Should I apply for outside scholarships?

Firstly, I would like to know how colleges that meet full need treat outside scholarships. Are they even allowed? Also, I hear that scholarships can affect financial aid at a school. So let’s say my EFC is around $35k at a full need-meeting school, but I have a $10k outside scholarship. Will I still have to pay the same amount because of decreased financial aid? Basically, do outside scholarships stack onto a school’s financial aid offer?

At most (all?) meets-full-needs schools, outside scholarships will not stack onto their financial aid offer. You will need to check with each individual school. Typically, meets-full-need schools will first use outside scholarships to reduce self-help that you would need to provide: student contribution through loans and/or work study. Family contribution will remain the same since your “need” is decreased by the outside scholarships, in that case.

I still recommend applying to some outside scholarships if you’re a highly competitive student. Winning scholarships like Coke et al open a lot of doors above and beyond the money.

I am familiar with policies at several “meet full need” schools, and yes outside money is definitely still worth pursuing. In addition to your parent EFC full need schools still expect self help in the form of a student summer contribution, work study, and depending on the school, a loan. Generally you are allowed to replace those components with outside awards. Once you have met those amounts some schools will allow you to purchase a computer with remaining funds (an expensive one).

S1 attends a full need school. He had enough outside scholarships to pay the summer savings contribution(so his savings stayed in his bank account), to cover his work study(which meant the school cut him a check for $2500 that he did not have to work for!), plus he got a pricey Mac that he wouldn’t have otherwise purchased.

What @planner03 says is true.

But yoir question was about your family contribution.

Your family will still be expected to pay your family contribution.

@thumper1 Definitely, the parent contribution is firm, but there is still a significant financial benefit and if OP wins 10k, the total cost will be reduced.

And as pointed out by @CourtneyThurston , there are other benefits to winning major scholarship competitions. S1 has one that paid $1000 toward dorm supplies, plus reimburses him for all of his books and travel expenses, etc.

@planner03 yes…some costs will be reduced…in that the student won’t have to earn work study miney…or take out loans.

But the family contribution of $35,000 will remain the same…right?

@thumper1 I am not disagreeing, but in response to the title I say yes, apply to outside scholarships, or better yet if the family EFC is 35k, target colleges that offer merit.

I’m responding to this!

Yor family will still need to pay the $35,000 EFC.

My D got several external scholarships while she attends a need met school that gives her scholarships and grant too. Her school just reduce the loan and workstdy, and then grant for each dollar of scholarship she received disregarding the source. Unless the total amount of scholarships are more than all need based aids combibed, the EFC would not be changed.

Merit stacks with other merit…So if you want to use outside awards to cover the family contribution, look for schools where you’ll get a large scholarship.

In any case, outside awards are def worth it, if they’re picked out carefully…In other words, avoid the “no essay/no gpa” nonsense.

Some of the full need schools don’t have loans in their FA pkgs.

What are your parents saying? Are they expecting you to reduce their EFC? If so, then you need to look at schools that award very large merit scholarships, so that outside merit will stack on top and reduce your parents’ share.

There are some schools (often smaller privates) that will reduce their MERIT. Those schools may have limited merit to give, so if outside merit comes in, they’ll reduce their award in order to be able to give more to others. These schools may say something that indicated that the maximum in scholarships received can be full tuition.

Check each school’s policy.