Late Arriving Grants/Aid

Paying for College
1

<p>What happens if your aid package comes in and you accept it, then receive other awards or grants from independent sources (State or outside scholarships)? Provided they did not exceed your total COA-EFC, would your base package remain the same, or could the school come in and knock down your school funded grant by the amount of the outside award. Would it matter if it was merit based? S is probably eligible for aid from a state agency based on a learning disability, but that won’t be confirmed for a while yet. If he gets it it will be about $3400/yr. I don’t want to hope for that only to have the college take away their aid afterwards. Kind of like, “why bother trying and applying” if that’s the case. </p>

<p>Experiences anyone?</p>

2

<p>You need to check with the school. Our experience with getting an outside scholarship awarded after the financial aid package was send included the whole award being reassessed in August. Grant amounts were lowered, subsidized loans were change to unsubsidized, and federal work-study was taken away. It was a big disappointment but still the scholarship was more than the adjustments offset, so we still came out somewhat ahead. I understand that most schools will make adjustments but they may do it with different methods. </p>

<p>Bottom line is check the schools financial aid web pages or contact them so you know what to expect.</p>