Hi everyone!
I’m currently a grad student and recently applied for a $5K scholarship program. I’ve just been notified that I’m in the final five candidates! My question is: what happens if you win a scholarship after accepting Grad PLUS loans for the full cost of attendance? Would that make me ineligible for institutional scholarships?
Contact your university’s financial aid office to clarify their specific policies on how scholarships may affect your loan package. They’ll provide accurate information and guidance on what adjustments might be made and how to proceed with loan repayment.
If you win the scholarship after accepting Grad Plus loans for the full cost of attendance, you might be able to reduce or eliminate part of your loans. However, policies on scholarship adjustments vary by university, so it’s important to check with your financial aid office for specific guidelines.
If the scholarship amount matches or exceeds your remaining loan balance, the loans may be automatically reduced or canceled.
If the scholarship amount is smaller than your remaining loan balance, it will generally lower the amount of your loans.
You might have the option to modify your loan repayment plan to account for the decreased loan balance.