Outside Scholarships: Outside scholarships will be added on top of a student's financial aid award package, dollar by dollar, up to meeting full Federal aid eligibility - the maximum limit of all financial aid awards that a student may receive from any source. Should any outside scholarship dollars exceed a student's maximum Federal aid eligibility, the College will reduce aid that has already been awarded by that excess amount in order to accommodate the entire amount of the outside scholarship.
The College will first reduce the self-help portion (loans and/or job) of the need-based aid package that has already been awarded to the student. The order of the reduction will be Federal Work Study, Federal Perkins Loan, and Federal Direct (Stafford) Loan.
After reducing all eligible, awarded self-help aid, any remaining outside scholarship amount in excess would reduce Franklin & Marshall grant. Generally, this may occur only when total outside scholarship(s) exceed $5,000.
Students must notify the Office of Financial Aid upon receipt of all outside scholarships/awards. The College strongly encourages students to pursue outside scholarships. Information on potential sources of outside funding can be found on the Office of Financial Aid’s website, www.fandm.edu/financialaid, in most high school guidance offices or on websites such as www.fastweb.com.
Organizations awarding Outside Scholarships to F&M students are advised to make checks payable to Franklin & Marshall College with the student's name listed in the check memo. This serves students better than making the check payable to the student; as doing so will require the student to report the check amount as untaxed income in the subsequent year's financial aid application(s).