Combining Scholarships?

[TheSandlapper]

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[Big Time Hoosier]

Could go either way depending on how your school bills the military. They may just bill them the reduced tuition amount, in which case there's no benefit to the VCU scholarship. The alternative is that they bill the military the full tuition amount and credit you the scholarship. In this case your account would have an overage, so the school would cut you a check. This would be considered taxable income. I experienced the latter. I went to dental school on the Navy's dime, but received academic scholarships throughout school. It was a nice little bonus.

As a side note, if VCU would be cheaper with the scholarship, I'd go there in case the HPSP fell through. May as well play it safe if you could see yourself at either school.

Big Hoss

 

[whaleofatale]

I asked this is the pre-dental forum but y'all are probably better able to answer this for me. I was blessed to be awarded an institutional scholarship from VCU but as also pursuing the HPSP scholarship. If I am awarded the HPSP scholarship will I be able to receive the excess funds to cover living expenses? I tried contacting their office of financial aid but they are going to be closed until after I must accept. I already placed a deposit at another school so I'm trying not to place another deposit unless I can come out ahead here.

This depends entirely on what branch of HPSP you are participating in and the type of institutional scholarship. For example, the Navy is incredibly strict with regards to institutional awards and will not allow a student to receive scholarships on type of Navy funding. Your school may also take into account institutional awards when billing HPSP. You need to work with your school on this as these policies vary widely.

 

[Big Time Hoosier]

This depends entirely on what branch of HPSP you are participating in and the type of institutional scholarship. For example, the Navy is incredibly strict with regards to institutional awards and will not allow a student to receive scholarships on type of Navy funding. Your school may also take into account institutional awards when billing HPSP. You need to work with your school on this as these policies vary widely.

I graduated in 2015 and was on the Navy HPSP. There was no problem receiving outside scholarships in addition to the HPSP, as long as the outside scholarship didn't come with any type of obligation. Things could change I suppose. Double check the HPSP handbook. It spelled it out clearly when I was in school.

As I mentioned, the catch is that the outside scholarship will be considered taxable income. As far as the IRS is concerned, you can't receive scholarships exceeding the cost of tuition and books/supplies tax free.

Big Hoss

 

[whaleofatale]

I graduated in 2015 and was on the Navy HPSP. There was no problem receiving outside scholarships in addition to the HPSP, as long as the outside scholarship didn't come with any type of obligation. Things could change I suppose. Double check the HPSP handbook. It spelled it out clearly when I was in school.

As I mentioned, the catch is that the outside scholarship will be considered taxable income. As far as the IRS is concerned, you can't receive scholarships exceeding the cost of tuition and books/supplies tax free.

Big Hoss

It's going to depend a lot on how schools define and apply their own scholarships. For example, at my school, we cannot award students certain types of school scholarships on top of Navy funding because of the way the awards work and how the Navy wants their scholarship applied. But yes, you are correct that any funding received that goes above and beyond the annual COA is considered taxable income.

 

[TheSandlapper]

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[Big Time Hoosier]

So the financial aid department is still closed but an admissions dean sent me this reply when I asked if I would receive their scholarship assuming I get the HPSP. If I'm interpreting it right I would get their scholarship in addition to the HPSP, do you concur?

"It is exciting to hear that you are considering joining VCU! The admissions committee feels strongly that you will be an excellent fit to our school.
The two scholarships will be given simultaneously. Once you commit to VCU, the admission scholarship money will be set aside for you and will be awarded regardless of any other scholarship you may receive later on. This also includes merit scholarships and endowed scholarships that you will be eligible for, based on your performance in dental school. "

That's how I'd interpret it.

Big Hoss

 

[Tooth Ferry]

I actually lost my merit scholarship upon notifying the financial aid office that I had received the HPSP.

 

[Big Time Hoosier]

I actually lost my merit scholarship upon notifying the financial aid office that I had received the HPSP.

That stinks something fierce.

Big Hoss