<p>So I was just told today that I received 3 scholarships that total around 30,000. I plan on attending Vanderbilt. The fin aid statement they sent me consisted of about 29k of grants, and about 4k loans. I looked on their website and it says that if enough money is received to cover loans and ws, then they will reduce their grants. Does this mean that only 4k of the scholarship money will actually help me, and the other 26k will simply be sent to Vandy and will effectively only lower the amount of grants I receive? If so, I will be very disappointed... Any help?</p>
<p>The only way to know for sure is to call & ask (or email). Don’t fret about it … just find out one way or the other. I suspect that your scenario is correct, but maybe not. Look at it this way, though … you know that next year, if these were only one-year scholarships, you’ll have grants to take their place.</p>
<p>you are correct…u will only receive the 4K that is it…don’t feel bad..I am in the same situation :(</p>
<p>You can see if they will let you use some of the extra money for a computer as most schools allow that.</p>
<p>My daughter had almost a full ride (tuition plus room and board) - when she won a full tuition scholarship. The school wanted to reduce her school scholarships to “direct costs” (t/r&b). I talked my way up the financial aid ladder until I spoke with the director. My argument was, "Do you want to discourage your best and brightest from coming here when (neighboring school) will pay up to Cost of Attendance (COA)? COA is tuition/r&b/books/insurance/transportation/phone/laundry,etc. - usually a few thousand more than t/r&b - this is the value to which the gvmt will give you loans. He came back a few days later and, while it was not quite as much I was hoping for, it was ALMOST COA (I was satisfied). The total of your scholarships/grants (money that does not need to be paid back) is never supposed to be greater than the COA. Our verse for approaching the director was Eccl. 10:4 - If the ruler’s temper rises against you, do not abandon your position, for composure allays great offenses.</p>
<p>As OHHORSKI says, you may be able to negotiate some of this. Especially if Vanderbilt gave you some merit money in their package. You can argue that a merit only student would have that money and that a fin aid student is being treated less generously in such a case. However, many schools will not want to hear it and you may well have to use the scholarships to reduce Vandy’s fin aid. That’s the way it usually works. You are not supposed to be able to double dip as students were once able to do.</p>
<p>Vandy’s grants are based on full COA. It may be difficult to negotiate. You can always try, of course. But realize that the grants you got were extremely generous. The intent of the grants is to bridge the gap between your EFC and COA. They are not intended to award you, as merit scholarships do. I know it seems like a bummer to get the scholarships & lose the other money … but it makes sense, when you think about it logically.</p>
<p>Ok… thanks for all the replies… I plan on calling them tom. hopefully they will at least let me put some of the money toward a laptop… thanks everyone!</p>
<p>i doubt that they will give you a laptop…my reason is…if I give my scholarship to the school…the school will give it to someone else that is more needy than I am…</p>
<p>^^^ I hope you aren’t saying that the school is giving your SCHOLARSHIP to someone more needy than you? Again, the point of GRANTS is to bridge the gap between EFC and COA. They are based on need. If you get a scholarship, your need is reduced by that amount. Yes, the grant money that you would have received is now available to be given to someone with more need. That makes sense. (Sorry if that IS what you meant :)).</p>
<p>^…yeah…that is what I meant</p>
<p>Check with the finaid person you talk to as well about what exactly your outside scholarships are reducing. I recieved a $10k outside scholarship that I assumed would replace loans at Vandy (I’ll be there too next year 
), but when I recieved my finaid it still listed $3500 in unsubsidized Stafford loans. When I asked, the finaid lady told me that I had had subsidized Staffords, but the scholarship “changed my need” so it changed the loan to an unsub. one. Essentially, having the outside scholarship reduced my loan to a worse loan. Go figure :-P. Anyway, make sure you’re clear on what the scholarship changes so you aren’t surprised.</p>
<p>UNEPgirl, your scholarship reduced your need to 0, most likely. The federal government does not allow colleges to award subsidized loans in excess of Cost of Attendance (COA) minus Expected Family Contribution (EFC) minus scholarships/grants. Your COA-EFC-scholarship is probably 0 or even a negative number, meaning you have no need according to the federal government formula that Vandy HAS to use to award Stafford subsidized loans. However, schools CAN award unsubsidized Stafford loans to you for you to use to replace your EFC (lots of families choose to do that, since EFC is often more than they can comfortably afford). That is why they offered you an unsubsidized Stafford loan. I’m guessing you did NOT have any Vandy grants? </p>
<p>Schools can award their own grants however they choose. They cannot offer you federal money in excess of what the goverment’s needs analysis formula allows them to offer. A Stafford loan falls under the federal guidelines.</p>
<p>By the way, you don’t have to take the loan!</p>
<p>Thanks for the info, kelsmom - my family and I are kind of new to this whole student loan process and it’s a bit confusing. I actually do have Vandy grants (~$37,000) but I see what you’re saying with the federal formula. I’m planning on only taking part of the loan, it’s just too bad that the gov isn’t paying the interest. Thanks for the clarification :-)</p>
<p>You actually got the good end of this deal! Vandy could have reduced your subsidized loan $3500 and your grant the other $6500 (totalling $10k). Instead, they only reduced your federal unsubsidized Stafford & let you keep the Vandy grant. More proof that Vandy aid is awesome. </p>
<p>I know that the unsubsidized loan thing is confusing. In fact, some schools will not include it on your award letter if you don’t have a “need” — but if you apply, you can get one as long as you have at least that amount of EFC that remains unfunded by aid.</p>