<p>I’m hoping to go to a really good school (Princeton, MIT, Stanford, U of Chicago, etc) and I’m wondering how financial aid works at such institutions. I expect to receive a good deal of need-based aid, but I’m trying to find outside scholarships that could pay for whatever the need-based aid doesn’t cover. However, I’ve been told that these schools will just take whatever outside scholarships I have and subtracted them from what they would have offered me - leaving me with the same amount not covered by scholarships. Is this true? And if it is, then would there be any reason for me to peruse such scholarships?</p>
<p>That is generally true. However, there still might be loans in a college’s package (U Chicago). Oftentimes, colleges will replace work study money/ self help portion with scholarships. </p>
<p>Why apply for outside scholarships? Well, there is no guarantee that you will get into a school with generous need based aid.</p>