<p>If you qualify for need-based aid, and the scholarship or grant merely replaces a loan in the package – its really the student’s concern. That is, if my daughter graduates with $15K worth of debt vs. $8K vs. no debt – none of it will be my problem. </p>
<p>I have no idea what a UCLA financial aid package looks like. UCSB’s award for my daughter included a $2625 Stafford loan - which is usually the bare minimum in loan amounts that colleges might expect - and a $10K grant. I’m sharing this because if you qualify for need based aid, as the parent you might end up paying the same no matter how many scholarships your daughter gets – if the college meets full EFC, then you simply won’t get any dollars that change the parental contribution amount. Your daughter will benefit if her loans and work-study obligations are reduced – but that isn’t going to translate into a benefit for you. </p>
<p>I don’t know about your situation, but it was pretty obvious to me and my daughter that any outside scholarship funds beyond about $5000 would simply benefit the college, not the student. If your daughter already has received some outside scholarship, she may already have passed that point of maximum benefit. </p>
<p>So the bottom line is really: can you afford to meet your FAFSA EFC? If the answer to that is no — you need to understand that if you qualify for financial aid, the scholarships are NOT going to reduce that EFC. If UCLA says you have to pay $10,000 you will still have to pay that – even though your daughter may get a better parking space.</p>