<p>I have applied to as many as I can find and am qualified for, private scholarships in hopes of lowering the burden on my parents contribution. These private scholarships will hand me a check directly and not to the school. Do I have to report these scholarships to the college or will they take away from my already minuscule college grant (I'm appealing because I think I deserve more)? I don't want these scholarships to increase my parents burden or mine.</p>
<p>I'm really stuck between a rock and a hard place. Please help out. Thanks.</p>
<p>^because my parents make 110,000 combined, we have a house to pay off that we just bought 6 years ago, and the schools is asking them to pay 50,000 a year and that’s just crazy</p>
<p>are either of your parents self employed?
Do they own any real estate other than your primary home?
While your house may not be paid off, is there a lot of equity in your home?</p>
<p>Does your college guarantee to meet the full need of all students? If not, having a gap between the cost of attendance and your aid is not unusual. The school does not likely consider the cost of your primary residence mortgage in the calculations. Everyone has housing costs (whether mortgage or rental costs) for their primary residence. </p>
<p>Did you do the net price calculator for this college before you applied? </p>
<p>Yes, you must report the scholarships. They may reduce your grants; they may not. They may reduce loans or work study. Your school may let you keep them. </p>
<p>Schools that meet full need use their own formulas to determine what that need is. We really can’t tell you more than the most common reasons why these schools conclude need is less than you anticipated. They are owning a business, considerable home equity, etc. we also understand that students may not be well versed in the financial aid jargon. You parents make 110k a year? Take home? Taxable income? AGI? If, for instance,that 110 is the amount of taxable income, the AGI is probably way higher. Nor are students all that well versed in the values of parental assets.</p>
<p>Why do you think they should include mortgage cost? What about families that don’t own their house, but rent? Should they include their monthly rent? Should those of us who chose to pay off our mortgage to free up cash flow be penalized because we don’t have a mortgage either? </p>
<p>Scholarships will not increase your family’s burden, though they might not decrease it either. What makes you believe you are entitled to have someone else pay for your education? That’s what you’re suggesting.</p>
<p>The school meets full need? Then you completed the Profile as well, correct? Does your family have significant home equity in your primary residence (even though they have owned it a short time)? Do you have savings in your name? Any investment income? Any savings that is NOT in authorized retirement accounts? </p>
<p>Did your parents contribute a significant amount to their retirement accounts pretax because if so, that is added back in as income?</p>
<p>If you do not report an outside scholarship you can be charged (and convicted) of fraud. The FAFSA and the college both require you to affirm that you are being truthful on your financial aid applications. If you are found out, you may also have to repay the school for grants that they decide you are receiving fraudulantly.</p>
<p>Colleges and mortgages are both choices. They did not have to buy such an expensive house - from what you wrote, it seems like the mortgage/taxes are more than what they can comfortably pay. Similarly, looks like you chose to apply to colleges that are beyond your means. Did you also apply to schools that you can afford? </p>
<p>What is your fallback school? Unfortunately, it is nearly impossible to come up with enough outside scholarships to pay for college. And most of them are for one year only, which means if you could come up with enough for freshman year, you will not be able to return as a sophomore.</p>
<p>You may not see this as “helpful”, but your best option is to attend a less expensive school. Many, many students have to chose that option.</p>
<p>Look at the rules that your college has regarding outside scholarships. If they say they are supposed to be reported, as most colleges do so state, that is an obligation on your part. If you are getting any federal aid such as Stafford loans, work study, even parent loans, it’s imperative that they are reported because it is possible to breach federal rules when scholarships come into the picture. </p>
<p>Also look at the sequence of events as to how your college(s) will apply outside awards. Many times there is not a loss of anything or anything much.</p>
<p>
[quotemy parents make 110,000 combined, we have a house to pay off that we just bought 6 years ago, and the schools is asking them to pay 50,000 a year and that’s just crazy
[/quote]
The real question is did you apply to a school your family can afford? It looks as though YOU want to attend a school that costs 1/2 their income.</p>
<p>There is something wrong here if the two parents together have an income of $110,000 and the EFC is $45,000. Either there is something wrong on the profile and FAFSA OR this student doesn’t know or isn’t telling some other significant income or asset of some sort.</p>
<p>The school supposedly meets full need for all students (again reported by this OP). With income in the $110k range the family contribution would be in the $35,000 or so a year range as an estimate. BUT like I said…if the parents each contributed $15k pretax to retirement accounts, that would add $30 K onto the income and a $45 K EFC would be in the ballpark.</p>
<p>If the EFC is $45,000 then likely any aid you get it either a student loan or a merit aware, I do not think outside scholarships would affect that.</p>