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Yes. Getting an outside, or private, scholarship can reduce the amount of financial aid your child gets from their college. But that doesn't mean they’ll have to pay a bigger share of their college costs. It just means that the scholarship dollars replace financial-aid-package dollars.

If your child wins an outside scholarship, tell their college’s financial aid officers about it and ask about the college's policy on outside scholarships. Learn more about how outside scholarships can affect your child's financial aid package.