Prizes

The University offers a limited number of prizes to recognize student accomplishments in competitions, academic achievements or performance. Unlike a scholarship, prizes are not given to a student with the intent that the funds be used to defray educational costs. Therefore, prizes are not considered financial aid and do not appear as a part of a student's financial aid award package. Prizes are considered income, and therefore must be reported on a student's income tax return for the year in which the prize is received, if the student is required to file. The value of the prize would also then be used on the FAFSA to calculate the EFC. 

Prizes are different from scholarships in that the intent of the funds is to reward achievements, not to defray educational costs. Often prizes are awarded towards the end of a term and may be awarded in the form of a check; scholarships are typically awarded before a term begins and are always disbursed to student accounts via the student's financial aid record. 

Faculty and Staff who have questions about this policy should contact the Director of Financial Aid.