My daughter has been awarded two $500 scholarships from a local organizations, to be given at her high school award night. Is this money we need to report to her college? The community offers many scholarships to the kids, all in fairly small amounts. As A freshman, I envision this money used for dorm stuff and books.
It depends. If it is for the upcoming academic year in college, then you need to report it to the college. Did they hand you a check already? For my D, they only give a certificate for winning the scholarship in HS graduation ceremony. The scholarship agent asked for enrollment certificate before they dispense the money directly into my D’s account in college months later.
Yes you need to report this to the college.
If you have applied for and/or are accepting institutional financial aid – yes.
They need to report it if they have applied for any kind of need based aid.
Not sure about that. For a student who is completing a FAFSA solely for the purpose of getting a federal loan or seeking a Pell grant, what legitimate reason is there for the school to require that the receipt of an outside scholarship be reported to the school?
Well…suppose that the new scholarship will mean that financial aid…like the Direct Loan plus this scholarship…plus the EFC will now make the aid higher than the COA.
If that were the case, the loan could be reduced.
Actually, the loan could be reduced anyway…because financial need would be less if other scholarships are received.
BUT really…it all depends on the amount of the scholarship, the EFC…etc.
The pell would not change.
So is it yes, no, maybe or depends? My S received $4,500 in scholarship in middle school but I believe it is paid directly to the college not money given to him directly.
When you receive outside scholarships…if you are receiving need based aid from the college…you are supposed to report the outside scholarships to the college.
The answer is yes.
If your kiddo is NOT receiving any need based aid from the college…I suppose you don’t have to report outside awards.
Ok thank you @thumper1 . Funny they don’t want you to report any achievements before high school no matter how impressive but they sure want to know about this 8th grade achievement lol.
You have to report it because the school’s financial aid page says you do. How does the school know you are only getting $500? If you accept any aid through the school, you are required to report it. Does everyone do that? Of course not.
OP, it will probably cause no change to your financial aid package unless you are getting 100% of COA met. It might change a subsidized loan to an unsubsidized one, but really that’s only going to happen if the school is meeting 100% of your need and you have no other FA to reduce (like work study).
Many schools require it to be reported to the school whether someone is receiving need-based aid, merit scholarships, or nothing at all.
I almost wonder if it has something to do with parent plus loans…
Anyway, check with your specific school. I’d bet that you have to report it.
Check with your school. You may be able to use the scholarship toward a one-time purchase of a computer for school.
@romanigypsyeyes Parent Plus loans can be taken up to the cost of attendance…but are NOT student loans. They (as you know) are parent loans.
At my DS’s school, it needs to be reported. That section on their website includes information on how outside aid is applied.
It needs to be reported and you need to keep track on how it is used, scholarships used for “dorm stuff” are taxable, the amount used for books is not.
A student who submits no FAFSA, no Profile, receives no government aid or institutional aid, is required to report the receipt of an outside scholarship to the school? Really? Why? What purpose does this serve?
I would agree that if the student didn’t apply for or receive any school based aid…then…what’s the point…UNLESS the school specifically asks.
Even if the school does specifically ask, what’s the point? If the student has not submitted a FAFSA or Profile and is not receiving any government or institutional aid, where the student is getting money to pay for school (and the amount) is none of the school’s business.
@BelknapPoint …until the following year IF they decide to apply for aid?
I do agree…no aid…no application for aid…nothing having to do with aid…what’s the point?