more fine print

Just how much is school going to cost? It sounds straightforward enough.

...

Every university applies outside scholarships their own way. Some have a policy that’s favorable to the student where they create financial aid packages without factoring in outside scholarships. If you attend such a university, you could end up like this student who graduated with $16,000 left over from scholarships, which the university paid out to her after she finished school. It makes for a juicy story, but one you won’t hear too often.

Far more common is that the university will use your outside scholarships to reduce your aid package.

Terrific piece on financial aid by Melissa Mesku at the Billfold.  It would be fatally easy to quote the whole thing, but it's here.