Private Scholarships and Financial Aid

Paying for College
1

<p>regarding private scholarships and financial aid:</p>

<p>I will be receiving financial aid in the form of grants and loans for the 09-10 school year. At my high school, they have one scholarship application that puts you in the running for something like 50 private scholarships from organizations like Rotary Club and Kiwanis.</p>

<p>I just have a question about what happens when someone who will be getting finanial aid receives a private scholarship. Does the scholarship money count as part of your EFC? so if its a 2k scholarship and my EFC is something like 4k, will I then only be responsible for the other 2k?</p>

<p>OR does it count as some sort of asset where your EFC is not effected, and the scholarship money is just counted as part of you assets, maybe reducing your other financial aid?</p>

<p>sorry if this is kind of confusing...</p>

2

<p>If I’m not mistaken it does count as an asset and thus your EFC would remain 4k.</p>

<p>This isn’t necessarily a bad thing however because some of the need that’s met may be in loans and so you can cover those loans with the scholarship money and take the grants offered.</p>

3

<p>It does not reduce your EFC. It is not an asset as such but must be reported to the school and will reduce your need. If your full need has been met most schools will reduce self help such as loans and and work study before any other aid is affected. Each school will have their own policy.</p>