Can I use multiple scholarships for college funding?

I'm planning my college finances and was wondering if it's possible to combine multiple scholarships to cover tuition and other expenses. How do colleges typically handle this, and are there any limits to be aware of?

Absolutely, students can indeed use multiple scholarships to cover their college expenses. This is often referred to as "stacking" scholarships, and it's a great way to maximize your financial aid.

When you receive a scholarship, the funding usually goes directly to your college or university after you submit proof of enrollment. It's important to note however, that each college has its own policy on how they handle outside scholarships.

Some schools have a "scholarship displacement" policy, also known as an "overaward" policy, which means that if you win a private scholarship, the college reduces its own need-based financial aid by a commensurate amount. However, schools have different approaches on which aid they reduce - some reduce grants, others reduce loans or work-study awards.

Other schools, however, allow students to stack scholarships without reducing their institutional financial aid. These schools will only reduce your aid package if your total aid (including scholarships, grants, and federal loans) exceeds your total cost of attendance.

Keep in mind though, schools are required to ensure that a student's total financial aid package does not exceed their cost of attendance. The cost of attendance includes tuition, fees, room and board, books, transportation, and personal expenses.

It's a good idea to check the policy at each individual college you're considering. You can usually find this information on the school's financial aid website, or you can contact the financial aid office directly. You should always report any scholarships you receive to your school's financial aid office, as not doing so can result in the reduction or cancellation of your aid.

Regardless, applying for as many scholarships as you can, especially smaller, local ones, is a excellent strategy, as multiple small scholarships can add up quickly. And remember, every dollar you receive in a grant or scholarship is a dollar less you need to borrow.