<p>I read on a few college's finanical aid sites that I must report any outside scholarships to them so they can add that to my EFC. </p>
<p>Does this mean having a scholarship will mean the school has to pay less money, and I will have to pay the same? That doesn't make any sense!</p>
<p>It depends on the school. Many schools will reduce the student contribution first, and only after your outside aid reaches the amount of student/family contribution will they begin offsetting their grants. Read the fine print for financial aid information for schools you're applying to, if you expect to use a lot of outside aid.</p>
<p>at my school my EFC will remain the same, no matter scholarships. What has been recommended to me by current studetns is to try to win small local awards that will give the money to you, in your name, a to not report is to the collge. Also you can write an additional letter to Scholarship Programs explaining the situation with your EFC</p>
<p>Also, schools can reduce the loans, and/or allow for stuff like a one-time computer purchase. They often do not reduce the amount of aid you get, that is, as Trin says, you won't have to pay more just because you get some money from a scholarship.</p>