<p>At Wake Forest they say that whenever I get a scholarship they subtract half of the amount of the scholarship from my need grant. Will they give me a Stafford loan to make up the difference?</p>
<p>How will the outside scholarships I receive affect my eligibility for need-based financial aid?</p>
<p>Any outside scholarships are viewed as financial resources available to the student. Students are therefore required to report outside scholarships to the Office of Student Financial Aid. </p>
<p>The gift portion of the financial aid package is reduced by one-half the value of any outside scholarship. (I see this as if You got 10,000 in gift aid from wake then you g0t a $5000 outside scholarship, wake would reduce your gift aid-money they gave you by only $2500, so thier gift aid is now $7500)</p>
<p>To the student's benefit, however, total gift assistance is increased by one-half the value of the outside scholarship. The increase in gift aid may result in a reduction of the loan or work-study portion of a student's package.</p>
<p>It seems to be a little confusing as many schools use outside scholarhips to reduce the self help aid (work study and loans). If any money is left over then the grant aid is reduced.</p>
<p>Your best bet would be to talk to the FA office at wake and get a definitive answer</p>
<p>Ah, the magic of scholarships. Lot's of work and little to show for it.</p>
<p>Be sure to ask your school how they do it...my D's school says they go towards reducing loans first, then workstudy, then grants. Then you have to follow up on that, when one was credited, they did not handle it that way, and if I had not caught it, all that work to earn it would have gained her nothing! it was very subtle to catch, if I had not seen compared the numbers I would not have caught the change, do not assume finaid people don't make mistakes, too :) They were great about correcting it for me!</p>