Outside Scholarship Information and Policy

We encourage students to apply for outside scholarships. Outside scholarships can reduce the student’s debt, or, if the student wishes to keep her Federal Direct Student loan, (FDSL), the loan can be used to help manage the family contribution.

Any outside scholarships received, per College and federal policy, are considered part of the student's financial aid package. Students who receive outside scholarships, awards or other resources should complete our Outside Scholarship/Outside Resources form as soon as possible.  

Outside Scholarship Policy:

If a domestic student receives an outside scholarship, it will be applied toward reducing the student's self-help (student loan and student employment) included in the original financial aid package. It will first be applied to reducing the student loan(s) and then toward the student employment if the scholarship exceeds the amount of the loan. Any funds that exceed the total self-help will reduce College need-based grant. The total financial aid will remain the same unless the student requests her full FDSL eligibility rather than the loan reduction. (Note: If the original package includes an outside scholarship then we have already taken into consideration the outside scholarship policy and have reduced the self-help accordingly. We typically only include an outside scholarship amount in the original package if the student has notified us of the scholarship or it was reported on the PROFILE.)  

The subsidized FDSL may be added back to the package unless the total aid package exceeds federal need eligibility.  If this occurs, a student is usually able to borrow an equivalent amount in unsubsidized FDSL.  However we encourage students to consider reducing their FDSL by the amount of the outside scholarship to reduce total student loan debt. 

Important note: If the student's determined need is met solely by College need-based grant, such as the Mount Holyoke Grant or the Mary Lyon Legacy Grant, any outside scholarship(s) will reduce the College grant dollar for dollar. 

Outside Scholarship Policy Examples:

Examples Original Package Revised Package Revised Package
Mount Holyoke Grant
Student Loan 4,500 0 0
Student Employment
1,900 0
Outside Scholarship
TOTAL PACKAGE $31,900 $31,900 $31,900

Employer Benefit

When a parent receives a tuition benefit through their employer, this funding is treated as an outside scholarship.  If your parent receives a tuition benefit for your educational expenses and this benefit is not listed in your aid package, please notify Student Financial Services.  Tuition grants may only cover tuition.  If a combination of tuition grants exceeds tuition costs, tuition grants will be adjusted accordingly.