<p>I will be a freshman starting August, 2009. I have some outside scholarships including National Merit Scholar. My financial aid package has some grants, some loans but more importantly a $30,000 EFC per year. How best can I use these scholarships? Would I be able to reduce EFC or loans?</p>
<p>I’m pretty sure that Cornell doesn’t accept NMS scholarships. I’m also pretty sure that outside scholarships will reduce loans and student contributions so your grant stays the same.</p>
<p>Outside scholarships are first applied toward the self-help portion of your FA award (work-study and loans). If the amount of your scholarship exceeds the self-help portion, then the remaining amount will be deducted dollar for dollar from your grant award (if you have one). Your EFC will not automatically be lowered due to your outside scholarships. </p>
<p>Your total award package cannot exceed your estimated cost of attendance.</p>
<p>Would I be able to use the outside scholarship money for say buying at laptop or text books or any other education related expenses not listed in the financial aid package?</p>
<p>You can call and ask the scholarship people if they’ll make an exception for you. I’ve seen quite a few that say if your school will reduce your aid package because of outside scholarships, then they’ll write you the check directly instead of sending it to the school. I don’t know if they would make an exception, but I’m certain that if it’s a smaller fund you’ll have a better chance because they don’t want to give the money to the school, it’s there to help you fund your education.</p>
<p>^in most cases, you would still need to notify Cornell of your outside scholarship. Reason being that you will likely get a tax document from the scholarship fund, which will then become part of your tax return, which will then be reported to Cornell next year as part of your FinAid package.</p>
<p>If these scholarship are taxable, should I just refuse them? So far, I have a $2,500 as a National Merit Scholar, a Family Dollar scholarship of $2,500 and American Business Women’s Association of $2,000.</p>
<p>If all these are going to reduce my grants at Cornell and I have to pay tax on them. Then how do they help me?</p>
<p>usafadad: If I get a tax form, then I will, but I’m not sure whether I will or not. It’s not really a big deal, because the one that I got (which will be mailed to me) takes care of their outside scholarship estimate, but I feel it’s ridiculous that they’ll cut your grant money if you have too much scholarship, so I’ll use every loophole possible.</p>
<p>Looks like you have had some success dealing with this issue. What are some of the strategies that work while dealing with the (a) university financial aid people (b) outside scholarship people. I would really appreciate this.</p>
<p>Even Cornell fin aid website states “If all the self-help in your award is cancelled, in some cases Cornell grant aid will need to be reduced or cancelled as well.” What are those cases where the grant aid is not reduced?</p>
<p>Call the financial aid office and ask</p>
<p>Any thoughts??</p>