Let’s say I get a financial aid package and my EFC is 25k (or some other arbitrary number).
If I earn an AFROTC scholarship for 18k, a Google scholarship for 10k, or something else, does that cut my EFC amount or does it decrease the amount the college would give to me in terms of grants (or loans or work-study)?
If it just decreases the amount of grant money I get from the college, would it then be useless from my perspective?
Would it prioritize reducing loans or grants to me?
Thanks
It would depend upon the school. Some stack awards, some don’t. Call them to find out.
If your EFC is $25k and just say the school costs $50k, you may not get any additional money from the school anyway. The school may say your EFC is $25k and gap you the rest. You’d get the Stafford loan, but maybe little else. There are just too many schools and too many methods of handling FA to know what your situation would be.
When you receive a scholarship, your financial need decreased. The financial aid will be adjusted accordingly which usually starts from loan/workstudy first depending on the school and the scholarship. After all your need (CoA above EFC) is offset by scholarship and if there is extra amount, then it will reduce your EFC. The maximal amount would be up to the CoA while some schools allow a few thousands above that.