I received a scholarship from the Elks, Kiwanis, Dollars for Scholars, Datatel, etc. How are these outside scholarships applied to my financial aid?
Generally speaking, outside scholarships reduce loans, both parent and student, to cover the cost of attendance. When we receive notification of receipt of an outside scholarship, we usually reduce the parent loan or alternative student loan first, then other student loans. In most cases, these scholarships are intended to meet financial need; students may lose federal eligibility for programs such as Work-Study and/or Subsidized Stafford Loan (part or all of the Subsidized Stafford amount may be moved into the Unsubsidized Stafford Loan program).
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