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hi everybody liz levine with signature college counseling so this week's tuesday talks with liz we're going to speak about can you combine scholarships with financial aid so it's an interesting question it's just it's not necessarily a definitive answer of a yes or no so first let's define scholarships and let's define financial aid scholarships are funds that you receive that you don't need to pay back that are based on things other than financial aid your credentials essentially so there's different kinds of scholarships you can get you can get scholarships from the institution which we call institutional merit aid right you can call it merit funding the institution meaning the college they will say hi joey uh you know thank you so much for applying to uh x college you've been accepted and you're going to be awarded twenty thousand dollars a year for four years as long as you maintain a 3.0 gpa there's also outside private scholarships now i know many many people say there's millions and millions and millions of dollars out there every year that go unclaimed what i and this this is probably a topic for another video uh but just to be clear there is not a huge amount of money out there uh for each individual student it's a lot of work for not a whole lot of return but that being said i never deter my families from applying but those private scholarships come in from the outside an outside entity and many times are sent directly to the college that you're attending and they don't need to be paid back right so there are some schools where if you send outside money to them that if they've already awarded you let's say twenty thousand dollars a year in merit money or if they've awarded you twenty thousand dollars a year in financially meaning that you have financial need and they are giving you financial aid which is different than merit money right but it is their grants they don't need to be paid back there are some schools that say well if the outside money let's say is two thousand dollars and we've awarded you twenty thousand dollars we're gonna reduce your twenty thousand by two thousand which i happen to think is criminal in a sense uh because you worked really hard to get these scholarships from the outside and they're gonna reduce the amount of money that they're giving you because of it but there are some schools that do it many schools don't but there are a lot of schools that do it so and sometimes you don't know till the very end whether that's the case so it can be a lot of effort for applying for these outside private scholarships and yet it can reduce your package that you may have already received from a school whether it be merit money or financial aid money both of which don't get paid back so...