Can You Apply For Too Many Scholarships?

Many students hear that they should “apply to as many scholarships as they can,” which is solid advice! But what about the other end of the spectrum? Can you actually apply for too many scholarships? Is that a bad thing?

Too Many Scholarships Affect Financial Aid

This is sort of a “yes and no” answer. The problem isn’t necessarily the amount of scholarships you apply to, but the amount of money you earn from any scholarships you do win.

You’re required to report any sort of outside scholarships or financial aid to your college, so your institutional aid can be adjusted accordingly. Basically, the more outside scholarship money you get, the less money the school itself will give you.

While this may sound like a let down, it does make sense. Earning outside money means you have less financial need. The school, therefore, can focus on giving its funds to other, more needy students in order to pay for their higher education.

Financial Aid Cannot Exceed Cost of Attendance

Say that your college has a Cost of Attendance of $50,000 a year and you earn a full-ride scholarship and a few other outside aid that total up to $51,000? Do you get to keep the extra 1,000?

Well, it depends on two things. It depends on where that 1,000 came from, and it depends on the rules of that scholarship’s sponsor. Some sponsors will be all too happy to let you keep that extra cash to use for college-related things, but others might ask you to return their money since you’ve already got your costs covered.

Use College Raptor’s Student Loan Finder to discover personalized loan options. Compare lenders and interest rates to find the ideal student loan—for FREE!

Lender	Rates (APR)	Eligibility
	1.25% to 11.35%¹ Variable 4.25% to 12.59%¹ Fixed	Undergraduate and Graduate	VISIT SALLIE MAE
	1.04% to 13.19% Variable 3.34% to 14.50% Fixed	Undergraduate and Graduate	VISIT CREDIBLE
	1.49% to 11.10% Variable >800 FICO 3.99% to 14.50% Fixed	Undergraduate and Graduate	VISIT LENDKEY
	2.44% to 12.39% Variable 3.38% to 13.72% Fixed	Undergraduate and Graduate	VISIT ASCENT
	1.04% to 11.98% Variable 3.34% to 12.99% Fixed	Undergraduate and Graduate	VISIT COLLEGE AVE
	3.52% to 5.50% Variable 4.60% to 6.85% Fixed	Undergraduate and Graduate	VISIT IOWA STUDENT LOAN
	1.24% to 11.44% Variable 3.49% to 12.78% Fixed	Undergraduate and Graduate	VISIT EARNEST
¹Variable interest rates start from 4.12% APR to 10.98% APR. We also offer fixed interest rates from 5.74% APR to 11.85% APR. Click here for important information. Terms, conditions, and limitations apply.

College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.