How do scholarships affect my financial aid?
Each LCC student has a unique financial aid “package,” which could include different awards: grants, work study, loans, and/or scholarships. When you receive a scholarship, we suggest meeting with an LCC financial aid advisor to see how the scholarship will affect your financial aid package. (The same scholarship may affect another student’s package differently.)
That said, here is some general information about the relationship between scholarships and financial aid:
In general, “grants” refer to funding provided by the federal or state government to help you pay for college. Grants (free money!) are usually awarded based on your and/or your family’s financial situation and financial need. You apply for this funding by completing the FAFSA each year (Free Application for Federal Student Aid). Examples include: Pell grant, Oregon Opportunity grant, and SEOG. In addition, Oregon Promise is another state grant that requires a separate application (for recent high school and GED graduates).
Note: If you are an undocumented Oregon student or have DACA status or have TPS status and are not eligible for the FAFSA, you can submit the ORSAA instead to see if you are eligible for the Oregon Opportunity grant.
Scholarships are another source of financial assistance that does not have to be repaid (free money!). Scholarships are funded by college foundations, organizations, businesses, and individuals who are committed to helping students achieve their educational goals.
Some scholarships are awarded based on financial need and some are not. Many are based on other criteria such as college major, future goals, leadership, service, academic achievement, special talents, life experiences, specific demographics, etc. Scholarship applications typically ask students questions about career goals, educational plans, contributions to family/community, personal accomplishments, significant life experiences, paid and volunteer work, etc. so that the scholarship committees can learn more about you.
If you have a loan(s) in your financial aid package, those scholarship dollars could replace all or part of that loan amount. That’s a good thing! Loans need to be repaid (with interest!) and scholarships are free money!
Earning a scholarship might reduce the maximum number of work study hours available to some students. That’s typically a good thing too! Less work hours means you’ll have more time to devote to your studies without losing income.
If you are awarded a scholarship(s), it will not decrease the amount of a Pell grant, Oregon Opportunity grant, or Oregon Promise grant. It may affect the SEOG grant; talk to an LCC financial aid advisor.
Many scholarship donors send the money directly to LCC and it becomes a part of your financial aid package, which is typically disbursed during the second week of the term. However, some donors will send the money directly to you; if that happens, please contact LCC’s financial aid office to report your scholarship award.
Go to myLane/ExpressLane and log in. Select the myFinances tab. Choose Financial Aid Status, then Offer Information, then Offer by Aid Year and Accept Your Offers. Select the Aid Year from the drop-down menu and then select the Award Overview tab.
If that happens, then you receive the leftover funds! You can use that money for other expenses, like housing, gas, utilities, food, savings, etc. However, those leftover funds might count as taxable income; see the next question below.
Scholarships that pay for qualified educational expenses at qualified educational institutions generally don't count as taxable income. Scholarship funds received in excess of your qualified educational expenses may be taxable and might need to be reported in your taxable income. Please talk to an accountant or other tax professional.
LCC reports the amount of qualified tuition and related expenses (QTRE) a student paid during the calendar year in Box 1 of the Form 1098T, if the student was enrolled in at least six credits for one term. Here's how to find and print your 1098T.
Yes. There are scholarships that do not require financial need and/or do not require you to submit a FAFSA.
Maybe. Scholarships are a different type of funding and eligibility might be more flexible than federal financial aid rules. If, for any reason, you become ineligible for federal financial aid, please talk to an LCC financial aid advisor to determine your eligibility to receive scholarship(s).