<p>We received our first financial aid package, and I was unpleasantly surprised. </p>
<p>According to the FAFSA, our EFC is around 5,000. Now, I know that the EFC doesn't really mean much and that schools don't have to give aid 'up to' the EFC, but we are lower-middle class and have three kids in college next year. </p>
<p>My D received a very generous merit scholarship, so I was hopeful that when that was combined with the need-based aid, she'd get a good package. The merit scholarship is supposed to be <em>in addition to</em> any need-based aid. Now, I know better than to think that they'll give her 20k in need-based aid and 20k in scholarships and she'll go to school for free while I go on a cruise, but like I said, I thought the combination of the two would mean a good package, especially for this first year when there are three in school. Not to mention that I thought this school really wanted her, so they'd be more generous as an enticement.</p>
<p>The package only gave her an additional 5k in need-based aid, plus some loans, with an unmet need (balance due from mom) of over 13k. </p>
<p>So I kind of feel like the merit scholarship is pretty much useless. Frankly, this was one of D's favorite schools, but if anyone offers her a better package, it will weigh very heavily on her decision.</p>
<p>I'm now getting really scared that college is just going to be out of reach for her. Are all colleges leaving such a big gap between EFC and what they are willing to give for aid?</p>
<p>HI GoonyMom and welcome!! Everything you wrote could have come straight out of my mouth (except the part about the cruise which was very funny)</p>
<p>We were in the same boat when we received our first package from D's first choice school and found that despite merit aid and FA there was a $15K gap. Most of the people I know cannot just write a check for $15K every year for the next four. Needless to say, D was devastated. This is a hard thing bc kids are told to work hard and the scholarship money will be there for you. Unfortunately, this is a huge incoming freshman class and it appears there is not enough money to go around. </p>
<p>Has your D applied to any state schools? We faired much better with the package sent by our state school. I left the choice up to D for now. I do not want to see her go into $60K of debt for her undergrad (and with 2 more kids at home we cannot do it for her) but ultimately she has to make that decision. </p>
<p>There are a couple of great threads out there with this same topic.</p>
<p>Read these, you will see you are not alone. In fact, I find myself and my D in excellent company with a lot of hard working middle class parents and students. Misery loves company I guess...</p>
<p>Merit awards are great for those NOT receiving financial aid. For those who qualify for financial aid, the merit award is subtracted from what you would have received as financial aid. We found most schools were upfront about that policy. We asked what would happen if our daughter were to let her grades slip below the required GPA needed to keep the merit money. We were told that the financial aid portion would increase to meet the need that the merit award no longer filled. So either way, the financial need is met. </p>
<p>Same thing goes with outside scholarships. They are USUALLY subtracted out from what the school would have offered because "need" is lowered. If those outside scholarships disappear after freshman year, the "need" is increased and hopefully met by the school. Our son's school allowed him to apply the outside scholarships directly to replace his loan portion but most schools subtracted those outside scholarship amounts from what the school offered. </p>
<p>So in the end, if you are eligible for FA, merit money doesn't mean much - or it can be great if the school fills FA with lots of loans (since scholarships are better than loans). If you're not eligible for FA, then the merit money can be a blessing.</p>
<p>Thanks for the responses. Momof3stars, my D did NOT apply to any of the state schools. She really hated them in terms of size and location. I didn't force her to, because our state is traditionally one of the worst in the country in terms of dollars spent on college education. I don't think she'd get a better package from the state school (and of course, now I'll never know). When I went to college, my dad worked for the state school and so I got 1/2 off tuition right there, and it was STILL cheaper for me to go to the out of state college. </p>
<p>This is just very discouraging...</p>
<p>jerzgrlmom - yes, that's my take as well, that the merit scholarship didn't give her any kind of an edge, it was just given in place of need-based aid. I know several people whose kids got merit aid that didn't qualify for need-based, and it was helpful. I guess I was hoping that D would get a combination of the two that would be a little more generous. Especially since in D's sophomore, junior and senior years we'll <em>only</em> have two in college, so I imagine the aid will be even less for those years. </p>
<p>goonymom,
Well, we were disappointed that when my son started college (so now we had 2 in school), that my daughter's school did not change her FA pkg (her loans and school grants stayed the same). She won an additional small merit scholarship through her dept, so I guess that did bring up the overall grant amount a bit... But, she went on a summer abroad program (which didn't qualify for aid since she would be sonsidered part time). She was advised to register for an extra class as an independent study, thus making her a full time student. At that point, she qualified for FA and was awarded significant grant $ (as well as increased loans). Her FA dept was helpful in giving us that suggestion.</p>
<p>We have the same problem, one school had a significantly higher cost of attendance than 3 others so far. So at least he has choices. This one school has higher tuition and gave less aid. Now they are telling me he MIGHT be able to get a Perkins AFTER 4/1. The other 3 schools gave him Perkins. In addition, this FA office has been nightmarish to deal with.</p>
<p>What is troubling is that my daughter is a student at this school. You would think they would encourage family ties. In addition, I am extremely worried now that when they package her for next year she will not get any additional aid, despite a reduction in half of her EFC.</p>
<p>My daughter - has an EFC of about $5000 as well. She also got a combination of Merit scholarship and need based financial aid.
Her package left an "unmet" need of 13,000. We were ecstatic.
Her scholarship and grant money will nearly cover tuition and fees and her loan will make a dent in room and board.
The balance is a little over $7000. The difference between the 13,000 and $7000 is books, personal expenses and transportation - some of those expenses are not fixed at all.</p>
<p>She also applied to an in-state univeristy - they will give no grants just a small state grant. In looking at just tuition and room & board - the private school will be cheaper.</p>
<p>The gap - is variable by school. How schools treat your FA if you lose your merit aid varies by school. Some may increase the need grant but others may not. While your merit aid is a part of your financial aid package - I think that it enhances the whole package. I doubt that you would have gotten a grant the size of your merit + grant if you didn't qualify for merit aid.</p>
<p>With two other children in college - I have never found the need based grant to change - even if the EFC drops.</p>
<p>What surprised me about my daughter's FA package is that it included need based grants, Sub. Stafford loan but no work study. I have to call about that.</p>
<p>She should get work study, but all my son's packages say to take that out of the cost. Work study goes for spending money and not tuition.</p>
<p>What was suprising to me is with an EFC of $8600, the packages include one school with a COA of 20k, one with 14k, one with 12k and one with $9750.00.
The $9750 school does not include merit aid, and the 20k school does not either. The other two do, with one being an 18k a year academic scholarship. Although this is appealing, because it won't be reduced when my daughter graduates, it's not his first choice. I am making him go for a second look though.</p>
<p>goonymom, you don't say what state you're in, however there may be a ray of hope if you happen to be in the Western US, as there's a program called Western Undergraduate Exchange, which would provide "in state" tuition costs for a student from "out of the state". Not all schools participate, and not all states, but it might be worth looking into, for possible "better" state schools for your D to look into.</p>
<p>My first daughter's college was a little vague with the questions asked at an info session during an open house. We went with her friend's mother and friend too ..we both recall being told that the avg financial aid package was in the $13,000 range.
When it came down to it, neither of the girls got ANYTHING from the school ,even though our family finances were pretty varied.
I feel better about daughter # 2's merit and aid package. Bigger school, more resources.
I am surprised that having three in college didn't help you more.</p>
<p>Don’t necessarily count out your state schools at this point. At least in NY state several of the State schools have a rolling admission. We thought that the State school could not be a better deal than a well endowed private college but we were wrong. Also, (again not knowing what State you are from) there may be one out there you and your D can live with. Believe me I was totally against state schools when this started as SUNY’s don’t exactly have a great reputation across the board either.</p>
<p>It may help if you post your location and D’s intended major. Some parent out there may know of a great school with a rolling admission that your D could consider.</p>
<p>I'm in New Hampshire, and my D is no sure of her major, but definitely sciences, probably biochem. </p>
<p>I went on to the University of New Hampshire website this morning, and it says deadline for consideration for financial aid was March 1. So even if she could get accepted, I don't think she could get aid.</p>
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In the case of a parent who has three kids in college, and a EFC of 5k, is that 5k per child, or a total of 5k, which is 1,600+ per child?
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<p>yep it is $5000 for each child - their varies a little because they all have different amounts of money in the bank.</p>
<p>if it was $1600/child they would qualify for pell grants etc.....</p>
<p>work-study - yes not for tuition but spending money and sometimes books.
it is convenient for them, esp freshman year, to have a job on campus. she won't have a car the first year. It is generally included in the COA, and a part of the FA package.</p>
<p>Because we have been through this before - she applied to 5 schools. Fortunately it looks like her #1 school has the best package.
Her sister attends a private school as well. Tuition is in the $22,000 range - plus another $7000 for room and board. they don't give merit aid - only need based grants. Even with an EFC last year of $10,000 she only got an $8000 grant - the rest was loans and work-study.
Fortunately I have only 1 more year to get her through there.</p>
<p>I could be wrong but in my internet travels I believe I found somewhere that most of the New England states have reciprocity agreements with each other as far as in-state tuition goes. A lot of schools have an April 1 Deadline for FAFSA so maybe just maybe there is a shot yet for you guys. </p>
<p>Momof3stars, I'm in NH too, and I believe you are correct, but I think it's only if your major isn't offered at the school in YOUR state. Definitely worth exploring, though.</p>
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Students are eligible for the RSP Tuition Break when they enroll in an approved major that is not offered by the public colleges in their own state.
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<p>Since many students don't know what they want to major in when they enroll in college, this is of limited utility. (And I don't know what happens if the student changes his or her mind, and during sophomore year enrolls in a major that the home state's schools did offer).</p>
<p>rainsplash, FAFSA determines your EFC and your eligibility for Federal funds. Schools use that EFC as part of the determination of your "need". FAFSA doesn't give you any aid at all; that's all done by the schools.</p>
<p>In addition to the EFC determined by FAFSA, many schools calculate their own EFC based on the CSS Profile or their own financial aid forms. They may consider things not counted by FAFSA, such as home equity or non-custodial parental income.</p>
<p>Once they determine your EFC, they subtract it from their Cost of Attendance (COA) which includes tuition, room & board and other associated expenses, to determine your need. They award you whatever Federal funds you are entitled to, and then fill the remainder of your need (or whatever part of it they determine) with grants, work-study and/or other loans.</p>
<p>Any state aid you get reduces your "need". However, many schools will reduce the amount of your loans or work-study by the amount of your state aid first, before reducing your grants. </p>
<p>So, to answer your question directly, need-based grants are in addition to state aid, but the state aid does not usually reduce your EFC (the amount your family is expected to pay). Since FAFSA doesn't give you money directly, there is no "addition to" or "separate from" FAFSA. Federal moneys are considered part of your financial aid package.</p>