From Dad or from Uncle Harry?

sybbie719
Mon, 24 Apr 2006 07:12:17 +0000

know that first outside scholarship money can be applied to school-given loans, work-study, and the student’s contribution, but if the student were to win a large award, their grant would be reduced accordingly.



The Majority of outside scholarships first reduce the self help aid (work study/loans) then it reduces the grant money given by the schools . You would essentially have to have a full outside scholarship before the EFC/student contribution is reduced (may be with the exception of a few scholarships).

They care because in these cases uncle harry is a source of income and must be documented.

As unfair as it may seem it tries to keep the process above board and as honest as possible as otherwise what would stop parents (besides the IRS) form transferring assets to uncle harry in order to present themselves “poorer” than they are in the face of FA and basically defraud the system?