<p>Hmmm - xjayz, you're quoting the Fin Aid booklet correctly and it does say that the parents' contribution can't be reduced by outside scholarships. But I don't think that's literally what it means. I think that statement addresses students who are receiving some form of aid which assumes a certain portion of cost to be borne by the parents. But if a student hypothetically raised $53,000 in outside scholarships, I think they'd be paid in full. At least that's what Ben Kaplan (aka "The Scholarship Coach"), who publishes scholarship guides, claims to have done.</p>
<p>Well, as long as the Scholarship Funds send those checks directly to you rather than the College and you don't report it, it is definitely possible for that to happen. :)</p>
<p>So wait, lets say that hypothetically I got a scholarship of 50k per year from an outside source and I have no financial need. I cannot use that money at college??!! Are universities so greedy that they have to take my own money? I mean, to the bursar, 50k is 50k no matter where it comes from right?</p>
<p>I'm sure the situation for that will be different. Contact the financial aid office about that.</p>
<p>If you are <em>not</em> getting financial aid and you get an external merit scholarship for less than COA, you can use that entire amount towards your bill. It's when a student gets FA that the colleges start getting picky.</p>
<p>Greedy universities? Their goal is to spread their financial aid dollars as far as it will go. That means expecting students who receive outside scholarship to use the scholarship money towards their COA. The financial aid monies thus saved by the universities can then be spread to others equally needy students. I see nothing greedy about this. But I do see greedy students who seem to feel entitled to financial aid and to outside scholarships well beyond what it costs for them to attend college.</p>
<p>I agree with you Marite, what I see are "greedy students". </p>
<p>I am truly disgusted by these posts where kids see financial <em>aid</em> as their "right" - to the point of dishonesty (failing to inform colleges of outside scholarships obtained) and laziness (failing to try for outside scholarship). It's obvious from their posts that they do not feel a responsibility to the "community" only to themselves. </p>
<p>And, we wonder why we have problems with an "entitlement mentality" in our country?</p>
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and laziness (failing to try for outside scholarship). It's obvious from their posts that they do not feel a responsibility to the "community" only to themselves
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</p>
<p>Or maybe the time they could have been spending applying to scholarships was used to help the "community?" Just a thought....</p>
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Well, as long as the Scholarship Funds send those checks directly to you rather than the College and you don't report it, it is definitely possible for that to happen.
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Schools and the federal govt require you to report outside scholarships. If you do not you risk losing all your financial aid and having to repay what you have received. Also these outside scholarships are fully taxable (any scholarships/grants over tuition/fees/books are taxable) so must be reported on your federal tax return - they are separately identified on your return as scholarships. So will appear on FAFSA and the school will know about them.</p>
<p>Hmm, so maybe, say a student had $50,000 in scholarships. Then that student would have no calculated need, and the scholarship problem would be solved, right? I'm guessing that's how things would work in the case I was referring to...</p>
<p>lalaloo, you should just contact the financial aid office and get the answer straight from the horse's mouth.</p>
<p>I actually fall above this income bracket, although not by much, but still only need to pay about 10% of my income, which is incredible.</p>
<p>amb3r, I hate to ask a personal question and will understand if you do not answer, but can you clarify if you are talking about AGI or Gross Income? This would be helpful to some of us who have to wait until June to find out what the FA packages are going to look like for returning students.</p>
<p>oh xjayz, haha, I'm not in that situation at all, I was just responding to an earlier question about using scholarship to decrease parent contribution....</p>
<p>MSMDAD, I meant my family's gross income. We are just a bit above the upper cusp of this bracket. I heard at an admitted students meeting that hundreds of students over the 200k bar are getting some form of aid this year. Harvard is being really generous with incoming freshmen this year.. hopefully your kid will also have an improved finaid plan by the fall!</p>