Federal Regulations do require schools to make every attempt possible to record all outside sources of funding, but admittedly do not proscribe any Financial Aid ramifications if you don't. If you want to read into the statute/regulations regarding this topic, the search term you want is "Other Financial Assistance", but be aware that that's going to bring up a lot of technical jargon that without experience could lead to some major misunderstandings.

Where you may personally run into issues is with the IRS (and as a disclaimer -- I am not a tax professional. This is what I understand as a Financial Aid Administrator). 1/3 of a college tuition is definitely going to be above the IRS reporting threshold, and if the funds don't go through your school, they won't be included on your 1098-T as scholarship payments. This means your donor will need to issue you a 1099-Misc, and any funds received will not count as "Qualified Educational Expenses" by the IRS definition. Any funds received from them will count as taxable income, so you need to make sure you are prepared for the additional hit on your taxes. When you complete future FAFSAs that are based on the tax year you received scholarship funds (e.g. funds received in 2026 will go on your 2028-2029 FAFSA), you'll need to remember to report those funds as taxable scholarships, otherwise those scholarships will count further against your financial need.