Financial Aid: Private Scholarships |
PRIVATE SCHOLARSHIPS AND GRANTS:
Do they affect your overall Financial Aid Eligibility?
You may be lucky enough to receive some outside financial
aid from private parties. Be aware that these funds can affect
your financial aid status at the college you choose to attend. Colleges ask that you inform them of any awards made directly
to you. These scholarships are taken into consideration in calculating
your total financial aid package.
Questions to consider:
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Why do I have to report my private scholarships or grants to the college I want to attend?
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Can private sources of financial aid affect how much aid I receive from the colleges?
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Can private sources of aid affect state and federal scholarships and grants?
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Should I ask how private aid might affect my other sources of aid?
Most colleges count these moneys toward the self-help part of
your financial aid package, thereby reducing the amount of loans
or work-study awards. When you receive outside funding, the colleges
want to be aware of it so they can adjust your financial aid
package in ways that could help you, such as reducing the amount
of loans you might have to take out to meet your financial need.
It depends on the college. Different financial aid offices have
various ways of deciding on how to distribute their aid packages
when you add in private funding.
It is possible that private sources of aid could make a difference.
For example, in many states, the colleges will inform state
grant programs of your private scholarships. This information
could then affect any state grant awards that you might receive.
Yes. Contact the colleges in which you are interested to find
out what approach they take when adding in private grants or scholarships.
As you receive these scholarships and let the colleges know about
them, discuss your preferences about how these outside sources
of aid MIGHT be used in your financial aid package. Each college
makes the final decision on the structure of its package, although
your input is considered within the policies it must follow.
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