If You Are Already Awarded Scholarship Money Can It Later Be Reduced?

Scholarships

Will This Scholarship Affect My Financial Assistance?

Learn how to report scholarships to a college and how to fit scholarships into your fiscal aid.

Student reading on phone if a scholarship will affect his financial aid

Nosotros love sharing college scholarship opportunities with students and families. And because November is National Scholarships Month, we'll be posting at least one scholarship every day on Facebook and Twitter. Make sure to similar us and follow us and so you lot don't miss a chance to help your son or daughter win free money for schoolhouse! Since some students have already been notified of scholarship earnings, we've received calls and emails from families request how scholarships could affect a student's financial assistance package. It's a great question, and nosotros've included a detailed response beneath. The short reply is that, in most cases, a scholarship won't affect the financial aid offered by a college. Instead, it will aid to cover costs not already paid for by financial assistance, and is therefore of great benefit to the student. Read on for a total explanation.

Reporting scholarships

Though colleges and universities tin offer their own scholarships, which appear within the fiscal aid package, at that place are numerous scholarships offered by other entities, such as companies, foundations, cities/towns, non-profits, and associations. Students commonly receive a letter of the alphabet or email to alert them of a scholarship win, and earnings are and so sent directly to the college or academy. Once your son or daughter receives a scholarship, allow your child's chosen schoolhouse know of the prize. Note that the CSS Profile^TM asks for the amount of scholarships that the student has earned for the upcoming school year. Only report an amount that a educatee has definitely won, not whatsoever scholarships for which a student has merely practical.

Plumbing fixtures scholarships into the financial aid package

Most fiscal aid offices will practice their best to allow the educatee to continue all fiscal aid and scholarships that have been offered, and then that a scholarship doesn't negatively affect the financial aid package. Customarily, this is how information technology's washed:

A school start calculates a educatee'south eligibility for demand-based fiscal aid, which is the full Cost of Attendance of the schoolhouse minus the student'south Expected Family unit Contribution (EFC). If a student receives any demand-based financial assistance from the federal government, state government, or the schoolhouse itself, the total of that aid, plus whatsoever private scholarships, must fit within the pupil'due south eligibility for demand-based fiscal help. For case, if a student has $25,000 in eligibility for need-based financial aid, and receives $fifteen,000 in need-based financial aid from the federal regime and the college, the student has room to receive $10,000 in private scholarships. You can contact the financial aid office to find out your need-based financial aid eligibility and to learn which parts of your financial assistance package are based on need.

If a student receives a fiscal aid package that includes need-based aid and that equals the student'south financial aid eligibility (which is rare), and therefore leaves no room for private scholarships, the financial aid role volition need to reduce certain elements of the financial aid package. Most financial aid offices will reduce a student's subsidized loans or federal piece of work-study first to make room for a individual scholarship. If whatever part of the financial assist package is reduced, the student will be notified, and the family unit can follow upward with any questions.

If a higher removes a educatee's subsidized loans and federal work-written report to make room for a private scholarship, and all the same needs more room within the financial aid eligibility, the higher may need to reduce some college-specific grants or scholarships in order to make room for the private scholarship. The higher will contact the pupil if this needs to occur. This is not a common occurrence, and information technology's ordinarily the last resort. This is the only instance when a scholarship could negatively affect any grants and scholarships already offered, and again, it doesn't happen very often. If you discover yourself in this situation, speak with the financial aid part if you take any questions on the adjustments made to the student'southward financial assistance.

If the financial assistance package merely includes merit-based aid (aid offered regardless of a pupil's fiscal situation) and not any need-based help, the student is eligible to receive private scholarships and merit-based assistance that add upward to the total Toll of Omnipresence of the school. In this situation, the total eligibility for need-based aid is irrelevant.

Since policies may differ from college to college, this is a great topic to discuss with the financial aid office when visiting a campus. Yous may as well be able to find data on the financial help department of a school's website. And call up, in about cases, private scholarships will help to fill in a student's eligibility for financial aid and take care of outstanding college costs. Exist sure to like us and follow the states on Facebook and Twitter to notice out daily scholarship opportunities this month!