More Ace Loan Qs

[Prep]

I received $10,000 in scholarships. They need to be used towards tuition. So I assume that to mean the Ace Loan which was $8,500.00 last year. I have spent alot of time looking into this before posting these questions. From what I have read/researched the scholarship checks would be cut to usna and I would still get money taken out of my monthly pay but then later would get a lump sum of 'held pay.'

My questions:
1. is my interpretation above correct?
2. How long would they keep holding pay if the ACE loan is paid off before school even starts?
3. Without any scholarships is your Ace loan paid off in 1 yr? 4 yrs?
4. Can the left over $1,500 be used towards my share of payment for things like NOLS?
5. If your Ace loan is paid off do you get one lump sum or is it divided over the 4 yrs?

thank you

 

[grad2013]

I thought that I had read somewhere, only merit scholarships were accepted to SA's. Scholarship's towards tuition and room and board were not accepted. Someone correct me if I am wrong.

 

[sandnnw]

From the USNA Parent's survival guide:

"Scholarship money can be applied not only to the incoming fee but also to the loan which is automatically taken out to cover computer, uniforms etc. (That is if the scholarship can be used that way according to their conditions.) I would have had my son applying for a lot more scholarships so his loan would not have been as large."