Does having accumulated savings disqualify you from getting a scholarship?

Question

Because, what they really base your qualification on is your present" earned wages", and if they are within the correct parameters you ought to be fine,yes? Would love to hear from those who have run into this situation where you don't want to have to ruin your chances of a scholarship just because your Grand pa pa gave you a few thousand dollar trust for your retirement. Please answer to the best of your knowledge. Thank You! 07/23/2008 Any suggestions?

Answer 1

Your savings are absolutely considered for need based aid. Why would grandpa not value education enough not to want you to use the money for it?

Colleges expect families to pay from 3 sources: current income and assets, savings and borrowing.

Answer 2

Well I have got a considerable amount of money due to a family memeber passing.I have saved and added to the money the past few years. I also claim it on my forms. I have still gotten a grant for the full amount of my tuition for three years now, so I don't think it has a huge effect. And on taxes I have to claim the money, but I have still gotten $700-1000 back from the government the past three years.So I know from experience, but nobody had actually told me anything.