<p>I know that schools require you to report it when you receive an outside scholarship. I was wondering how this effects your Financial Aid package when your need has not been fully met?</p>
<p>My need is $16,075 and my financial aid package is $10,500 (including the full $7,500 in sub/unsub loans). This leaves me with a remaining need of $5,575.</p>
<p>However, I received an outside scholarship for $4,500. It was paid directly to the financial aid office. Will this reduce my need to $1,075 or will they be nicer and reduce the loan amounts to $3,000? It's a completely private scholarship, but I figure they'll take advantage of it and subtract from the package anyway... (it would be really nice if they let you contribute it as part of the EFC!)</p>
<p>This is probably dependent on the college, and I tried talking to my financial aid office today, but they said they weren't done making packages and to come back later, but I just wanted to gauge how hopeful I should be...</p>
<p>Your aid consists of only the loans and whatever grants make up the $10,500 - you have remaining need, but there is no aid offered to fill that gap. The scholarship reduces your need, but there is no other aid that is going to fill that need, anyway. In other words, the scholarship is simply an addition to your aid package … you still have $1075 remaining need with nothing to fill it.</p>
<p>I re-read & see your college told you the packages are not done. I would be surprised if they add to it after initial packaging, but you never know. Anyway, if they are adjusting packages, remember that whatever portion of your loans are unsub doesn’t actually factor into your need based aid … it actually can be used to cover EFC. So if the school decides to give you more grants, they have room: $16075-grants-sub loans=Remaining Need. With the scholarship, it’s $16075-grants-4500 scholarship-sub loan=remaining need.</p>