How Will Private Scholarships Affect Financial Aid?
So you’ve secured an outside scholarship? Now what? Do you need to report it to the college?
Outside scholarship recipients are required to report the amount of their scholarships to the college’s financial aid office. Each and every college has what is referred to as an outside scholarship policy. This policy stipulates what will happen to your need-based financial aid package should you secure an outside scholarship. The college’s policy will state how any outside scholarships will (or will not) reduce a student’s financial aid award.