<p>I just found out I got a 1100/yr scholarship and was wondering what it would do to my financial aid. My college says it will reduce work study and summer earnings expectations first. My work study is around 2200. If the scholarship is applied, what happens to the money? Do I get it in cash ?</p>
<p>What exactly are you asking about? Do you want to know if your scholarship will be given to you in cash? And is it an outside scholarship, or from the school?</p>
<p>The scholarship award is for 1100. The college's financial aid policy is to reduce work study first. Since I'd normally be paying for expenses with work-study, where does the money go?</p>
<p>Unless you have an EFC of 0 and your need has been totally met by financial aid, your family will be paying a bill in a few months. The scholarship money will be applied toward that bill. If you and your parents agree that you should get the scholarship money for the expenses you incur at school, they can reimburse you the money they didn't have to pay.</p>
<p>All right thanks. I was just a little confused.</p>
<p>I understand. It IS all very confusing!</p>
<p>Remember, jaw117, work-study money is not guaranteed. Work-study funds are those that you are eligible to earn from a job funded by federal funds. You still have to work for it, and many kids end up not making as much as they are eligible for. The $1100 is guaranteed.</p>
<p>You're eligible for $2200 in work study. You'd need to get a job and earn that. If the scholarship is applied to the work study, you would then only be eligible to earn $1100 in work study, but that's much more easily earned than the full $2200.</p>
<p>I'm also not sure that your school will allow the scholarship to be applied to your family's EFC (i.e., applied to the amount your family owes). Often, it's not - the outside scholarship reduces the amount you "need" from the college, and so reduces the amount of aid you get. The EFC remains the same. It may be applied to any "gap" amount (i.e., the school calculates that you need $10,000 in aid, but you only get $7,000 - the other $3,000 is the gap amount), but that's up to your college.</p>
<p>Your best bet is to call the financial aid office and ask them.</p>
<p>Chedva, the scholarship is still applied to the amount owed by the family. It's just that the work study is then reduced by that amount. If the family agrees that the student should have the scholarship money in lieu of the money he could have earned from work study (but now is not eligible to earn), then they would have to reimburse him ... unless the scholarship check is made out only to the student, in which case he can just cash it & keep it to spend as he would have spent the work study earnings. In other words, while the family is still expected to pay EFC, the scholarship is going to the school & will reduce the family's tuition bill by that amount.</p>
<p>OK, then we're saying the same thing. It's just that when kids hear that it "will be applied to the amount owed by the family", many believe that it will be applied to lower their EFC. (They also don't think of "work-study" as being the amount owed by the family - they're wrong, of course, but the vocabulary is different.)</p>
<p>Thanks for the clarification!</p>
<p>i received a 2,000 outside scholarship to be used for the 1st yr....I did not receive work study....So will my need based grant be reduced or will it reduce my loans?</p>
<p>Are the loans part of your financial aid package? (as opposed to loans taken out to pay for the EFC). If they are part of the financial aid package most schools will use the outside scholarships to reduce the loans before they reduce grants.</p>
<p>yes its something like this</p>
<p>total tuition 28,000 minus
presidential scholarship 7,500
science scholarship 1,000
tap 3,600
pell 3,400
need based grant 2,000
federal direct sub. loan 3,500
federal loan plus 13,000 ( parent won't borrow ) </p>
<p>So just wondering what they will probaby reduce after they receive my 2,000 outside scholarship</p>
<p>Do you know what your EFC is? Because you have a Pell, I am assuming it's not the full $13,000 you said your parents will borrow in a PLUS loan. What was actually awarded in our aid package for loans? Was PLUS put into your package by the school? Do you know your EFC (listed on your SAR, from the FAFSA)? </p>
<p>I am thinking that the $2000 is going to reduce loans. I don't know for sure without your answers to the questions above, but I think that you may have a gap in your package (Cost of Attendance - grants/scholarships/student loans - EFC = greater than 0), which the PLUS might fill. If so, the $2000 goes directly to fill the gap (reducing any PLUS the school put in your package, if they DID put PLUS in your package).</p>
<p>the fasfa EFC is 1,600. The school gave me the 3,500 direct sub loan and stated my mom could get a 13,000 loan plus to cover the rest of tuition and extra expenses. The loan plus came from the school but they said that she didn't have to take it and could borrow the money from somewhere else. So my mom is for other options and hoping not to borrow from the govt :/</p>
<p>Hey, jaw117
Congratulations on the $1100 a year scholarship!
That's $4400! Great news for you and your family.</p>
<p>You have a huge gap, meaning that your scholarship will not reduce any of your financial aid in any way. There is still a bunch of room left for scholarship money before it reduces your grants, so apply for as many as you can!</p>
<p>Take your cost of attendance & subtract your EFC. Then subtract all grants (Pell, etc) & scholarships. Subtract your subsidized loan & that leaves the amount you have to play with before your aid is affected in any way (the amount you could fill with scholarships & not affect your eligibility for aid). Most schools will reduce your subsidized loans before they will touch your grants (if you were to be lucky enough to get a ton of scholarships!). Even then, you would still be eligible for an unsubsidized loan of up to $3500.</p>
<p>thanx everyone!!! this info clarifies alot of confusion ... congrats jaw on the scholarship :D</p>