<p>Here's some good news. My daughter has received two Episcopalian scholarships in the last 24 hours! It's wild. One is from her church and the other from her new school. How do we report the one from the church? Do we? I mean how do we know the rules for various scholarships? Btw, we still don't know our financial aid package! It was supposed to be posted over a week ago and still nothing. Thanks.</p>
<p>You are probably expected to let the school know about the scholarships. Most schools adjust the needbased aid if outside scholarships are received, since if there is more money there is less need (in their opinion, anyway!). </p>
<p>You’ll also have to ask the school how the scholarships are applied. My kid has one outside scholarship from an organization that sends the school the check in August, but the school applies half to the fall, and half to the spring bills. She has another scholarship that stipulates that the entire amount be applied to the fall bill, but fortunately she has a third from an agency that sends the check in January, and the two are almost equal in amount.</p>
<p>Also be aware that if your daughter receives more money in scholarships than equals the cost of tuition and legit expenses (room and board are not legit expenses under IRS rules) then she will have to pay taxes on the excess amount. Been there, got the t-shirt.</p>