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You just need to look at the scholarship rules as was mentioned previously. I won a $5,000 scholarship in graduate school when my school, books, tuition, and housing were basically paid for from other scholarships. I bought stock in Wendy's with the money. There was no limitation on what it could be used for though. They might be concerned at their possible tax liability since by giving it as a scholarship, it is generally tax-free to them. By you using that particular money for something else, they may feel it jeopardizes them in that way. All you can do is ask.
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