Scholarship Checks

[swimcatsmom]

<p>Remember it will be taxable so will appear on your tax return and the school will likely learn about it - better to tell them than have them find out. And if any of the aid is federal you risk fines and loss of aid (and repayment of aid already disbursed) if you do not report it.</p>

<p>from [FinAid</a> | Scholarships | Outside Scholarship Policies](<a href=“Your Guide for College Financial Aid - Finaid”>Your Guide for College Financial Aid - Finaid)</p>

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Outside scholarships are considered resources, meaning that they reduce your financial aid package dollar for dollar. The schools often do not have a choice in the matter. Federal rules concerning “overaward situations” require the school to reduce the financial aid package when the sum of financial aid from all sources exceeds the school’s cost of education by more than $300.</p>

<p>You are required to report any outside scholarships to the school’s financial aid office. If you fail to report an outside scholarship, you may be required to repay the school or the government all or part of your need-based financial aid package.

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