<p>First of all, would discuss how the scholarship can be best integrated in with the award. How much movement you get there, who knows till you try. It appears that you are going to give it a go.</p>
<p>But let’s just say, that this has to replace the school financial aid award. In that case, I would look very carefully at the sponsor of the award and see what benefits there could be to be a recipient and an active participant in the activities that are being asked and required of him. Since we don’t know what this is, it’s up to you, him and anyone who might be able to give you info on this. This might open doors for jobs and other things in the future. </p>
<p>The other thing is that if your income goes up, you get some one time payment, need to sell your house, a stock, other such thing, this piece wiil remain in place whereas financial aid might not. Or if kid earns money in an internship. There is just less at risk there since the outside scholarship will be there, no matter what. And as you said, if your son wants to transfer, believe me, his aid options may well diminish. You just can’t tell what will happen there I’ve known a number of parents who barely sighed that relief sigh that kid is at school, aid is in place and then the kid wants to transfer. Fewer school guarantee to meet full need for transfers, so he does have a portable bird in hand with this. </p>
<p>Also can something be done in using some of the school money towards a summer abroad or other such thing? And is EFC the FAFSA EFC? What is the differential between school expected contribution and FAFSA EFC? There usually is some difference so the award would cover a bit more, would it not? Would this award plus. the $5K award be more than the $5K award plus the school award? </p>