Platt College is required to reduce your financial need by the amount of any scholarships and grants awarded to you by providers outside the college. The aid the College is offering you will be affected as a result. Outside scholarship funds are typically made payable through check and are to be submitted to the Financial Aid Office.
Outside scholarship funds are typically made payable through check and written in care of the student or the student and the College. It is preferred that the check be written payable to Platt College or Platt College and the student. If the check is written to the College, the student or scholarship provider will need to include the student's name on the check either mailed or delivered in person to the Financial Services office.
If the check is written to both the student and the College, the student will first need to endorse the check, then mail or deliver the check in person to the Financial Services office.
Platt College will place funds in accordance to the scholarship provider's request via the documentation that is included with the check.
What to Do If You Get an Outside Scholarship
- Report outside scholarships to the financial aid office.
- Ask how the scholarship will affect your aid offer. If the College reduces your gift aid, your scholarship may be far less valuable than you expected.
- Don't ask if your Expected Family Contribution (EFC) can be reduced. By federal rule, this is not allowed.
- If the scholarship is not renewable, consider asking the provider to disburse the money over 3 years or (4 academic years = 36 months) so the impact on your financial aid is spread out.
Getting outside money for college is, by and large, a happy problem. In most cases, you'll get loan relief and be able to keep the grants and scholarships that the College awarded you.