I’m sure this question has been asked but I’m not finding a thread so I apologize in advance. Is it worth applying to many of these outside scholarships? I have understood that any of the monies you might receive get factored into how much colleges will offer you in your final financial package.
It depends. There is no one-size fits all answer.
It depends on the school. Some reduce your financial aid grants, but many reduce your loan or work study awards or don’t reduce aid at all. So only in the first instance is it not worth it.
That said, most national awards are very competitive and most awards are only for one year. However, local awards can be easier to win, and sometimes are renewable. So ask around. My D’s high school guidance office posted local ones. She did win 3 and they did reduce her work-study so she essentially got the $ she would have earned working, without having to work.
External scholarship(s) would decrease your need and therefore may affect your financial aid. It depends on the composition of your financial aid package and your school for how to adjust the aid amount. You may request a deferral of payment if you are expecting less financial the next year.