<p>Ok, so let's say I got 16.5k scholarship per year to a school that costs 41k. Our family EFC is 27k. Would that mean I would get no financial aid at all? Or would I still get like 10k grants, 4k loans, 2k work study + 16.5k scholarship (so family only has to pay like 10k a year)</p>
<p>It totally depends on the scholarship and the school's policy. For example, a Byrd scholarship for many schools reduces loans first, I don't knwo what happens if your scholarship has covered all your loans...does it knock dow grants or apply to EFC, I am afriad it would be grants...but most hit work study & loans first. You may have to follow up with the school by comparing the initial and later package to ensure they do this correctly.</p>
<p>Okay, nvm I did some research online and found the info I needed, thanks though :)</p>
<p>zkevin ~ can you share with us what you have found out? I would appreciate it.</p>
<p>The short answer is that any merit-based aid you receive reduces the school's need-based aid first. (I suppose there could be exceptions.) In zkevin's case the 16.5K scholarship was more than the 14K gap between EFC and cost. The wide range of variability comes in to play when merit-aid is less than need. First of all, the school may not meet 100% of need. Secondly, aid packages differ in the mix of grant, loan, and work-study money. Then there's the question of what merit-based aid replaces in the loan package? Does it replace loan and work-study first, or does it reduce grant and loan equally? Assuming zkevin's 16.5K scholarship will not increase in subsequent years, but that the cost of attendance will go up, he may find that the 16.5K no longer covers the gap between EFC and cost, especially if the school does not meet 100% of need. While the structuring of the school's financial aid package may not make a difference this year, it may be important two years from now, especially if zkevin has a sibling that will overlap his years in college.</p>
<p>Aside: To my way of thinking (as a parent) loan money does not reduce the cost of college, it spreads out the cost over a longer period of time and, to a large extent, shifts a portion of the cost from the parents to the student. Looking at paying for 3 kids over a 9 year period, spreading out the costs are not all that attractive to me. My S is a HS junior and I will ask the questions posed above to all the school that he visits and/or applies to .</p>
<p>Some schools have a policy that outside scholarships do not reduce any awarded need based grant/scholarship money(up to cost of attendence limit).</p>
<p>Basically what I found out was that basically the 16.5k scholarship just reduces your financial need:</p>
<p>So...in my particular situation:
Cost = 43k
EFC = 27k
Scholarship = 16k</p>
<p>Financial Need: 43 - 27 - 16 = 0.</p>
<p>Basically I won't have any loans at all, but parents will still have to shell out 27k a year to pay for me to go to Case.</p>