Can you really leverage a merit scholarship to get more need-based aid?

Paying for College
1

<p>So here's my situation.</p>

<p>This week I was offered a full tuition scholarship to Brandeis and also received an early write from Wesleyan. However, the latter school hadn't received all the forms so I didn't receive my financial aid offer there yet. Wesleyan is one of my top choices. If I don't get into my other top choice, Brown (I hear back on the 31st), I would almost certainly attend Wes as long as we can afford it. </p>

<p>My parents have been debating whether and when to contact Wesleyan to try to ask them for more money using the scholarship as leverage. Apparently they're anticipating that the offer will be too low for me to go there. I don't really see how you can compare a merit-based package with a need-based one; since financial aid has nothing to do with merit at Wesleyan, I don't see how informing them of a merit package would convince them to give us more money. Do need-based schools actually give more money if they fear they'll lose an applicant? I'd be surprised if that were the case, because it seems contrary to their stated financial aid philosophy.</p>

<p>So, how should my family go about doing this? Should we inform Wesleyan of the scholarship now? Or wait until I hear from Brown? Should we wait to see what they offer and then write? </p>

<p>Is it a good idea to mention the scholarship at all or should we only mention our special financial circumstances (debt, dad nearing retirement, two kids in school, loss of retirement funds etc.)? What's the best way to contact them?</p>

<p>Any input would be appreciated.</p>

<p>(side note: This whole situation is just sort of frustrating, especially because my sister also turned down a full-tuition merit aid offer to go to a different school which theoretically gives 100% of need but in practice falls short. I don't see why I should have to make my decision based on which is cheapest if she didn't have to.)</p>

2

<p>I'm going to guess on this question. I would guess that if a school offers ONLY need based aid, you would only get aid from them based on your NEED. If they don't offer merit aid, it wouldn't matter how much merit aid you got from somewhere else...the school will not give you aid that exceeds the need they calculate for you if they only give need based aid.</p>

<p>This is why students who have high EFCs are often encouraged to apply to schools where they might qualify for merit aid. Regardless of where they enroll...the will not get need based aid that exceeds the Cost of attendance minus their EFC.</p>

<p>I do have to ask...if you aren't going to be able to pay for Wes...what will you do about Brown? Brown also only offers need based aid, I believe.</p>

3

<p>I'm not saying there's no way we'd be able to pay. I think any school that meets 100% of demonstrated need would be feasible. if it wasn't, I wouldn't have applied to the need-only schools. I don't know my family's EFC however. </p>

<p>I know that Brown only offers need-based as well, but I'd guess it has marginally better financial aid (they limit loans for example) considering it competes with Harvard and Yale. </p>

<p>I don't think that cost would actually prevent me from going to either place, since we have some savings and my parents were able to pay for my sister's private school tuition. my parents did tell me that they'd be able to find a way to pay for it when I was considering applying ED.</p>

4

<p>Times have changed pretty drastically from when you were considering applying ED. If your parents have experienced what most have, their retirement and other funds could be down 50%. Try to understand this and work with them. They didn't plan to give your sister something and not give you the same, but life happens!</p>