Finanical aid and scholarship question?

Question

Ok, my financial aid basically covers for my whole college year, next year (Tuition, housing, books, etc.) However, i have this other two scholarships, and im suppose to list the scholarships in my award letters. Would this decrease the money i get from financial aid? Or would it be the same, and my scholarship money could be use for extra?

Answer 1

It's like when you refinance a house and they assess the property. The assessment always barely comes in at the amount of the loan, even if it's a rat trap.

If you don't list the scholarships, they'll find out anyway. Generally the money you receive will be right around your projected budget, they won't let you take an extra two grand for mad money. :-)

Answer 2

Every student is given a budget by their school.  This budget includes your tuition and fees, housing, meal plan, books.  Many schools build extra money into the budget to cover personal or transportation expenses.   A student CANNOT receive financial aid in excess of their budget amount.  

You need to call your financial aid office and ask them the amount of your budget.  If your scholarships combined with your other financial aid will put you over that budget amount, then something would get cancelled or sent back, they would start with your loans.  

If the your scholarships combined with your other financial aid will not put you over that budget amount, then you will be able to keep the funds to use for your personal expenses.

Some schools will allow you to adjust your budget if you can prove to them you have additional costs not already included in your budget, for example if you purchase a computer, have unusual transportation expenses ect.  So if your scholarships would put you over your budget, speak with your financial aid office to see if you can add something to your budget.

Good luck and congrats on the scholarships.