Scholarship Question

Paying for College
1

<p>I receieved $6000 in outside scholarships this year for Cornell, and just sent in a letter notifying Cornell of this. From Cornell, I received a $4000 scholarship, a $1800 Work Study, a $2625 Ford Loan and an (estimate) $2380 in Key Bank Loans. This leaves $31000 in parent contribution and $2060 in Summer Earnings Expectations. </p>

<p>How will the extra $6000 affect my financial aid package? Does it come out of the parent contribution or do they remove the Work Study and Unsubsidized Loans?</p>

<p>Thanks for the help!</p>

2

<p>Usually, the money from outside scholarships is applied towards your loans and/or work study.</p>

3

<p>every school differs. some deduct outside money from school scholarship money- the student's total due stays the same, but the college frees up money to give to someone else. Call your school's finan aid office and ask anonymously.</p>

4

<p>cornell applies the money first towards the loans and/or work study.</p>

5

<p>Congrats on the scholarship.</p>

<p>Let the school know that you want to knock out your 2 outside scholarhips first ($5,005). That way you start out your first year with potentially no debt. The balance will reduce you work study commitment. Since monies from workstudy is usually earned and paid to you for your day to day stuff, find out if the school is going to handle the $995. Are they going to give you the $995 and then you will only have to 'earn'</p>