<p>Now that I have my estimated financial aid… if I get say a $1000 scholarship from some competition (I didn’t, but for the sake of argument let’s say I did)… then doesn’t that just remove $1000 from my grant? If so then what’s the point in getting scholarships?</p>
<p>You are correct. The only way to really get ahead if you do need more money is be forthright and tell the financial aid office so (so that they might adjust your grant upwards) They’re usually very willing to work with you.</p>
<p>Any money you win in outside scholarships will first be taken off your “self help” amount, then off your loan and work study, and only then off the grant caltech gives you.</p>
<p>So its to your benefit to get outside scholarships up to $5000 or so.</p>
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At Caltech, the financial aid office is more than just <em>willing</em> to work with you. Several years ago they actually called and gave us more aid than my sister had applied for, having decided that we needed it. :)</p>
<p>happyentropy and baronwolfnstein’s answers conflict</p>
<p>The main point is the same…outside scholarships wont reduce the “parental contribution” amount in your financial aid statement.</p>
<p>ooo wow so I should get a couple of scholarships… thanks happyentropy and baron</p>
<p>My answer applies to grants. As far as loans and self-help go, happyentropy is correct. Generally though, people bargain for an aid package that is much more grant than loan in the first place, so the amount of scholarship you would want to get would depend on the amount of loan/work-study, as others are saying.</p>