We’re working on the 2015-16 CSS Profile and had a quick question about outside scholarships.
I’ve won two $5,000 outside scholarships. Do I need to list both in the outside scholarships section? Or can I just list $5,000, and list the other scholarship in a future year? I wouldn’t want outside merit scholarships to cut into grants if I could spread them out over multiple years and use them against loans or work-study. Could we explain in the “Explanations/Special Circumstances” section that I want to use them over multiple years?
Thanks!
When are you getting the money?
I can use one scholarship at any point in my college career. The other, from an essay contest for juniors and seniors, I won just today, so I’m not sure when I’ll get the money.
You are reporting 2014 awards and income. This shouldn’t be an issue for this FAFSA yet.
@twoinanddone OP is asking about CSS, not FAFSA. I take it CSS has a question about outside scholarships. I’m not sure what you can do about scholarships that can be received in future years.
But you still don’t report assets and income (and scholarships) before you receive them. She said one was just awarded today. What if she had completed her CSS on Jan 1? She wouldn’t even know about it at the time of filing. What if she receives more awards in June or July?
Well scholarships aren’t reported on FAFSA, so I didn’t know why that was mentioned.
@Ostinato1689 I don’t have access to the CSS to answer your question about what you have to report in the outside scholarships section, check if it is scholarships actually received or scholarships expected/awarded, and use the online help if you need it. Maybe you don’t report anything at this time. But as far as use of outside scholarships, you will have to report to your college any scholarship that you will be receiving/using for the upcoming school year. Merit scholarships usually reduce your need for that year, so will usually reduce your need aid. But you will have to check the college policy on using it to replace the student loan and work study. Most college I have seen allow it.
Don’t put it on the CSS Profile. There are any number of kids who have won all kinds of awards and to put them on the PROFILE makes no sense until the commitments are made and the scholarship funds applied. Every school I’ve seen requires reporting of outside awards and the adjustment will take place at that time.
The logic that they aren’t to be reported because if the form were filled out the day before doesn’t hold water. Assets are reported the day of completion of the form and it doesn’t matter if a check was received that day and not the prior. That’s why one should be careful what’s in the bank accounts when filling out the fin aid forms. Payday is not a good choice. Nor is it a good time when you have earmarked funds in your account.