<p>Hey guys I need some help trying to figure out this weird spot I'm in. Last week I was notified that I was a JP Morgan Smart Start scholar, so I was super-elated with the news. The scholarship covers 40,000 dollars in tuition fees for a NYC college (I'm going to NYU Stern). So that pretty much covered everything I owed in loans which was about 33k. So I was pretty much worry free and just strolling along with my classes until this spring break. Today I got in the mail a package saying I'm a Gates Millenium Scholar. Now I'm like hyper about this and all, but this is a rather weird spot to be in. 2 scholarships!??? Both of which offer practically full-ride? Anyone been in this sort of situation before? What do I do and how should I proceed?</p>
<p>Congratulations! Look at both scholarships’ provisions and pick the one that is best for you, unless you can get some of both. It’s like getting accepted to two top choice colleges and having to pick which one you want, in most cases, but sometimes, sometimes, some double dipping can be done in terms of awards, so check out the facts very carefully.</p>
<p>So I have to practically choose one and discard the other? Is that even possible to do? I doubt me discarding my GMS application would do any good to anyone else since they’ve already picked out scholars.</p>
<p>I don’t know. If you are allowed to have both and pocket the cash, do so by all means. Just make sure there are no rules against it. It would be terrible to be doing that, if it is against the rules. Some scholarships let you do this, others do not.</p>
<p>If they’re both considered “outside scholarships” it might depend mainly on the policy of the school you’re attending. Some universities will allow any outside scholarships to be applied to your student account, and will refund any excess amount back to you. That would be your best case scenario, as you’d have a nice chunk of change each year to set aside towards potential grad school, etc. Some universities however will only allow scholarships up to the COA with no overages allowed. Check with the individual school FA office. Do both the JP Morgan and Gates Millenium pay directly to the school or do you get the check?</p>
<p>Also ask the organizations that are giving out the awards. Look at the FAQs on the site first to see if this has been addressed. I know that many awards can be layered, in which case, you are doing very well. Be aware that you do have to report amounts over tuition, fees, supplies to the IRS and state tax authorities and that they will also be income for financial aid purposes for the following year, so don’t go wild spending it all if you can keep it all. But make sure you can before making plans for the money.</p>
<p>I think the Gates Millenium might have some restrictions in terms of financial aid and other cost issues. I don’t know about the JP Morgan awards. These things can change year to year in policies, so really, you do have to check what the current rules are.</p>
<p>Will do. By no means do I mean to pocket the cash! That would be downright horrible to those who didn’t receive the scholarships! I mean its an achievement to have won both scholarships and its something I want to put into my resume, but can I really do that if I have to cancel one of the awards? I would really only take one, but winning GMS was a matter of prestige for me, so I would like to keep the award even if they don’t award me any money in terms of scholarship. </p>
<p>I know that the JP Morgan scholarship covers all tuition costs (doesn’t cover dorming), gives you a stipend, and a job with JPM for all 4 years of your college life. The GMS will meet any unmet need in your financial aid forms, so this would include dorming and such. Should I talk to my university financial aid director about this issue?</p>
<p>Congrats on snagging 2 amazing opportunities!!
Take the smart start scholarship as it will benefit you more over the long range</p>
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<p>since you are attending Stern, the mentoring you will get from JP/Morgan Chase and the work experience will gain will be really useful in getting your foot in the door of your first job after graduation, whether it is at chase or another company.</p>
<p>also keep in mind all scholarships over the cost of tuition and books become taxable income. If you take the chase, you will essentially have no unmet need. IF you can use the gates toward dorming at NYU, it will be taxable income.</p>
<p>Necroblood…definitely talk to the FA office at your school. Since the JP Morgan scholarship doesn’t cover your full COA it’s very possible you can still keep both scholarships. If you are able to keep both and the total exceeds your COA, don’t feel guilty about any money you might get to keep. You are obviously an outstanding student, and you earned both those scholarships. </p>
<p>From your description of the GM scholarship, it sounds as if they amount fluctuates with an individual’s particular financial need so they may just adjust the amount of your award to cover what the JP Morgan doesn’t. Congratulations on everything you’ve accomplished!! You deserve it.</p>
<p>I agree with Wolverine. And my congratulations as well. But make sure you do check all information with the sources as things can change in terms of the rules. I remember a GM winner getting only a small award due to multiple scholarships he won, but the details are not clear,and I could be wrong.</p>
<p>OK this is getting ridiculous! I was notified of being a USTA serves scholarship recipient a few minutes ago. I’m just going to flat out deny these scholarships from here on out. I don’t think I need anymore besides the 2 that I managed to get.</p>
<p>Thanks for your input guys, I’m going to head over to NYU’s fin aid dept tomorrow and talk things over with them.</p>
<p>There’s no reason to turn either of the scholarships down. In the case of Gates, you can renew the scholarship every year even if all of your self-help (work study, student summer contribution, loans) is covered by another outside scholarship. Even if the Gates scholarship doesn’t pay out a dime, there are other advantages–a prestigious award on your resume, leadership activities, peer support. But the BIGGIE is that Gates follows you to grad school, if you are in certain academic programs (teaching, health care, for example). </p>
<p>On the financial aid end, all you have to do is notify the schools of your outside scholarships, and let them figure out how to apply them.</p>
<p>BTW–big congratulations!!</p>
<p>Also, it would be worth asking the finaid office if they will allow outside scholarships to fund a computer purchase. Some schools will, assuming you have scholarship money left over after self-help is met. Sometimes you have to have the approval of the scholarship agency. I don’t think Gates covers computer-related purchases, but your other scholarship might. Never hurts to ask!</p>
<p>Don’t just decline. If you can keep the outside money according to the rules of the scholarship and school, by all means do so. It is your right. I got twice my first college costs many years ago due to scholarships and there are many stories and books out there of kids like you who made out big time on multiple awards There are some awards that you can piggy back and keep. </p>
<p>I understand why there are now clamp downs on keeping awards if financial aid is involved. But it does lead to unfairness. Why should an already wealthy kid, a Rockefellow or Trump or Kennedy be allowed to pocket a huge scholarship when it is all fling money for him whereas the kid with a family EFC of zero has to give back anything in excess of his financial need in many cases, so that he doesn’t have much if any extra in his pockets when he needs it more? The reason is because merit scholarship and financial aid are two different things and fin aid is just that. Once you are in the financial aid arena, you only get those funds for need purposes. For pure merit, you can go to town and pile it up. Also, you are right; it is usually not as lucrative in future years, though my one son is getting some nice departmental opportunities as an upperclassman. But not something you can count on getting, and a bird in hand is much more valuable. Just make sure you watch how this works with future financial aid, though the Chase award may take care of that. </p>
<p>Again, congrats, and enjoy the fruits of your hard and excellent work. You deserve it. Just don’t do something foolish and not according to the rules.</p>
<p>OP, isn’t the GMS need based?? (must be Pell eligible?) Will this be evaluated annually? It sure seems the JPM is the better deal. Also be sure to estimate how much you need to hold in reserve to pay income taxes. I just wrote over $1,500 in checks to pay state and federal income taxes on income that only consisted of scholarships. My estimate is that next year I might owe over $2,000 :(</p>
<p>@Plumazul
Yes the GMS is need based, and therefore many of you are right in saying that the JPM chase deal is better. But I really want to keep the GMS award due to the networking that I can get done, along with all the extra benefits. At worst I don’t think I’m going to have to rescind my GMS award – they may however, decide not to pay a cent if all my aid is met. I talked to my GMS person about the situation and they said not to worry about it and just notify the financial aid office so that it can be sorted out.</p>