<p>I am not faculty, but I found this on the internet, from the National Association of College Admissions Counselors (NACAC). From a document entitled Statement of Principles of Good Practice, (these are the “Mandatory Practices”) adopted by the 2014 assembly. In pertinent part it provides:</p>
<p>Post Secondary Members Agree they Will:
Section II
Section B, 3. “Permit first year candidates for fall admission to choose among offers of admission, and institutionally- affiliated financial aid and scholarships until May 1, and will state this deadline explicitly in offers of admission.”</p>
<p>The entire document can easily be found using the name of the association Mandatory practices and Google. I am assuming there is no subsequent document. It seems pretty clear you get to consider all offers and scholarships, including theirs, until May 1. I first looked at the 2013 version, and 2014 was revised to add the words: “institutionally-affiliated”. So I take that to mean that if an independent scholarship (say, the Rotary Club International, as an example) for in state use lets say, and a condition is selection of a college, OR perhaps even a specific college, by a given date before May 1, they can probably do so, as long as they are not somehow affiliated with the institution. Would take more research to determine what exactly the term “institutional affiliation” would mean in this context. </p>
<p>One could certainly argue that if the scholarship is being offered in your acceptance letter, it is affiliated with the institution (perhaps). </p>