Say, for example, that I qualify for a half-tuition scholarship at USC. Suppose, also, that through the NPC on their site, I am projected to get approximately 53k in financial aid from the school, leaving me with around 10k to pay for myself. Is it that either I take the half-tuition scholarship, or the 53k in financial aid? Or is it that I can take the financial aid, and then use the half-tuition to pay the 10k that I would have to pay as EFC (or vice versa) ?
Any comments on just financial aid/scholarships compatibility are welcome as well.
A few colleges allow you to stack need-based and merit aid. Meaning you would take your 53k of need-based aid and stack your NMF scholarship on top of it (bringing your costs to pretty much 0). Most colleges don’t do that. They would look at your NMF scholarship and reduce the amount of need-based aid they give you accordingly. So at the end of the day, you’re still getting 53k worth of aid, just the source of the money is different.
Here’s the thing: need-based aid can change as your family circumstances change. So if one of your parents were to get a new, high paying job, your need-based aid would be significantly lowered or even disappear in future years. The merit scholarship part of your aid would still be there (assuming you’ve kept your grades up to par). That’s a nice insurance policy.
You should be able to find information on the USC web site about how they apply merit and need-based aid.
There is no general answer. Some colleges have specific statements on how this is handled on their web sites, but many do not, so you would have to ask each specifically.
<<<
Or is it that I can take the financial aid, and then use the half-tuition to pay the 10k
[QUOTE=""]
[/QUOTE]
No. Because the merit would be applied FIRST. The half tuition scholarship is ALSO considered “aid”. So it would be considered part of the $53k of aid.
USC might let some of that merit cover some loans that you would get as aid, but probably not.
Keep in mind that most schools will combine; Grants, merit scholarships, loans, and work study as “aid”. They consider all of them as “aid”. Aid is NOT just free money. Aid is not just need based money.
The school is going to expect your family to pay at least the $10k.
Re: The NPC results…
Do you have any special situations, like:
Does either parent own a business or take business deductions?
Do you have a non-custodial parent?
Do your parents own any property besides their home?
@mom2collegekids None of those things on the list apply to my family situation. In my first semester of college, there will be 3 kids in my family (including myself) who will be in college, which I think is part of the reason I got so much aid. Do you know how much the aid will drop off when that number drops to 2 as my older brother graduates?
How much of the net price that the NPC shows is assumed to come from student work and student loan?
Some colleges apply merit scholarships in place of student work and student loan first before reducing grants. But some do not, so if the college does not say so on its web site, you need to ask directly what it does.
@ucbalumnus Federal Work-Study: $2,500; Federal Direct Student Loan: $5,500. It leaves $6,500, give or take, that I have to pay. I will explore their site more. Thank you.
So if they are generous, and you get merit scholarships, the first $8,000 of merit scholarships could offset the work-study and loans. But it is not assured that they will do that unless stated on the web site or if you ask directly and get that answer.
Looks like the total estimated net price in the absence of merit scholarships is $2,500 + $5,500 + $6,500 = $14,500.
Yes, get aid information for the highest income your parents had, and counting only you and twin in college at the same time.
I would think USC would replace part of institutional grants with merit, but ask them to make sure, once you know if you get half tuition merit and before you have to make a decision where to attend.
