Am I required to tell the financial aid office of any private scholarships I receive?

    Published: 06-16-2009
    Views: 10,495
    Financial advisor Brad Barnett discusses whether you’re required to tell the financial aid office of any private scholarships you receive.

    Brad Barnett

    Brad received his Bachelor of Science degree from Southern Arkansas University, with a major in Psychology and a minor in Business.  He furthered his education by graduating from the Medical College of Virginia at Virginia Commonwealth University with a Master of Science degree in Rehabilitation Counseling, specializing in Mental Health.  He has been involved in the financial aid and/or rehabilitation professions for the past 15 years. Brad, a Past President of the Virginia Association of Student Financial Aid Administrators (VASFAA), currently serves as the Senior Associate Director of Financial Aid & Scholarships for James Madison University.  Immediately prior to JMU, he served as an Assistant Director of the Financial Aid Office at Virginia Commonwealth University.  Brad has presented numerous sessions at state, regional, and national conferences, and has served on a variety of association committees.  In addition to speaking at professional conferences, Brad has conducted an abundance of workshops and presentations in non-conference environments, including teaching a credit based financial literacy course at JMU entitled “Dollars and Sense.”  Many of the topics Brad’s speaks on include communication, leadership, values, financial aid policies and procedures, financial literacy, and saving for college.  He has also facilitated strategic planning and value development retreats.

    Host: Am I required to tell the financial aid office of any private scholarships I receive?

    Brad Barnett: You are definitely required to let us know if you have a scholarship that s not currently listed on your financial aid award notice. This is often times is a problem more for first time students than it is for continuing students. Lot of first time students don t know that they are getting the scholarship until maybe just right before the Fall semester begins, from a high school award ceremony or something along those lines; but Federal & State Laws require us to consider scholarship as part of your financial aid package. At times, this means we end up having to change an award that we previously made to you. We don t like to do that, but sometimes we absolutely have to. So it s to your advantage that you let us know of the scholarship as early as possible. Sooner we know about it, the sooner we can see if it s going to affect your financial aid award and the sooner you ll know exactly what kind of money you re going to get to go to school.