We’ve been told that whatever need/merit package the private school our child has applied to offers will pretty much stay they same over 4 years. So, my question is whether or not to apply for private scholarships, which I believe are mostly for one year. Is it correct that, if our child gets any outside scholarship $, he needs to report that to the school and that his 4-package will be reduced by that amount of any outside $. Of course, the private scholarship apps are due well before we will know if he’s getting any institutional money…Thanks for any help!
You should look up what the policy is that the school has for outside scholarships. They can vary widely. Some schools allow “stacking” as much as government regs allow, some take it right off of a grant. Once you look at that, you can have your student email financial aid and ask if a one time outside award would be replaced by school financial aid after that first year, if other financial info remains the same.
It think the OP wants to know if years 2, 3, and 4 year aid will be reduced if this student takes an outside scholarship In year one which reduces institutional aid.
The year you get the award, it is possible that your institutional aid will be reduced. This is because the outside scholarship reduces your actual need.
Assuming the school guarantees to meet full need for all accepted students, your aid for subsequent years will be based on your need for those years. If you don’t have the outside scholarship in subsequent years, your need won’t be reduced by that amount. NOTE…your need could change based in your income and assets if those change.
If the school does not guarantee to meet full need, I’m not sure what would happen.
You can always turn down the outside scholarships if you find it will affect the aid from the school. Since you don’t know and at some schools stacking may be allowed, I think it is wise to go after those scholarships (plus it is fun to win). If you don’t go after the scholarships and the deadlines pass you might be passing up money.
Do all the schools promise to “meet need”?? Most schools do NOT.
And some will let you use the outside merit to go towards loans or work study.
ln another thread you mention a school that doesn’t meet need. so you could use that merit towards that.