Beginning in fall 2008 semester for the first-year class and continuing forward, students will be able to take 100% of their outside awards toward first reducing the need-based portion of their financial aid package.

In the past, any scholarships or awards that come from private donors, civic organizations, corporations, foundations, or other group are considered outside awards. If you receive an outside award, your financial aid will be adjusted accordingly. This means that if you receive an outside award, the amount of your overall aid package will not increase. Instead, other components of your package will most likely be reduced according to this formula:

• The first $500 you receive in outside awards will reduce your need-based student loans and/or Federal Work Study funds.
• One-half of the remaining amount from your outside awards will reduce need-based Harvey Mudd Scholarship
• The other half will further reduce need-based student loans and/or Federal Work-Study funds. 
• Once need-based student loans and Federal Work Study amounts have been completely eliminated, any additional outside scholarships will reduce need-based Harvey Mudd Scholarship only.
  

However, to maximize financial aid eligibility, students may retain need-based loan and Federal Work-Study amounts up to their federal need.