Is there a way to find a list of colleges will reduce EFC if student wins a substantial outside scholarship? And if student also secure a summer paid internship on top of that in the major they are applying.
(I know Ivys, MIT, Stanford and Cal tech does not allow it - I am not asking about them).
There are bout 3000 colleges in this country.
The best way to find out if colleges allow stacking of financial aid is to ask the specific college.
Are you asking if a student who has NEED based aid can use outside scholarships to reduce the family contribution…
Or are you asking about a kid who got no need based aid at all.
I am asking for next year - Are you asking if a student who has NEED based aid can use outside scholarships to reduce the family contribution…
I am actually posting this question on lot of colleges, but I was wondering if there a quick way to do it.
Many will allow an outside scholarship to replace student loan (if any) and student work expectation first. For example:
Well outside scholarship will exceed the loan portion for each year by a big amount. And besides daughter’s summer internship will pay a very good money.
Google “outside scholarship” and the name of the college and you can generally find what you are looking for.
thanks @dadof2d
Very few colleges permit this, but most have a “de-minimus” amount. In the schools my son looked at this year, in general, anything under $3000- $5,000 seemed to not require a revision of the FA.
In our experience an outside scholarship always meant less financial aid.
Same here. Each dollar of external scholarships reduced the loan and work study first, and then the grant at a need met school. It does not matter if it is small or big, you have to report it to the FA office. Unless the scholarships are large enough to replace all grant money, otherwise, it would not touch the EFC.
Yes we will report to FA office. Asking these questions now helps than next spring in 2019 when we have to make decisions. Our college list will be based on all these parameters that I am raising now. Thanks a lot for your answers as it helps a lot.
Not all schools meet full need, so any outside scholarship is a good thing.
at my D18’s top 3 picks (where I actually called about the package) they offer ‘100% of EFC’ for need-based financial aid, however they each have their own formula for EFC based on your FAFSA as well as CSS; so each was different (although only slightly). That being said, each FA Office said the same thing, if D18 got outside scholarships they would first come off the student’s Self-Help portion (which is work study and Federal Student Loan except at one school that does not build loans into their package!) and then the institution scholarship or grant would be diminished. EFC would not change unless the outside award covered all of what the school was offering. Hope that helps! Good luck next year!
If a school gives institutional aid based on need, chances are that if the need decreases, the need based aid will decrease.
But if outside scholarship replaces loans or work study, that means the student might not have to borrow or work the first year.
But if needed, the student can still get a non work study job and borrow up to $5,500 unsubsidized loan to cover the EFC.
The internship will also help with school costs, that won’t be looked at for financial aid calculations until 2 years later.