I have studied in an Australian university and throughout my university studies, I declined all prizes awarded to me. It is not that I have had something against my university but it is due to my own ethical values. I believe that a true scholar should have no interest in fame and prizes and that is exactly the reason I declined all the prizes given to me so far (I want to remain a true scholar).
It's not that I see myself superior to others in any way; indeed, I always claimed to be the dumbest student in my university. If it takes someone 10 minutes to understand a math theorem, it would take me at least 3 hours to understand it properly. Some people unfortunately misinterpret my statement:
I believe that a true scholar should have no interest in fame and prizes and that is exactly the reason I declined all the prizes given to me so far (I want to remain a true scholar).
I did not mean in any way, that someone who accepts prizes is not a true scholar and if that is the message conveyed by my statement, then I apologize from the bottom of my heart. This statement only applies to me; if I accept prizes, then I think that I am better than others and because of this I decline prizes because I want to remain a true scholar. I do not want to feel superior to others. This will make me not work hard. Some people said that I am following Perelman's footsteps. I honestly do not even consider myself a successful student; how could I dare to compare myself to Perelman. I am only an ordinary dumb student.
I just received an email from the university that this July (my graduation ceremony), they will award the university medal to me. I am going to decline the university medal but I am not sure what is the best way to do this politely so that the academics at my university will not be offended.
Update: After discussing this with the dean of my faculty, I agreed to accept the university medal. It will be annotated in my academic transcript, record, and testamur. This helps my Phd admission chances in the top 10 universities (something I was told by academics at my university).