Do Fellowships Affect Financial Aid?
When considering college expenses, it is important to understand how fellowships may affect financial aid. Most fellowships are granted to assist with the same costs that are covered by financial aid, such as tuition and fees, books and materials, and living expenses. Since a student may not receive assistance in excess of the budget for these costs, a fellowship may trigger a revision of the financial aid.
In some cases, a fellowship may reduce the amount of financial aid a student is eligible to receive. This is because a fellowship is considered a form of financial aid, and the total amount of aid a student can receive is limited. If a student receives a fellowship that is greater than the amount of financial aid they are eligible for, the financial aid package may be reduced.
It is important to note that some fellowships are considered “free money” and do not affect financial aid. These types of fellowships are typically awarded based on merit, such as academic achievement or leadership potential. These fellowships do not count against a student’s financial aid package, and they can be used to cover any college expenses.
In addition, some fellowships are considered “need-based” and may affect financial aid. These types of fellowships are typically awarded based on a student’s financial need, and they are subject to the same regulations as other forms of financial aid. If a student receives a need-based fellowship, it may reduce the amount of financial aid they are eligible to receive.
When applying for financial aid, it is important to consider how fellowships may affect the amount of aid a student is eligible to receive. If a student is awarded a fellowship, they should contact the financial aid office to determine if the fellowship will reduce their financial aid package. It is also important to note that some fellowships are considered “free money” and do not affect financial aid. Understanding how fellowships may affect financial aid can help students make informed decisions about their college expenses.