<p>Hi all,
Does anyone out there happen to know how most universities apply any outside scholarships? My daughter might receive a couple of outside scholarships in the next month and we were wondering if most universites allow you to deduct them from the offered loans OR do they take away from any institutional grants they offered her in her financial aid?</p>
<p>Thanks to all for any help! :)</p>
<p>It just depends on the university. Typically, you can eliminate loans first, work study, and student income contributions before grants or university scholarships and grants… check the website of each school your daughter has been accepted to… this si the only sure way because each one may be slightly different.</p>
<p>It varies. There are scholarships that are paid directly to the school and used against your standing balance. What you should do is determine how much scholarship money you have then subtract that from your total school bill then determine how much you need for loans. And then if you happen to have money left over the university will refund YOU the extra money.</p>
<p>The outside scholarship reduces your need, so it will likely have an effect on the aid package. Often the schools will reduce the “self help” components (work study and loans) first, then grants. The school our daughter selected first applies the outside scholarship to unmet need (the “gap”), then reduces self help.</p>
<p>So check with your chosen school.</p>