<p>Lets say you have an EFC of $15000. If you get $8000 in outside scholarships
(not related to the university) would you only end up having to pay $7000 or will the university use those scholarships to get your cost down to your EFC? Ultimately, im asking if you can pay less then your EFC if you get scholarships.</p>
<p>Thanks.</p>
<p>Depends on the school.</p>
<p>Most will reduce their aid package by the amount of the outside scholarship (which you have to report to them). Many will reduce the self-help portion of the aid package (loans or work study) rather than the grants. But you probably won't be able to reduce the actual family contribution by the scholarship amount.</p>
<p>Unless the scholarship amount exceeded the amount of finanicial aid the univ was going to give you - then your EFC would be reduced. Example. Your EFC is $30,000. Cost of Attendance is $40,000. College is going to give you $10,000 in combination of grant, loan and work-study. You get a $15,000 outside scholarship, so college gives you nothing, but the outside scholarship reduces your contribution to only $25,000.</p>
<p>well then isn't it sort of pointless to apply for scholarships if your going to end up paying the same amount anyways?</p>
<p>Most schools will let you use scholarship money to reduce the loan portion of your financial aid first, followed by self help such as work-study. So definitely worthwhile.</p>