When reporting income to the school I decide to attend, will any third party scholarships I’ve won have to be reported under income? It may be on a school to school basis, but the general gist I’m trying to grasp is this: will my financial assistance be lowered if I win scholarship money on my own accord?
Thank you for your help and I’m sorry if this is a typical/annoying question!
Outside scholarships that you receive will have to be reported. They will probably reduce any need-based aid that you might receive (because you have less need, right?), but that reduction usually starts with self-help aid such as loans and work study.
Are you asking if scholarships need to be reported “as income” on FAFSA? or are you asking if scholarships need to be reported to the school so that they know that you’ve received them?
@mom2collegekids I’m referring to your latter explanation! Thank you!
It really depends on the school. If you are thinking of a specific college, google the name + outside scholarships and see what come sup.
My D’s school only allows outside scholarships to replace her work study award. It is a no-loan school, so there aren’t loans but many schools allow outside scholarships to reduce those. Some allow them to replace expected student contribution (via summer job, separate form work study). Some may reduce grant aid right away, some may allow you to use it towards your EFC. Every school is different.
@OHMomof2 thank you!