Outside Scholarships and Financial Aid

From The Insider: Your Expert Guide to College Admissions
April 26, 2013 - 10:51am

How will receipt of an outside scholarship affect my financial aid offer? Congratulations, you won the “Born on a Day Ending in Y” scholarship!  All your hard work of searching, completing applications and writing essays has paid off in an outside scholarship award.     What is an outside scholarship? Outside Scholarships—or awards from corporations, charitable and civic organizations, whether local or national—can be a great way to help pay for college.  However they do need to be factored in to your overall financial aid award.  Notify your college about the outside scholarship As soon as you know you have won an award, and are not just a candidate, you should notify the college you are planning on attending.  A copy of the award will need to be sent to the financial aid office at that college.  You will also have to tell the sponsor of the award what college you are going to attend so they can write a check co-payable to you and that school.  For most students, this award will just supplement what you have already received for financial aid.  For some students, however, this additional money may result in a change to their existing financial aid offer. Outside scholarships effect on aid packages Colleges that have offered you federal or state need-based financial aid (grants, loans and/or work-study) must follow regulations that set an upper limit as to how much financial aid, including outside scholarships, you can...


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