<p>I'm applying to a billion scholarships because I know my parents don't have a lot. Luckily for me, I've already won some and I seem to be in favor of winning a few more. Right now, I have about $4,000 in first-year scholarships and one $1k renewable for four years.</p>
<p>But, because my income is so low, schools like UC Davis and UCLA have practically given me all the money I need to attend through grants and school scholarships. The ivies claim to cover both tuition and room & board for people making under $60k. So, my question is:</p>
<p>Where does my extra outside scholarship money go? Does it go into my account for my 2nd year of college (when I anticipate a higher income cuz both my parents got jobs and lower school aid) or does it just disappear? I hope it isn't the latter because that means I've put in a lot of work for money I can never get...</p>
<p>I’m in the exact same boat… and it kind of sucks because you know there’s people out there whose need won’t be met and depend on those scholarships to even attend college. We’re Pell-eligible and I’m going to a school that meets 100% need, but we were strongly encouraged to apply for as many scholarships as we could… which I did… ahh.</p>
<p>It really depends on the school. I know that at Dartmouth, they will use it to reduce work-study, student contribution, & parent contribution if there is any. After that, you look at the terms of the scholarship. If it HAS to be used in the first year and all your costs are covered, it will probably replace institutional grant money in that amount. If it can be used during any of the four years, you don’t have to request to use it until you need it.</p>
<p>First, CONGRATULATIONS on your acceptances, and scholarship awards. </p>
<p>Well…you would have to ask the scholarship folks. If they award you a scholarship for THIS coming academic year, I believe it is likely that the school would reduce some of its need based aid to you. Getting those scholarships actually reduces your need by that amount. When outside scholarships are awarded, typically schools begin by reducing loans, then work-study…and then grant/scholarship money. In any case, I don’t believe you really can receive money in excess of the total cost of attendance. BUT keep in mind that this includes things like books, travel, and expenses for you (the school should have this outlined on their website). It’s not just room/board/fees.</p>
<p>Re: applying it to next year…well…depends on what the scholarship folks are awarding you. The award might be specific to THIS coming year.</p>
<p>BUT remember too, that any scholarships/grants you receive in excess of the cost of tuition/fees/books (I believe books are included) is considered income and is subject to taxes.</p>
<p>You should check with the top one or two schools you’re interested in, and learn how the outside scholarships will affect your financial aid. Make sure you know whether your current aid packages include any loans – best would be if the additional scholarship money can reduce or eliminate any loans. Then ask whether any of the funds can be used to buy a laptop, or support some of the other costs (personal costs, like laundry, copy card, and the like).</p>
<p>No it isn’t true at all. My daughter has fairly good scholarships and still has the full Pell. If your EFC plus need based aid plus scholarships exceed the schools COA then they will generally reduce need based aid. In our experience they have reduced loans first. Then I believe they would reduce WS, then grant money.</p>
<p>If all the aid you get is merit scholarships with no need component & Pell, you can actually go over your COA, inspiringmind. AH, to be so fortunate!</p>