<p>So, I just received my tentative award letter.</p>
<p>It offered me $8,050 in loans, and a $10,800 grant per year.</p>
<p>This is very significant. That amount of money leaves my parents with less than $5,000 to pay up front, and they're ecstatic. But I have a question.</p>
<p>If I receive a scholarship for $1,000-$5,000, then how will that affect my Aid? Will I get my grant reduced? Or will they pull back one of my loans?</p>
<p>I'm a little worried that scholarships won't help me any at this point. I don't want to apply for a bunch of scholarships that aren't renewable if it will make my Finaid more complicated.</p>
<p>So I need answer.</p>
<p>(Should I pose this question to my college's Finaid department instead?)</p>
<p>Scholarships should reduce your loan amounts for those years. Any scholarships that are for one year only, will likely just mean that you’ll have to borrow more during the following years. Your grants shouldn’t be affected at all.</p>
<p>So, if you need to borrow $8k per year in loans, and you get a one time scholarship for $2k, then you’ll only have to borrow $6k the first year. Then the following years (when there isn’t a scholarship), you’ll need to borrow the $8k per year.</p>
<p>Check with your school for a definitive answer for that school’s policies as only they can tell you. </p>
<p>The most common thing we see reported here is that self help such as loans and work study is reduced by outside scholarships before and grant money is affected. As you have $8000+ in loans (is that a year?) scholarships would be good - scholarships are much better than loans.</p>
<p>*The most common thing we see reported here is that self help such as loans and work study is reduced by outside scholarships before and grant money is affected. *</p>
<p>I think Swimcat meant to write that “self help, such as loans and work study, is reduced by outside scholarships before grant money is affected.” </p>