Can outside scholarships apply to your EFC before taking grants away?

<p>Does a school ever allow a student to apply scholarships to their EFC loans such as a PLUS loan or will they take away all need-based assistance first, such as a school-funded grant? </p>

<p>In other words, the federally-subsidized loans would be taken away first, then federally-subsidized grants, then school-funded grants. Lastly, if additional outside scholarship money remains, then can it be used to reduced a PLUS loan that will cover the EFC? If the grant is funded by the school can it be the school's choice to leave the school-funded grant? </p>

<p>If the scholarship does not specify that it must be used the first year, can a student request that it be held by financial aid for a following year so that it doesn't affect this year's financial aid?</p>

<p>anyone please?</p>

<p>hello...any financial aid experts???</p>

<p>I think you're going to have to ask the fin aid officer at your school. Outside scholarships must be reported to your school. How the school will adjust your package is something we cannot tell you.</p>

<p>Just wanted to know if there was a possibility of maintaining the package and be able to prepare for future tuition increases and EFC increases. Thanks for responding.</p>

<p>It appears that many of the scholarships are only for an entering freshman and are not renewable. After all the time and effort put into the applications, it seems sad to have the awards only replace what was already available by the school.</p>

<p>I agree; it seems sad. </p>

<p>Have you talked to a fin aid rep at your school? </p>

<p>We found the reps at S's schools to be very helpful when we asked about which awards could be stacked and which ones would cancel a prior award. </p>

<p>Don't just assume the worst; make your case and hope for a sympathetic reception. I wouldn't think you could lose anything from asking.</p>

<p>Thanks for responding!</p>

<p>Most of the time, at most schools, outside scholarhips are applied to "self help" parts of your financial aid package first and then they reduce your grants. This has been my experience though there are schools that have exceptions to this rule. PLUS loans are not considered financial aid and unless a school has a policy to let students keep outside loans and do not apply them or apply them at maximum $ amounts or 50cents to the dollar, they do not go to reduce the EFC. You do need to specifically ask, as there are different ways schools do look at this scenario.</p>

<p>you really do need to talk to the officers at the school you're looking at. different schools have different policies as to how they'll treat outside scholarships, if it's mandatory to report them, and how they'll let you get rid of loans (they usually have an order of how they are reduced/eliminated).</p>

<p>Usually what happens is this:</p>

<p>You have your financial aid package made up of grants, loans, work-study, etc.
The estimated cost of attendance minus this is your EFC.</p>

<p>If you get any scholarships, they first take away from your EFC and loans. If, through scholarships, your EFC and loans are reduced to zero and you still have left over scholarship money, they will reduce grants.</p>

<p>This will, of course, differ from school to school so call your school's financial aid office but from the schools I have talked to, this seems to be the most common answer.</p>

<p>Jamimom presented you with the correct sequence of events regarding outside scholarships.</p>

<p>Usually what happens is this:</p>

<p>You have your financial aid package made up of grants, loans, work-study, etc.</p>

<p>The estimated cost of attendance minus this is your EFC.</p>

<p>If you get any scholarships, the school will ususally reduce your self help aid (loans, workstudy)</p>

<p>what happens after reducing the self help aid depends on the school. </p>

<p>Most schools will first reduce the grant aid provided by the school.The EFC is usually does not change concerning outside scholarships unless your out side scholarship covers everything as schools still operate on the basic premise that the parents are first source regarding the payment of their child's education.</p>

<p>Very few schools use outside scholarships as a mechanism of reducing the EFC.</p>

<p>Check with eac school you are considering as policies differ from school to school. Some have their treatment of outside scholarhips on their finanical aid pages. Other schools, you mut contact the department directly.</p>