the top portion of the page. Then, ask your admissions office or financial aid office to complete the lower portion of the form and have them return the completed form to us at: scholarship@collegenet.com or fax to 503-973-5252. They can also mail the form to: attn: Scholarship Coordinator, CollegeNET, Inc., 805 SW Broadway, Suite 1600 Portland OR 97205

What forms do I need to submit in order to receive my scholarship, and when is each form due?

When we notify you of your scholarship win, we will send you an email with links to the following forms:

  1. Winner Acknowledgement Form (including signature page) - due within 30 days of receiving our end-of-tournament email announcing your win.
  2. Enrollment Verification Form - must be completed and returned to us by your school's admissions office. We must receive this form from your school within one year after your receive our end-of-tournament email announcing your win. Be sure to allow your school enough time to complete the form before the deadline.
  3. Disbursement Request - due within one year after our end-of-tournament email announcing your win.

If I win more than one scholarship during the Tournament, do I have to submit the Winner Acknowledgment and Enrollment Verification forms each time?

No. Although we will notify you each time you win, you only need to submit your forms once for each tournament period.

When will my school receive my scholarship payment?

Once you fill out and return your Winner Acknowledgement Form, and your school sends us your completed Enrollment Verification Form, we will begin processing your scholarship. Payment processing can take up to two weeks from the time we receive your form from your school. You will be notified via email when the check has been sent to your school.

What type of expenses does my scholarship cover?

Since policies vary among schools and with each student's situation, you should ask your financial aid office for information about what your scholarship will cover. The intent of this scholarship is to reimburse you for tuition and books and related school expenses or help repay your student loan.

Can I split my winning amount between my school and my student loan?

Yes! In order to split your scholarship money between your school and loan institution, you will need to complete two Disbursement Requests, which you will be able to download along with your Winner Acknowledgement Form (described above). Fill out one Disbursement Request with your school information, and a second one with your lender information. Do not submit more than two Disbursement Request Forms - CollegeNET is unable to disburse scholarships to more than two organizations per winner per tournament. You must submit your completed Disbursement Requests within one year from the date we first informed you of your scholarship win. When you have your school and lender information and you're ready to submit these forms, you can find them by logging into the Scholarship Recipients Menu.

What happens to my funds if I transfer to another school?

If you transfer within the same academic year as your win date, the remaining portion of your scholarship may be transferred to your new school. First, be sure to notify us of your pending transfer. Send your notification to scholarship@collegenet.com. Then, contact the financial aid office at your current school and ask them to return the remaining funds from your CollegeNET.com scholarship to us. Have your new school complete a new Enrollment Verification Form and send the completed form to us. Once we receive your new Enrollment Verification Form we will issue payment for the remainder of your scholarship to your new school. IMPORTANT: be sure to notify us first of your plans to transfer. If we receive funds back from your school with no information from you, we will assume you have withdrawn from school and no longer need your scholarship.

When does my scholarship expire?

Your scholarship will expire one year from the last day of the Tournament Period in which you won the scholarship. You must have your school complete and return your Enrollment Verification Form to us by that anniversary date or you forfeit your scholarship.

When should I submit my school/loan information?

You can start the process as soon as you receive your winner notification email. The required information will be listed on your Scholarship Recipient Page that we send you after you win.

What if I'm not enrolled for classes when I win my scholarship?

You should still submit the Winner Acknowledgement Form right away. When you complete the form, you can also designate the date you want your scholarship money sent. Just complete the optional Disbursement Request (you'll see a link to it from your acknowledgement form) and choose the "non-disbursement" option. You have a year from your scholarship award date to enroll and have your school return your Enrollment Verification Form to us.

Why do I need to submit my social security number?

We require proper identification for our records. We do not share your information with anyone. However, if you are uncomfortable sending your full social security number, we will accept the last four digits accompanied by valid photo ID, such as a copy of your current driver's license, student ID card or passport.

What if I don't have a social security number?

We will accept a photocopy of a current passport.

You sent my scholarship money, but I don't see it posted to my student account. Did it get lost?

Please ask your financial aid office to check whether they have received payment. If the check has not arrived within 7-10 business days of the date it was mailed, ask your financial aid office to contact us at: scholarship@collegenet.com.

The amount posted to my student account differs from what I won. Did you send the correct amount?

Some schools do not post the entire scholarship amount all at once. You may have a series of smaller amounts credited to your account over the academic year. Ask your admissions office to explain their policy.

My school won't allow me to apply the funds towards certain expenses. Can you tell them to allow it?

No. School policy governs how your scholarship may be spent.

My school only disburses a certain amount of my funds per term, but with your permission they will disburse it differently. Can you send your permission?

Yes. Please ask your financial aid office to contact us at: scholarship@collegenet.com.

Is it possible to have my funds applied to one specific term/semester?

Please let us know to which term you want your funds applied. We will include your request with the scholarship payment to your school, however this request is not a guarantee. You should follow up with your financial aid office.

Will I need to submit any tax forms associated with my scholarship winnings?

You may be required to report your scholarship winnings as income on a tax return, depending on whether you choose to have your winnings used as payment on an existing student loan or applied directly to your current tuition and/or campus housing.

If you choose to have your scholarship winnings applied to an existing student loan, please be aware that school loan relief is a reportable tax event and requires you to complete a Form W-9 and send it to CollegeNET, before funds can be sent to your loan servicer. You only need to submit Form W-9 once to CollegeNET.

Download W-9 form

In January of each year, CollegeNET is required to file Form 1099 with the IRS, which reports amounts paid to reduce student loans during the previous year. You will be mailed a copy of Form 1099. You may be required to report on a tax return any scholarship winnings applied to student loans. We recommend that you consult your tax advisor for the tax ramifications of your winnings being disbursed as loan relief.

If you choose to have your scholarship winnings sent directly to your school for tuition and/or campus housing, CollegeNET is not required to issue Form 1099 form and you do not need to submit Form W-9 to CollegeNET.

Didn't find the answer you were looking for? Please email your question to us at: scholarship@collegenet.com.