it would seem that awarded merit money should be used for that gap, or at least to replace the amount the student was going to have to take out as a loan. Maybe I am just having trouble accepting the idea that earning merit scholarships may not actually be beneficial. It seems many people are seeking schools that offer merit aid and financial aid. īut I thought that at schools that did not meet 100% need, the merit aid could basically fill the gap, or even help you pay your EFC. I do understand that if you qualify for financial need aid at a school that DOES meet 100% need, unless a student gets large (full ride type) merit scholarship, a smaller merit scholarship from the school really doesn’t help you since it just gets subtracted from what they would give you for financial aid. You can ask the school if they will apply the 5k to your “gap” leaving you now with 1.5k of unmet need and reducing your immediate OOP cost to 21.5 k ( or 29k once you factor in the work study and the loans). Lets say your child receives the CC financial aid poster scholarship for 2k and the Sybbie scholarship for 3k for a total of 5k. Should your child receive an out side scholarship, many schools will let him/her apply it to the self- help portion of the financial aid package (reducing the loan, work study).
This now brings the total OOP cost to 34k. Your immediate OOP costs are now 26.5k, not counting your child’s loan which must be repaid + the work study, which has not been earned yet. Your family’s job is now to pay the gap (un met need) of 6.5k + your EFC. Unless the school guarantees to meet 100% of your demonstrated need, you probably won’t get any more institutional aid (free money). If your child is eligible for $1k in state aid, they may end up receiving the aid without any reduction to the merit $$, now leaving you with 6.5 k in unmet need.Īt many schools, this may be all that you get because most schools gap (meaning they do not meet 100% need). The school will almost always disburse the "free money before going into their own pockets). For example in NYC, the state aid is TAP (tuition aid program), this aid can only be used to offset tuition. Your job is to check to make sure what the state aid can be used for. However, if your child is eligible for any state aid, they will most likely receive that. If your son/daughter has any aid that he is entitled to (Pell grants), s/he will receive that aid (there will be no Pell in this example because you are not eligible).
In the financial aid package, your child is given 5.5k in direct loan and 2k Work study Also, any monies over the cost of tuition, books and I believe direct fees are going to be taxable income to your child). S/he receives the Joe & Willie scholarship for 20K, (remember that most merit scholarships are only going to reduce tuition, unless otherwise stipulated.
Your EFC is 20K, leaving you with a demonstrated need of 35K Lets say that your child gets accepted to a school that cost $55k/year I am a little confused by your question so I need to test for understanding (I also hope I an answering your question or giving you more to think about and ask in this process): YMMV because you may get more or less than the average
Even if you are looking at the financial aid section of the CDS, while it is a good umping off point as far as looking at data, they are giving you averages. The one big factor that you must remember is that the overwhelming majority of colleges do not meet 100% demonstrated need.
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