<p>Hey guys!!</p>
<p>I'm wondering how I can find scholarships with cash prizes(as in... they dont give the scholarship money to the school that you will be attending, but rather give it to you as a check). I've been accepted to Harvard and Yale and they are offering me A LOT of financial aid. I heard that getting a scholarship that is sent directly to the school will not necessarily give me any more money than I am getting from them now. So... if any of you know any cash scholarships, please post. Thanks!!</p>
<p>Well, the Goldman Sachs Fdn Essay Contest (10k) is a cash scholarship, but that is the only one that I know of (and of course you have to write an essay lol).</p>
<p>Do we need to report cash scholarships?</p>
<p>Schools require you to report cash scholarships. Trying to hide them from your school could lead to your losing the aid they have given you. Also if any of the aid is federal you will be committing a federal offence if if you do not report them on FAFSA. (which the school of course sees). And they will be taxable so will need to be reported on your tax return. (which the school will see - taxable scholarships are actually separately identified next to your AGI on your tax return).</p>
<p>swimcatsmom: wait, so even though the scholarship is in cash, we won’t be able to use it to decrease the family contribution? (assuming that the school only allows you to use it for loans, work-study, and (unfortunately) grants)</p>
<p>It depends on the school’s policy but generally no - especially where any federal aid is involved. Finaid has more details here
[FinAid</a> | Scholarships | Outside Scholarship Policies](<a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid)</p>
<p>note the parts that say
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<p>Schools have a form you must complete informing them of outside scholarships.</p>
<p>Also remember all scholarships and grants (including need based grants like Pell and SEOG) that exceed the cost of tuition/fees/books are taxable and must be reported.</p>
<p>But the good news is most schools will reduce loans and work study first - less loans always = good</p>
<p>Ah, but my problem is this: for my first year in college, I have neither loans nor work-study – just a grant + family contribution. And I’m worried about which one a scholarship would go to.</p>
<p>Also, thank you for answering my question. I like your posts; they’re extremely helpful!</p>