<p>I recently recieved a 1000 scholarship, but would like to know how this outside scholarship would affect my UCSB fnancial aid package. Is it even worth it to except this scholarship? Imagine they lower the amount of aid as a result of this scholarship!!! Do I even have to tell them I got this scholarship?
THANX
WF909</p>
<p>Scholarships are meant to help you get through college whether or not you get financial aid. You don't need to report you got a scholarship. That doesn't count as your own contribution to your tuition/housing costs, although you are at complete liberty to use it that way. I say go buy a laptop. =]</p>
<p>The thing is this scholarship has to be spent on tuition, fees, or room/board.</p>
<p>Still, scholarships are awards, and your financial aid award has already been granted (officially or unofficially). Since it is required that you use it to pay for housing/tuition, you now have $1000 less to pay back in loans. That's still pretty good. Do you know how you are receiving the scholarship? If it is made out as a personal check, then just blow it on whatever you want. Otherwise, I am certain that scholarships and awards do not mean your financial aid will be any less.</p>
<p>Thanks for your answer....</p>
<p>Use the advice you receive on this forum at your own peril!! Case in point are the posts from MrBoba. He writes "I am certain that scholarships and awards do not mean your financial aid will be any less." Even though he is certain, the fact is the UCSB Financial Aid office holds a different view.
[quote]
Please note that any scholarships received reduce the student's need and may necessitate a reduction in the financial aid package. However, the first aid type that would be reduced are student loans.
UCSB</a> Financial Aid/FAQ
[/quote]
So if you follow his advice to take the check and "blow it on whatever you want" when the Financial Aid office finds out they'll reduce your award by $1K, which is $1K you don't have because you blew it on other stuff. </p>
<p>As UCSB Financial Aid warns on its website
[quote]
Relying on information from your friends or other departments in this regard can be risky.
UCSB</a> Financial Aid/StudentRights
[/quote]
See also the general info at Outside</a> Scholarship Policies</p>
<p>MrBoba also says, "You don't need to report you got a scholarship."<br>
Many of the college applications that my D filled out asked specifically what outside scholarships she had been awarded. Should we have lied?</p>
<p>My daughter received a scholarship that is paid directly to the university. She never gets her hands on it. We obviously reported this info to the school. It is about being honest. Scholarships are awarded for the student's education, not to be blown on anything the student wants.</p>
<p>thank you for all this useful information! I e-mailed the fincancial aid office and this is what they wrote back:
Yes, scholarships need to be reported to our office. We will process these and input them into your Financial Aid Award. Generally, the aid you are getting cannot exceed the budget (cost of attendance), so when a scholarship comes in, we must reduce the appropriate type of aid to make room. </p>
<p>*What does this mean: "the aid you are getting cannot exceed the budget (cost of attendance)"?</p>
<p>*Also, well this scholarship (or any outside scholarships) decrease my cal grant? Does the money I get form this scholarship take tyhe place of my loan/work-study?
THANKS!!!!</p>
<p>
[quote]
What does this mean: "the aid you are getting cannot exceed the budget (cost of attendance)
[/quote]
Each school has a COA - Cost Of Attendance which is an averaged cost for students usually consisting of tuition and fees/room and board/books/miscellaneous expenses/travel expenses.</p>
<p>Financial aid is based on your 'need' which is determined by taking your EFC (from FAFSA if it is a FAFSA only school) away from their COA.
COA-EFC = 'need'</p>
<p>Any Merit based scholaships and outside scholarships reduce the 'need'.</p>
<p>Need based aid is based on this 'need'.</p>
<p>Your EFC +need based aid + scholarships cannot exceed the schools COA.</p>
<p>Most schools will reduce loans then work study before touching any grant money so if you have loans in your aid package they will probably reduce those. The scholarship will still benefit you as obviously a scholarship you do not have to pay back is better than a loan that you do. Oh and if there is a 'gap' in your aid package - that is your full need was not met - then the scholarship may be used to cover that gap (depending on the school's policies).</p>
<p>MrBoba is wrong in what he says - most schools require you to report outside scholarships. Also if any aid is ederal based it is a requirement to report outside scholarships. Failure to do so can lead to loss of aid awarded. And as scholarships/grants over the cost of tuition/fees/required books are taxable the schools will generally find out about them.</p>
<p>Here is the link to the page that shows the UCSB estimated COA for 2008-2009
UCSB</a> Financial Aid</p>
<p>see the link I gave earlier, Outside Scholarship Policies, for more info on cost of attendance. Its the same as what swimcatsmom has told you, but also offers some addt'l info about perhaps negotiating with the FA office depending on the particulars of what you've been offered.</p>
<p>And congrats on your scholarship, have fun at UCSB ;)</p>
<p>thanks!!!!! Im sure it will be nice!</p>
<p>Point taken, I shouldn't have replied without first researching it. I answered based only on what I thought would logically make sense.</p>