Ive realized for the first time this year that a lot of financial aid depends on what the parents are able to contribute based on how much money they have. It seems that if a student gets a third party scholarship it would affect this amount of money the parents can contribute. Will accepting a third party scholarship affect my son's financial aid package?
Answers
That shouldn't discourage you from applying for outside scholarships. Usually, schools will just reduce your loan amount instead of taking away grant money. This means that the amount of money you have to pay back later will be lower. So there is definitely still a benefit to applying and receiving third party scholarships.
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Any merit-based scholarships you have won't be affected if you get other scholarships. It's only need based aid that will go down. Also, if you're applying for any merit-based scholarships, they won't consider third party scholarships when making a decision.
If your aid is need-based, getting a third party scholarship can affect your aid, and probably will. Schools ask you to report any outside scholarships you receive when you apply for aid and take them into consideration when giving you your award.