Q: What effect will scholarships, grants and other awards have on federal financial aid?
A: Because federal financial aid is need based, any scholarships, grants or other awards a student receives will affect his or her financial aid award. If a student receives a full scholarship, for instance, he or she may not receive the same amount of aid federally or from her school. The difference depends on the institutions and the scholarship, so check with your college or university for more information.
July 26, 2005.