I was admitted to a major university and given a comprehensive financial aid package. The total cost of attendance is about $17,000, but tuition is only $8,000. My financial aid package gives me about $8,000 in grants and the rest is loans and work study.
However, I might receive a scholarship that adds up to $6,000.
If I decline the loans and work study, accept only the grants, and then inform the financial aid office of the scholarship, would they allow me to spend it for living expenses, or would they take it away from me and substitute it for the grants that they awarded me?
My other question is, if I accept the full financial aid package, but the grants alone cover tuition, what will happen to the loans? Will they just sit in my student account?
If the loans remain in my student account and I declare that I have a scholarship forthcoming, then would the scholarship be substituted for the loans but the money would still remain on my account?