Outside Scholarship Policy
Federal regulations require that all outside scholarships (and tuition benefits) be reported to the Financial Aid Office and considered when determining eligibility for financial assistance.
Impact of Outside Scholarships on NEED-BASED Financial Aid Awards
Outside scholarships are first applied toward any unmet financial need. When necessary, self-help portions of the financial aid package (student loans and student employment) are reduced to stay within financial need. In rare cases, some grants and scholarships may be reduced if an outside scholarship requires need-based eligibility and all self-help aid has been eliminated from a student's financial aid package.
Impact of Outside Scholarships on MERIT-BASED Financial Aid Awards
Merit scholarships from DePauw are restricted to tuition expenses. Outside scholarships that are also restricted to tuition may reduce the amount of merit scholarship should the combined total exceed the cost of tuition.
COST OF ATTENDANCE LIMIT
Under no circumstances can the combined total of all financial assistance awarded, including outside scholarships, exceed the full cost of attendance (tuition, fees, housing, meals, indirect costs) established for each student.
CREDITING THE STUDENT ACCOUNT
Outside scholarships are credited to the student account after the Financial Aid Office receives the funds to forward to the Cash Receipts Office. Unless specified by the scholarship agency, all outside scholarships are applied in two installments: one-half in each semester, fall and spring. Pending outside scholarships do not reduce the amount of the bill with the Cash Receipts Office until they have been received and processed.