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Scholarship question

youngdreamer12youngdreamer12 Registered User Posts: 24 Junior Member
Okay so both the schools I am considering have met one hundred percent of my "demonstrated financial need". I was recently told by a friend that any local scholarships I apply to are a waste of my time as the amount I earn will be subtracted from the grants that I relieved from the colleges, rather than to defray the cost of my expected family contribution. Can anyone verify this?

Replies to: Scholarship question

  • MrElonMuskMrElonMusk Registered User Posts: 1,236 Senior Member
    It depends on the school. Some schools do that, taking grant money away. However, other schools will let that scholarship money reduce your expected contributions.
  • CourtneyThurstonCourtneyThurston Registered User Posts: 1,308 Senior Member
    Look dude scholarships are never a waste of time even if you don't end up getting the money -- the money is only the tip of the iceberg of benefits. The networking alone, even with local scholarships, can be so helpful. Definitely apply anyway.
  • youngdreamer12youngdreamer12 Registered User Posts: 24 Junior Member
    Thanks @MrElonMusk, I will research the college policies. @CourtneyThurston - good advise, but I do believe it is unethical to take scholarship money from students who can use it if I essentially would "waste" the money by subtracting it from my college grants.
  • youngdreamer12youngdreamer12 Registered User Posts: 24 Junior Member
    OUTSIDE SCHOLARSHIPS AND TUITION BENEFITS Policy from Hamilton College- one of my two choices

    "A student must report outside awards and tuition benefits to the Financial Aid Office, which will first replace work-study and then the loan portion of a student’s financial aid package before it will reduce the Hamilton College Scholarship. Neither an outside scholarship nor a tuition benefit will reduce your expected family contribution."

    -So what I gathered from this is that should go after scholarships with the insensitive that I won't have to do work-study (or pay the 2500 $ associated with work study) and so I don't have to take out the 3500 $ student loan Hamilton expects me to take out. However, if I do a work-study and/or take out a student loan, the local scholarships I earn are obsolete and will be subtracted from my college grant. I have incentive to earn up to 6k in local scholarships, but any more than that is a waste of my time. Do I follow correctly?
  • MrElonMuskMrElonMusk Registered User Posts: 1,236 Senior Member
  • BuckeyeMWDSGBuckeyeMWDSG Registered User Posts: 702 Member
    *incentive (not insensitive) ;-)

    Your interpretation is how I understand it, too.
  • youngdreamer12youngdreamer12 Registered User Posts: 24 Junior Member
    @BuckeyeMWDSG Okay thanks. And yeah the spell check did me dirty...
  • CourtneyThurstonCourtneyThurston Registered User Posts: 1,308 Senior Member
    I mean, you don't really know if you can use it until everything's said and done and you've graduated. It's amazing how much your financial aid can change over 4 years.

    Also, some competitions are solely awarded on merit (Coca-Cola, Goldwater, some others); I don't think it's "wrong" in those cases because those scholar classes skew very wealthy to begin with.
  • CourtneyThurstonCourtneyThurston Registered User Posts: 1,308 Senior Member
    Also -- just because it's strictly merit. It's basically a competition to see who can put together the best stack of paper, and nothing more.
  • merc81merc81 Registered User Posts: 8,493 Senior Member
    edited April 13
    I have incentive to earn up to 6k in local scholarships, but any more than that is a waste of my time. Do I follow correctly?
    If you are only motivated by your personal incentive, this would seem to be the case. By a more inclusive ethic, you might consider that external scholarship recognition beyond a certain level could serve to support the college of your attendance by defraying the expense of their need-based grant to you.
  • billcshobillcsho Registered User Posts: 18,405 Senior Member
    Depending on the school, but most likely you will get a reduction in loan and/or work study too, not just in grant. Those would also be your out of pocket cost otherwise.
  • mommdcmommdc Registered User Posts: 10,547 Senior Member
    Most of our local scholarships ask for income or FAFSA EFC, so probably have a need component.

    Only you and your family can decide if you require scholarships to pay for school.
  • SweetbeetSweetbeet Registered User Posts: 595 Member
    Also, if you use external scholarships to replace work study, you can still work (just not in a work-study only position) and that money can go toward your family contribution or loans.
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