Hello, this is my first post here. My daughter will soon be making her college decision based on schools within the range of what we are comfortable paying. Some higher cost schools won’t make the cut for this final decision phase. My question revolves around outside scholarships that could potentially come in after May 1 which might have otherwise enabled her to go to these more costly colleges if we knew the award decisions before the May 1 college commitment deadline. Has anyone else run into this?
Unless you are sure that the outside scholarship will be awarded to your daughter, the safest thing to do is assume that it will not be available and make decisions based on what is known.
Yes, we have this situation as well. We have been waiting on a decision regarding a very large scholarship. Since it looks like they are in no hurry to notify the kids, we have ruled out certain colleges and are deciding between the ones we have all the information for. It’s a shame, but it is too big of a risk, in my opinion.
Also to consider - how the outside scholarship would affect aid at the costlier schools. Having outside scholarship $ reduces need, which can change the fin aid offer. Safest course of action is to move forward as if your daughter will not receive additional funds.
Also to consider…are the outside scholarships for ONE year only…or renewable guaranteed for all four years.
And as noted…You will be required to report outside scholarships to the college. If your kiddo received need based aid…your need will be less…and at many colleges this will reduce your need based aid.
So…check the policies regarding what outside scholarships do to need based aid awards. At some places…you won’t get as much aid from the college.
The good thing is those external scholarships are likely applicable to other schools too. So the net difference should be similar with or without the scholarship.
Also keep in mind that outside colleges will most likely not reduce your EFC . Please do not think that the outside scholarship will reduce what you will have to pay out of pocket.
Most outside scholarships, will
reduce the unmet need (gap)
reduce the self help portion (work study, subsidized loans)
reduce the unsub loan
reduce the institutional need based aid
if the outside scholarship covers all of the above costs, then it will reduce your EFC
I agree with the others, consider the affordable option, should you not receive the outside scholarship.