College Board partners with Scholarship America to disburse the awards. Students must claim their scholarship within 60 calendar days of being notified that they were selected. Instructions to receive their funds will be shared directly with winners in the spring of their senior year. In August after they graduate high school, Scholarship America will send $500 and $40,000 winners a check payable to the college or university that a student attends. $40,000 scholarships are usually paid in installments at the discretion of the winner and in consultation with their college or university. No later than May of their senior year, Scholarship America will ask recipients to confirm their contact information and the institution where they plan to enroll in the fall.