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<p>Yes, some colleges do not make up the difference. As stated already, official college-sponsored awards are $500-$2000/year, so your example would not happen. A student could miss out on a $2000/year award and end up losing on $5,500, however.</p>
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<p>If the award is $500-$2000/year, it is very probably an official college-sponsored award. Checking with the school would be the best method to determine whether or not an award is official.</p>