<p>I've been receiving some outside scholarships. However, my UChicago financial aid doesn't include loans, work study, or any kind of student contribution/"self-help". Is there ANY way that I can put these outside scholarships to good use?</p>
<p>Are you saying that UChi gave you a super huge grant to cover the entire COA…like $60k?</p>
<p>Congratulations on getting such great scholarships and financial aid, as well as acceptance to a school like Chicago. If you received pure grant money from UC to meet your need, and if their policy is to reduce it dollar for dollar by outside scholarship money, that might well be the case. Read their policies carefully, and see if there are not some expenses to which you can apply the awards. ALso look at the awards and see if there is any way you can get a computer or other items paid rather than direct check or cash transfer payments.</p>
<p>If neither has any wiggle room, your choice is to graciously have your awards go to whoever is your runner up or present them to UC for reduction of your need money. That the funds will be put to good use is not an issue, as they will be. Someone who was not as lucky as you and needs the money will get the funds either now or in the future. If you look at these boards, the messages are rife with those who did not get enough aid to go the colleges of their choice or even any college.</p>
<p>Again congratulations.</p>
<p>I want to add the UC usually has an expected contribution from students in the form of summer and in term earnings. If that is the case, the awards can be applied to that expecatation.</p>
<p>^ are you SURE? My S is in the same situation… full grants for COA (different schools though). One school expects a student contribution, one does not. I know that scholarships cannot be used for EFC, but you are saying they can be used for ESC (expected student contribution)? I thought they could only cover loans and work study.</p>
<p>Perhaps this needs to be addressed with the specific schools or is it standard policy?</p>
<p>Exception - no money awarded for books, travel, personal expenses… although these numbers are included in COA, the award is short these costs. The scholarship cannot be used to cover any of these can it?</p>
<p>Look up “outside scholarships” on UChicago’s website. It specifically addresses the issue. Schools do vary on how they treat this, My senior’s college will let you apply them you what your family contribution is supposed to be which is way generous. Most schools do have outside awards reduce loans and self help, but beyond that there are a lot of ways they can go.</p>
<p>You can “use” them by letting the school have some of your grant money back for another needy student.</p>
<p>Sorry, let me clarify. My student contribution is $0, because the parent contribution is $57k. Basically, UChicago is not giving me anything - no grant money, no self-help, and no loans (towards which I could use my outside scholarship)…</p>
<p>^ ahhh… we have a very different situation!</p>
<p>It looks like the tuition, room, board and fees = $58,746 for UChicago. This does not include estimates for travel, books, and personal expenses.</p>
<p>According to what you are saying, it sounds like UChicago has not given you any grant aid at all? It also sounds like they have not included student stafford loans in a package? Basically, your family is full pay for UChicago?</p>
<p>As a traditional freshman you can take out $5500 in federal stafford loans in your name. Assuming UChicago has not already calculated those in an aid package you will still be able to take those out to help cover your family contribution. </p>
<p>If you have not been given any institutional aid at all it seems as if any outside scholarships you may earn can be applied to your contribution.</p>
<p>Congratulations! You should be able to use ALL your awards. Find out what the scholarship’s procedure is. Most of my kids’ outside scholarships said you had to send some stuff to them and they would send the $ directly to the school. That would lower what your parents have to pay.</p>
<p>So if I take out Federal Direct Unsubsidized Loans, that should reduce my parents’ contribution?</p>
<p>Yes, if you take out an unsubsidized loan, that will reduce your parents’ contribution.</p>
<p>Thank you for the responses!
Now, a slightly different question: I talked it over with my parents, and they don’t want me to take out the loan. Now, Duke’s financial aid package for me includes the Unsubsidized Loan ($5500) - can I choose to not accept it, or do I have to come up with $5500 in outside scholarships?</p>
<p>You can choose not to accept it but how will you fill that $5.5K void?</p>
<p>Most all students (US citizens and legal residents) are pretty much automatically eligible to take a $5500 Stafford loan. If the family EFC shows unmet need, some of that can be subsided loans. So that amount is pretty much a constant throughout all of your awards. So look at all of your colleges and find out what the bottom line cost would be without anything other than the school itself gave you, and also without any loans and work study awards. That way you have a level field that you can examine. Your outside scholarships, are applicable to any of those schools, unless you have some financial aid awards. That is when you need to look at the policies of the schools that gave you such awards. It does not appear that UC gave you financial aid–is that so? What has Duke given you, outside of those Stafford loans? </p>
<p>What are your parents able and willing to pay? THat is really going to be the big question. Your outside scholarships will come into play only if a college gives you financial aid, and then its policies on how much you can keep will dictate what you can use. Without knowing the breakdown of need vs aid given, it’s difficult to say what you can do.</p>