College kids or others- scholarship question...

[LaraMN]

I haven't bothered applying for any scholarships for school previous to this semester, as I'd been a part-time student until this spring, and all the scholarships I read about seemed to require full-time status. It looks as though I'll likely be full-time through the next three semesters, so I'm thinking about applying for some.

Does receiving a scholarship just knock down your aid package? If I'm going to lose $500 in grants if I get a $500 scholarship, for example, why should I waste my time trying to earn one? It would be worth it, otoh, if I could keep my grants and reduce the amount of loans I have to take out.

How does it work?

:shrug:

[liontamer]

1. there's a difference between need based and merit based scholarships

need based factor in your aid package; merit based usually don't

So if you get 1000 in aid, a need based scholarship will be determined based on your needing 1000 in aid. Your financial aid office my adjust your package accordingly, so if you have loans, they usually get rid of those first.

Merit based are awarded without attention to need and financial aid offices often don't count those, so they can be considered "extra" money. (but you should check to see how your school handles it.)
But even a need based is good- because if you do have loans or extra expenses, they're a big help.

Good luck! :hi:

[LaraMN]

2. Gotcha!

It sounds worthwhile, then, either way!
Thank you! My school's website does a shitty job of explaining how scholarships factor into one's financial aid.

:thumbsup:

[liontamer]

3. every school's website does.

I always had to just go in person and ask.

[NewWaveChick1981]

4. I deal with this all the time.

:) It depends on how much unmet need remains in your package. If your cost of attendance minus other aid leaves a gap that is unfunded, aid administrators apply any outside scholarship or grant funds to that gap. Only when the outside funds cause an overaward will other funds have to be reduced. (An overaward is the amount of funding that exceeds your cost of attendance.)

PM me if you need to know more. :)