I transferred colleges because my financial aid package was good enough initially. For the upcoming year, my tuition has skyrocketed, despite my EFC decreasing. I’m still receiving the same merit scholarship, but less need-based aid. I already spoke to the financial aid office about this, but they told me everything is correct. I feel like the quality of education I’m receiving isn’t up to par with the price, but I can’t transfer schools at this point. I decided to apply for need-based scholarships within my major. I received one, but then I noticed that the same amount was deducted from my merit scholarship. When I asked the financial aid office about this, they told me “it doesn’t stack” and I should be honored that my major’s department recognized my efforts. They offered me little to no information beyond that, so I was wondering if this is a normal occurrence?
On another note, if I get a job to circumvent the unanticipated costs, is it possible that I’ll lose even more aid?
It is up to the college to say whether merit and need based aid stack. Usually need based aid is displaced by merit, not the reverse. Any income you make from your job will be considered for your need based aid. What do you mean your tuition sky-rocketed?
Most all of the time, colleges will lower your need by merit awards. So if you have a need of $20k and get $10k in scholarships, your need is adjusted to $10k.
What could have happened with your reduced financial aid is that the college reduced your second year need numbers by the merit money you received the year before. Usually it’s integrated right on the spot , but sometimes it is not. The award is considered part of income the next year as your income that year is assessed
I have never heard of Non stacking merit awards, but it certainly is possible. A school can make whatever rules and conditions it pleases as long as they are within the law. For example, subsidized loans , work study and some state awards are required by law to be reduced by Merit. money. But a school can do pretty much as it pleases with their funds within such constraints.
Yes, income can reduce your financial aid , and possibly (though Ive never seen it happen) merit money. You need to talk to the financial aid director face to face. Set up an appointment, ask to get your file out and go over every bit of what has transpired and what future possibilities you have.
Sometimes aid can only be used for tuition or books, so even if you get more merit money you can’t use it unless you still have tuition to be covered. My daughter had a few awards like that, and also the rule that any aid from the school had to be used for billed costs (no refunds). Once she moved off campus the school bill went down a lot so her scholarships and grants actually decreased.
@cptofthehouse merit awards are not considered income for FAFSA or Profile purposes…ever. Where did you hear this?
I never heard such a thing. However schools themselves can take this into consideration. They can do pretty much as they please with their own merit money. Especially with hybrid awards that are merit within need or need within merit. I’ve never heard of merit awards not stackable so I’m wondering if OPs awards are not in that category.
When you say you can’t transfer schools at this point, is that because you’re going in to your senior year? If so, then any income you earn from a part time job this year generally won’t affect your financial aid for the coming year.