Friends,
When you receive the financial aid letter from HGSE, it can come with a whole bunch of components.
1. HGSE Grant (need-based)
2. Other Grants (merit or restricted)
3. Work Study
4. Subsidized loans
5. Unsubsidized loans
6. Maybe there's more -- who knows?
Repeatedly, on the application, on the letter, and on the website, it says that outside funding needs to be reported because it will reduce the financial aid that you are provided. My question is "how does that work?" In specific, say I get 10K from an outside scholarship or 10K from my employer or 10K from my mother and I report it -- what happens?
Do they reduce my need-based scholarship by that amount? If so, what's the point?
Do they simply reduce the loan for which I am eligible? In which case, that's great. In what order to they eliminate these things? Is it worth it to look for additional monies?
Any insight will be helpful. Thanks!