My school is 100% need met school. I have $5K in federal subsidized and unsubsidize loans; $2.5K in federal work study. If I receive an outside scholarship of $ 6K, does the loans get reduced first and then work study before dipping into institution grant? I receive no Pell grant.
It all depends on your schools policy regarding outside scholarships. I would hope that they would reduce loans/work study first (many schools due) but this is never a guarantee. I imagine this might be listed in a Policies and Procedures guide through your school’s financial aid website.
Chances are that your school’s FA package requires you to inform them if you receive additional scholarships. It would not surprise me if they reduce their institution grant first. From their perspective, you essentially have another asset that you initially did not declare on your application (because you didn’t know about it).
You need to contact your college and ask them.
In most cases we are familiar with, the self help portions of the need based package get reduced first…loans and work study. If the outside scholarship exceeds those amounts, then the grants are reduced.
“It would not surprise me if they reduce their institution grant first”
Nope. These type of schools (meet 100% of need) tend to reduce self-help (loans & workstudy) first.
Nope. These type of schools (meet 100% of need) tend to reduce self-help (loans & workstudy) first.
That’s what the school told me what would happen. We’ll see.