Interested in possibly reducing the amount you need to borrow in a federal student loan?
Many local and national organizations offer college scholarships to students. Scholarship information can be as close as your local library. We encourage students to investigate as many alternative funding sources as possible. Depending on a student’s financial aid award, outside scholarships can reduce a student’s debt burden and/or work commitment.
Wheaton’s policy on outside scholarships
Per federal regulations and college policy, all outside scholarships are considered when determining financial aid eligibility. Students who are applying for financial aid are required to list the amounts of all outside scholarships awarded from a source other than the college on their CSS Profile application.
Students who are awarded an outside scholarship after they have completed their FAFSA and CSS Profile and are receiving need based financial aid from the college, are required to notify our office upon notification of the scholarship award.
An outside scholarship will first replace any unmet need based on the student’s need-based financial aid eligibility determined by the College.
If a scholarship award exceeds the amount of unmet eligibility, the student’s “self-help” portion of their financial aid award (need based work-study and/or need based student loan) will be reduced.
In a situation where all financial need is met and all need based self-help has already been eliminated an additional outside scholarship will result in a reduction of the grant portion of a student’s financial aid award.
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