We are fortunate to have $26,000/yr in employer-sponsored tuition benefits at any university. But we have found that most universities will simply subtract this amount from the grant portion of our financial aid, leaving our EFC the same. A few universities seem not to do this (e.g. Georgetown). Does anyone know of any other universities that apply outside tuition benefits to the EFC? Thanks in advance for any advice.
You are so fortunate to have a $26,000 a year benefit that can be used at any college. That is fabulous.
At the majority of colleges, that benefit is going to reduce your financial need…and therefore your need based aid will be less.
There are some colleges that allow stacking of all financial aid up to the cost of attendance. This doesn’t mean your tuition benefit won’t reduce need based aid, however.
If you are getting $26,000 to use anywhere, one would think that would come very close to funding the instate cost to attend your state public universities. Is that being considered as an option? Does your state participate in any academic common markets whereby students from your state get reduced costs to attend OOS publics in other states?
Have you looked at colleges where your kiddo would get college merit aid that could be added to this award?
I’d be willing to bet that G’town and others will also subtract their aid once they become aware of it.
They don’t care that it’s from an employer. They know it’s not from “you.” It would be the same if your city or state gave your child an award.
The issue is that the tuition benefit, in the school’s eyes, is aid. Which means less need based aid for them to have to pay.
Usually the schools that won’t do this are ones who are awarding merit. Many will stack merit on top of that “employer award”.
Both of my kids received an employer award (not as much as yours, though), but we understood that it would be viewed as having less “need” by any university.
If you’re looking to reduce your EFC (what is it??), then you’ll need to look for schools that will give your child large merit, so that the $26k will stack on top and leave you with little/nothing to pay.
I think the EFC is the minimum you can expect to pay at most colleges. Does your child qualify for merit anywhere? If you can’t afford your EFC one option is to look into your state schools. Are there any within commuting distance?
If your school is actually paying the second school and it is not a tuition exchange, I think some schools would still allow you to get merit aid from that school and stack that with your tuition benefit that brought cash to the school. If it is a tuition exchange situation, the other schools doesn’t actually get any money, just the ability to give that benefit to one of its own faculty or staff to send their child someone else for no cost,so they don’t allow stacking. The school can only allow one award, the tuition exchange OR the merit, not both. The school needs to get some cash in the deal.
With need based aid, you actually have less need if you get any kind of scholarship or grant. If school costs $50k and you have financial need of $25k, and receive $25k, your need has been met. If your child gets a $25k in merit aid and brings in $25 as a tuition benefit (or some other outside scholarship), the school should allow that to stack as the school is only out the $25k merit aid it offered.
@mom2collegekids it looks like G’Town will allow stacking of outside tuition benefits.
https://finaid.georgetown.edu/financial-resources/outside-benefits#
I was surprised when I looked this up.
Yes, I was pretty shocked to see this as well – I hadn’t even been checking financial aid policies because it seemed our tuition benefits seemed unlikely to have an impact on our EFC. My son wants to study political science, so Georgetown would be a great place for him to do it… wish him luck!
thanks everyone for your comments and suggestions. We are, in fact, in a very fortunate position, and depending on where our child is accepted, may use our tuition benefits to fund most of his expenses at a state school. Best wishes to everyone.
@Eeyore123 thank you for the correction. Im amazed because gtown has been accused of being cheap!