I read somewhere that there is a limit to the amount/number of outside scholarships one can attain. If I receive merit-based scholarships and need-based scholarships, is there a cap on the amount of money in outside scholarships that I can receive? I am curious as to whether or not there is a point when receiving outside scholarships is unnecessary.
Below are the schools that I have applied to:
- Brown University (Pending)
- Columbia University (Pending)
- Duke University (Pending)
- Fordham University (Accepted)
- George Washington University (Pending)
- Johns Hopkins University (Pending)
- Northwestern University (Pending)
- University of Maryland, Baltimore County (Accepted)
- University of Maryland, College Park (Accepted)
- University of Pittsburgh (Accepted)
Do these schools have policies on outside scholarships? Thanks in advance!
You need to check each school. In most cases, your financial need will be reduced by outside scholarships. Usually the first thing that gets reduced is self help…loans and work study.
But every school has a policy on how this is dealt with. And it varies. Check each school.
I don’t believe any schools will allow you to have scholarships from them…and outside scholarships added in that would exceed the cost of attendance.
Many schools will reduce your need based aid and not apply outside scholarships to your family contribution…but even this is not at every school.
Where can I find information about each school’s policy? Should I try to receive scholarships that equal the cost of attendance?
What scholarships are you taking about? Outside scholarships that cover COA?! These are rare and I think it would be too late to apply.
You will get your best merit scholarships from the schools. Fordham has already sent you a FA package. Is Pitt affordable?
Many of the schools on your list only meet need (no merit) or have little merit (UMD CP). Did you run the NPCs prior to applying? The NPC will give you a good idea if the schools are affordable.
You should search “School name outside scholarship”. most will have a paragarph about how outside scholarships affect need-based aid.
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Should I try to receive scholarships that equal the cost of attendance?
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I doubt that’s even close to being possible right now. You’d be lucky to now get outside scholarships that are more than a couple thousand.
I am talking about outside scholarships. So far, I have applied to about 25 of them. I am just curious as to whether or not there is a point when filling out these applications is unnecessary. thumper1 has answered part of the questions. By the way, there are still many outside scholarships available. Pitt has awarded me a $10,000 scholarship per year scholarship and is still considering my application for need-based aid but as of now, I believe that UMD is most affordable because it is my state school. I have used the NPC. After finding a value from the NPC, is the remaining value the amount in scholarships I should apply to?
Do you check fastweb.com (I think that’s the name) and other websites for college scholarships? Your guidance counselor will have a list of outside sources for scholarships (small). Otherwise, check with the financial aid office at each school where you’re accepted. If the schools offer merit scholarships, that process is already well underway or completed for Fall 2016.
The net cost is what the school thinks your family can pay. If you get need based aid, it could very well get reduced by outside scholarships. Merit aid usually is not reduced by outside scholarships. But you are required to report ALL outside scholarships to your colleges.
Most outside scholarships are small and non-renewable. It is still nice to get extra money though.
“By the way, there are still many outside scholarships available.”
Take it from someone who has experience with this – no, there really aren’t. The huge ones are almost all closed, except for Buick and one or two others (Great Lakes, etc). And the odds for those competitions are astronomical, and usually require significant financial need and unique accomplishments. I don’t know what your situation is, but outside scholarships are unlikely to be the answer here.
Even if you won some, they’ll just reduce any need-based aid you got (at most schools, that is the policy), and you’ll net 0.
@thumper1 @txstella @purpleacorn @mom2collegekids @this8120 @billcsho @CourtneyThurston Thanks for all of your scholarship help. I am a Gates Millenium Scholar and have decided to attend George Washington University.
@Ifeanyi1
Great news!
My DS is also attending GW!
@txstella Thanks! Wow! That’s cool. I might meet them.