We got merit offers a while ago (mostly applied EA), the financial aid packages are coming in. The merit offers were within 2-3k expect for one really low school. I was told the financial aid would be different from each school but boy is it! Some offered additional grant aid and some only loans. Our income is barely 6 figures. I’m just fascinated that some schools we qualify for grants and others have given us nothing. I can’t wait until they all come in.
If you aren’t familiar with preferential packaging this is a pretty good explanation:
http://www.muhlenberg.edu/main/admissions/therealdealonfinancialaid/
This is very helpful, thanks. I did understand some about preferential packaging but this clarified some more. Most of the colleges we applied to are close competitors to each other in many ways including the types of students they admit. I did expect differences, that’s why we apply to different colleges. When the merit awards came in so close to each other, I thought it would be closer. It may get us to look closer at a college that we wasn’t as far up our list.
Thank you BrownParent, that was very informative. While I did understand that merit awards differed between students, I was under the impression that grants were on a need-based/income formula except for athletes, etc. So crossing our fingers just might help huh?
@BrownParent Thanks for the link, very helpful.
Need based aid isn’t just based on need at schools that use preferential pkging. Schools that want a particular student (high stats) will give more grant or merit aid to entice them to come. Another student with the same need or even less need may get less because his stats are less desirable.
I do understand how the merit aid part works to get my high stats kid. That’s why I only applied to schools where she would be highly desired. My surprise was how much the offers for the same kid between “competitor schools” would vary. For example, Rhodes College looked more selective than Austin College but they offered way more gift aid than Austin even though she got the Presidential Scholarship at Austin which was the highest offered of any school. But when the actual financial aid letter came, Rhodes offered far more because of a grant. Austin offered only loans in addition to merit. We haven’t so far set foot on Rhodes campus (due to distance which will change quickly) yet have been twice to Austin. It’s just funny how the gamble worked out. It will all work out in the end, I’m sure.
I have to believe that the size of the endowment is a factor.
Really good point, Erin’s Dad. I hadn’t Our first choice is Hendrix and they have a really large endowment so hoping for a good result. She is competing for the Hays Scholarship but there are over 100 competing and four full ride and four full tuition so we are blessed to have the opportunity for her but not counting on that.
If the schools are competitors, you can use the financial aid offers to negotiate a better deal at the school your student wants to go to. I did this with my oldest son and he received $4000 more each year. I went to a presentation while he was in HS and the presenter stated, it is the students job to get into the school and the parents job the negotiate the money.
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Hendrix and they have a really large endowment
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I don’t think it does. According to wikipedia, it’s endowment is less than $200 million. That is a modest endowment.