<p>If a college provides financial aid and then I receive a scholarship, grant, etc. Does that have to disclosed to the college so the package can be adjusted after the initial award?</p>
<p>I'm just curious to see if timing is important when it comes to scholarships and those given after financial packages being more valuable than those given before.</p>
<p>Thanks</p>
<p>Generally yes? I think that would go under the category of “Outside Aid.”</p>
<p>My theory is if the college is not providing any financial aid other than Federal loans…the hell with them. They can figure it out when the money comes into my daughters account.</p>
<p>Each school has its own policies, so you’ll need to check the specific conditions attached to your financial aid award. In general, though, most schools DO require you to disclose all outside scholarships. Some schools allow you to “stack” scholarships, but others don’t. In the latter case, the school will reduce the amount of any award they gave you by the amount of your outside award.</p>
<p>At some schools outside scholarships will reduce the work-study and loan components of fin aid first. This still provides an incentive to seek outside scholarships.</p>
<p>Read the fine print on your FA award, or whatever literature they sent with it. You can call or email FA to find out what they will reduce first - some take loans/work study first, some take institutional grants. </p>
<p>All 8 of my D’s award letters last year included statements to the effect that all outside scholarships had to be reported. Most scholarships paid directly to the school and they reduced her loans. Her college did not count the smaller local scholarships she received directly from her HS at awards ceremonies, even though she reported them. But, I think they totalled $1K or less.</p>
<p>Another thing: most schools will apply outside scholarships to each semester, not to the first semester. e.g., $2000 scholarship gets applied $1000 in the first semester and $1000 in the second.</p>
<p>Bear in mind too that many scholarships will issue a check made out to both the student AND the school…and the only way that check can be cashed is to sign it and hand it over to the school. They will then know about the scholarship.</p>