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I've read that schools readjust their financial aid packages to you if you get outside scholarships, so that your EFC stays nearly the same, but I've also read statements to the contrary. My mom's friend's daughter who is attending UPenn received about $5,000 in scholarships but as far as I know her financial aid was not reduced. What's the deal here?

By Emeraldkity4 (Emeraldkity4) on Sunday, January 04, 2004 - 08:24 pm: Edit

It would be up to the school.
Say your EFC is $10,000, and your financial aid package is $30,000. 40% loans, 50%grants and 10% workstudy.
When you recieve merit scholarships from the outside, most schools won't adjust your EFC, but they would reduce the amount of loans you recieve. Some schools have even been known to reduce your grants.
However, if your EFC is such that you will need a loan to cover that, your aid office may allow you to reduce your EFC with your outside scholarships, but it is worth checking out