Receive Scholarships on the Bold Debit Card to Maximize Their Impact

The opinions expressed in this article are the author's own and do not reflect the view of Pathward^®.

Congratulations! Your hard work and persistence are paying off with scholarship wins. Wouldn't it be nice to decide for yourself where that money goes? By choosing to receive your Bold.org scholarship on the Bold Visa^® Debit Card,^|| you can decide how to spend your funds on your college expenses rather than having them sent directly to your school.

What does this mean? Well, you'll have more flexibility on how your scholarship money is spent. Sounds great, right? But keep in mind there are specific restrictions on how you can use these funds. Don't worry, though! I'll explain the eligible and ineligible uses of scholarship money so you can understand exactly what you can do with your hard-earned awards.

Here at Bold.org, we're a legitimate scholarship website trusted by many students, and we're proud to offer more than just scholarships to students like you. Unlike other scholarship sites, we provide various resources to help you pay for school, including our Bold Debit Card.

Now, let's explore how you can maximize the benefits of receiving a scholarship on the Bold Debit Card^|| while adhering to the guidelines for using your scholarship funds.

Take advantage of the flexibility and control that the Bold Debit Card offers, and manage your scholarship funds in a way that can better support your needs. Apply for the Bold Debit Card today!

Spend Your Scholarship Money Your Way— You Earned It

Oftentimes, scholarship awards are handled by your university's financial aid office, and they decide how to use that money for you. Typically, your scholarship is directly applied to tuition or other college-related expenses, like academic fees. Sometimes, you may even receive refunds from your university on the rare occasion that excess funds are left over.

However, this system doesn’t always offer much flexibility in how you manage or utilize your scholarship money, nor does it work in a preferably timely fashion. As a college transfer student, I've seen firsthand that many school applications, requests, and scholarships are processed pretty slowly.

True story: When transferring colleges, I had to call the academic office every day for a month just to get a copy of my transcript, which ultimately led to visiting in person to receive it. For scholarships, it can take up to six weeks to be processed with your financial aid office— quite a long time to wait for your scholarship.

Fortunately, with the Bold Debit Card, you can now transfer Bold.org exclusive scholarships directly to the card automatically.^|| This gives you the flexibility of using the funds for your most pressing educational costs, like required textbooks, groceries, or essential utilities, among other college-related expenses, instead of having the financial aid office choose for you.

Note: Some scholarships may have specific requirements on how the funds can be used, such as for tuition, books, or student loan repayment. Also, remember there are restrictions on what you can purchase with your scholarship money.

Choosing How to Receive and Use Your Scholarship Funds

Once you've won a Bold.org scholarship (congrats!), you’ll have two options for how to receive your scholarship award:

• Sent automatically to your Bold Debit Card
• Sent directly to your school

Both options allow you to pay for school expenses, but one allows you to earn rewards and have more flexibility.^*

Bold.org Scholarships Deposited to Your Bold Debit Card

With this option, your Bold.org scholarship funds are transferred directly to your Bold Debit Card. There are no extra fees for receiving your scholarship money this way, so you can access your funds without any additional costs.^¶

When you win a scholarship and select to add it to your debit card balance, you'll automatically see the money in your Bold Account associated with your Bold Debit Card. Then, you can use the funds across several spending categories that fall under legitimate college expenses, like groceries. After all, you can't sufficiently study when you're tired and hungry—so why not put your scholarship funds to use in the most practical way for you?

Remember, scholarships are meant to be used for your education and education-related expenses, not entertainment or personal use.

Want to receive a scholarship on the Bold Debit Card? Apply for scholarships today!

Bold.org Scholarships Sent to Your School

With this option, your scholarship funds are sent directly to your school. The financial aid office will apply the money to your tuition or other education-related expenses. This process usually takes between four to six weeks to complete, so it's important to plan ahead and account for any potential delays.

Once the funds are received by your school, they will be applied according to your outstanding balance and any other educational costs you may have.

However, this method offers less flexibility. You won’t have automatic access to the funds for other expenses like textbooks or living costs, as these will be managed by the financial aid office and applied to your school account.

If you wish for automatic access to your funds or more control over how they are used, consider the option of depositing your scholarship directly onto your Bold Debit Card.^||

Approved and Prohibited Uses of Scholarship Money

Eligible Uses of Scholarship Money

Here's what you can use scholarship funds for:

• Educational Expenses: tuition, textbooks, school supplies, mandatory academic fees
• Education Living Expenses: room and board, groceries, and essential utilities while pursuing a college education
• Education Transportation: commuting costs necessary for school
• Healthcare: health insurance or necessary medical expenses while in school

Ineligible Uses of Scholarship Money

And here's what you can't use scholarship funds for:

• Non-Educational Expenses: entertainment, luxury items, non-academic travel
• Debt Repayments: Credit card bills, personal loans, and other debt repayments
• Non-Essential Goods: clothing, accessories, personal care products
• Non-Academic Electronics: gaming consoles, smartphones, and non-essential computer accessories

Here at Bold.org, we provide scholarships in good faith and do not oversee or manage how recipients use their awarded funds. It’s up to you to follow the guidelines and make sure the money is used for its intended purpose. Any misuse of scholarship awards will be your responsibility.

Misusing your scholarship may result in having to repay the entire amount to the awarding organization or donor. Furthermore, you could be taxed on the funds since they may be considered income. This could also affect your chances of receiving additional funding in the future.

If you have any questions about how to use your scholarship, please reach out to our team.

Depositing scholarship funds onto your Bold Debit Card allows you to use the money for approved college-related expenses. While these expenses might align with what your college financial aid office would have used the scholarship funds for, some students prefer to choose when and how they spend their scholarship money.

If you win multiple scholarships, you can, of course, add all the scholarship funds to your Bold Debit Card, and we will notify you as soon as the award money is deposited so you can use your funds in a way that better helps you.^¶

Looking for legitimate scholarships? Browse the many scholarship opportunities available by major now!

About the Bold Debit Card

The Bold Debit Card allows students to keep their scholarships and debit card information in one place.^¶ Unique to the Bold Debit Card is its ability to turn everyday purchases into points that can be directly redeemed towards student loan payments or cashback.

With the Bold Debit Card, students earn 1 Bold Point for every $2 spent on eligible purchases across categories, turning routine expenses like groceries, books, or dorm room essentials into valuable points.^*

There are no annual fees, hidden fees, foreign transaction fees, or fees to receive your scholarship on your debit card, making it a popular choice for students.^¶ With the Bold Debit Card, you can be assured that your money is protected by robust security measures, ensuring peace of mind for every transaction.

And, your money is insured up to $250k FDIC insurance.^† The FDIC ensures the protection of your deposits at banks and savings institutions with FDIC coverage, offering a guarantee of up to $250,000 per depositor. This guarantee is valid at each FDIC-insured bank where you hold deposits and applies across every category of account ownership. For more information about coverage and limitations, see the FDIC website.

With the Bold Debit Card, students can manage their scholarship awards and their debit card transactions all in one place. The Bold Debit Card, in my opinion, is great due to its overall value for both parents and teens, but most of all, students.

Bold Points^* Help Fight Student Debt

The Bold Points system is designed to help you fight student debt. Bold.org awards users 1 Bold Point for every $2 spent on eligible purchases. So, if you receive your scholarship on the Bold Debit Card, you can earn Bold Points on college expenses you're already making, like required textbooks or groceries.

You can redeem your Bold Points for one of two things:

• Cashback
• Payments toward student loans

This points system offers great rewards for students who have student loan payments or want some extra money (cashback) for a coffee study session or brunch with friends.

Student Loan Payments^*

Bold Points can be redeemed for student loan payments. With 6,500 Bold Points, you can redeem $97.50 for a student loan payment, helping you reduce your student loan debt. With the Bold Debit Card, using your scholarship money to pay for college expenses can help you pay down your student debt.

Cashback^*

You have the option of redeeming Bold Points for cashback. With 6,500 Bold Points, you can receive $65 cashback. Your student purchases can help you earn more cashback. Sign up for the Bold Debit Card and start collecting Bold Points to turn your everyday college expenses into real rewards!

Early Pay^**

Early Pay is a special feature that enables Bold Debit Card users to gain access to their paycheck up to 2 days in advance. This feature is beneficial for those who need access to their funds sooner for managing bills, buying a last-minute book for class, or unexpected financial needs. Link your payroll to your Bold Debit Card, and we'll notify you as soon as your employer distributes your paycheck.

Apple Pay and Google Pay

The Bold Debit Card is compatible with both Apple Pay and Google Pay. Choose either the Wallet app or Google Pay app to add your debit card to the appropriate method for you. You'll be able to easily use your Bold Debit Card funds for contactless payments, making checkout a breeze no matter where you are.

Learn more about the many rewards the Bold Debit Card can offer you!

Finding Scholarship Opportunities on Bold.org

Bold.org gives students free access to hundreds of exclusive scholarship opportunities. On our scholarship platform, you can search for scholarships that match your major, grade level, GPA, intended profession, and more.

With the national student loan debt reaching $1.75 trillion as of 2023, according to Education Data Initiative's Student Loan Debt Statistics, it's evident that the student debt crisis is far from over. More resources are crucial to support students facing financial hardships. That's where the Bold Debit Card and Bold.org scholarships come in, offering help to students so they can manage their expenses and reduce their reliance on student loans.

All Kinds of Scholarships for All Kinds of Students

There are scholarships for high school students, STEM majors, aspiring lawyers, underrepresented students, and more. No matter your future goals or background, there's something for everyone. Even an international student studying in the U.S. can find scholarships on Bold.org.

Apply for as many scholarships as you can to improve your odds of winning scholarships. When you win, consider depositing your scholarship awards onto the Bold Debit Card to maximize your rewards.^* Use our scholarship search tool to help you find scholarship opportunities that fit in your academic interests!

Frequently Asked Questions

How do I set up a Bold.org account?

Navigate to the Bold.org website and create an account today. All you need to do is provide some basic information, such as your name, areas of academic pursuits, institution, and more. This information will help Bold narrow down what scholarships will best match your interests and goals, helping you connect with relevant financial aid opportunities.

How do I get a Bold Debit Card?

Once you've made your profile, you can also apply for the Bold Debit Card. Fill out a short form to make sure you're eligible for the card. We'll notify you if you are, and then you can complete the prompts to receive your Bold Debit Card.

Are there any fees if I transfer scholarship funds to the Bold Debit Card?

No. The Bold Debit Card has no fees for receiving a scholarship on your debit card. Here at Bold.org, we're happy to provide a debit card with no hidden fees or annual fees. You can transfer funds in and out of your account without paying extra. Rest assured, 100% of the scholarship money you earn is going to your Bold Debit Card for you to use on education-related expenses.

Is the Bold Debit Card safe?

Yes, the Bold Debit Card has extensive precautions to safeguard your account information, like leading security and anti-fraud infrastructure, as well as FDIC insurance up to $250K on all deposits.^† There's no scam— just great perks for students of all types. If you need more reassurance, read more about how the Bold Debit Card is legit.

Sign up for a Bold.org account today to access free resources and exclusive scholarships. Transfer scholarship funds to the Bold Debit Card to maximize your use of Bold Points!^||

Bold.org Visa® Debit Card is a demand deposit account provided by Pathward®, N.A., Member FDIC. Bold.org Visa Debit Card is issued by Pathward, N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc. Card can be used everywhere Visa debit cards are accepted. Visa is a registered trademark of Visa U.S.A. Inc. All other trademarks and service marks belong to their respective owners. Register your Card for FDIC insurance eligibility and other protections.

*This product or service is independent of Pathward® and Visa and is neither endorsed nor sponsored by Pathward® or Visa.

**Early direct deposits will generally be posted on the day they are received, which may be up to two business days prior to the scheduled payment date. Some direct deposits may not be eligible for Early Pay. Early Pay may be delayed due to fraud prevention screening, system processing, or account restrictions. Get in touch at contact@bold.org with any Early Pay questions.

†Funds are FDIC insured, subject to applicable limitations and restrictions, once Pathward receives the funds deposited to your account.

||Receiving a scholarship on the Bold Debit Card is a service provided by Bold.org and is not affiliated with our Bank partners/Pathward®.

¶The features associated with the Bold Debit Card discussed in this blog post are provided by Bold.org and are not affiliated with our Bank partners, Pathward®, or Visa.