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10. I am expecting to receive outside scholarships. How will these affect my financial aid award from Stanford?
If you receive outside scholarships or grants, we will reduce the academic year job expectation of your financial aid award as well as the student contribution from income. By obtaining outside scholarships, you will reduce or eliminate the amount that you are expected to work. If the value of your outside scholarships exceeds both the academic year job and the student contribution from income, we will reduce your need-based University scholarship. You are obligated to notify the FAO of any outside scholarships that you receive. Newly</a> Admitted Undergraduates : Stanford University
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<p>So wait a minute. My estimated Student Contribution is $2000. So if I get an outside scholarship of over $2000/year, it doesn't really help me? My Parent Contribution can't be reduced? What?! :o Say it ain't so!</p>
<p>A lot of schools do that and it really annoys me even though I'll get little to no need-based financial aid, so pretty much all my scholarships will be worth it.</p>
<p>My family has experienced this. If the student contribution is expected to be $2,000 and you get outside scholarships of $3,000, then the student is not expected to contribute AND Stanford reduces their scholarship by $1,000. The parent contribution does NOT go down. Sorry!</p>
<p>Stanford and a lot of the ivys do the same thing.</p>
<p>If you get outside scholarships they take it away from your financial aid. The only way you end up actually paying less is if your scholarships are worth more than your finaid. </p>
<p>Scholarships really only help the rich who don't apply for financial aid. The only top school I know that let's you keep both your scholarships and financial aid is Wash U.</p>
<p>I'm a current Stanford student and can say from first hand experience that this is true... outside scholarships only reduce student contribution. It does really suck, but Stanford is so generous with financial aid that if you really have a problem you can talk to someone in the financial aid office and they can reevaluate your package.</p>
<p>For many students, there's a work-study requirement ($2,000 for freshmen, $2,500 for upperclassmen), as well as summer contribution ($2,000, or $1,700 for low-income students), much if not all of which is refunded to you.</p>
<p>What if you have about $8,000 in scholarships to pay for the $2,000 you'll owe over four years? Is that allowed or will we have to pay that off once we get to campus with work-study?</p>
<p>As long as you indicate the $8,000 is for 4 years on your outside notification form which you're required to fill out, they'll just apply $2,000 per year (about $667 per quarter). They basically credit your account if they haven't received the money right at the start of quarter. They assume you ARE going to receive the money so there's no penalty if the money arrives late.</p>