<p>Does money won from scholarship will be counted as a student income? Will school lower their part of financial aid by that much amount? Does anyone have similar experience?</p>
<p>It depends on the school. In the past, it seems, outside scholarship money was ALWAYS deducted from the school’s portion; lately, however, I noticed that some colleges keep the school’s financial aid intact, while others have a system of deducting a percentage of the scholarship from the school’s portion.</p>
<p>Several schools tend to reduce self-help aid (loans and work study) rather than grant aid, but it really does depend. Good to check with your individual fin aid offices to be sure.</p>