Will my outside award impact the amount of aid I will receive?

Yes and No. Outside awards are counted towards the Cost of Attendance. If the outside award and financial aid exceed the CoA, then your aid will be reduced so that the CoA is equal to the amount of the aid and award. Only Subsidized loans are reduced due to an outside award. Pell grants are considered gift aid, and are not reduced. Unsubsidized loans are also not reduced.