My father is a professor at the university I am interested in and was told that I would get a discount (about 90%). Does that mean I don’t qualify for need-based and/or merit-based financial aid? And can I still get outside scholarships?
Thanks in advance
What is your EFC? With a 90% tuition discount and a faculty parent you will not likely qualify for need based aid. You should be asking your father about the details. No one here has those details.
So let’s say you college costs $50,000 a year. If you get a 90% discount on the TOTAL cost…that would leave you with $5000 per year to pay. You could take a $5500 Direct Loan that would cover that balance.
Check the details. It’s possible that you get 90% off of TUITION…but not room and board. Will you live with your parents and commute?
The 90% reduction in your costs at THIS college will reduce your need by whatever amount that is. The school won’t give you need based aid for anything…but the balance…and that could come in the form of that loan only.
An employee tuition benefit is cannot be treated like other forms of aid. Each college has its own rules for how an employee benefit is granted and coordinated with any aid. Federal and state regs may prohibit you from receiving that kind of need-based aid if your need is met through the benefit.
My children used a tuition benefit to pay for college. At both schools, any federal and state aid were applied first and then the tuition benefit covered the remainder of tuition only. Any institutional aid was also applied before the tuition benefit. Honestly, this was probably an internal accounting thing as it did not result in more money for the student. Some schools simply state you are not eligible for institutional aid if you are receiving the tuition benefit.
Every school we looked at handled outside scholarships differently. Some applied them to tuition, which further reduced the amount of the employee benefit. Some applied a percentage to tuition and allowed the rest to be used for room and board. Some allowed all of the outside scholarship to be used for room and board. You just have to look. And since few students are affected, the information may not be online.
There is often a difference when you attend the school your parent works at and getting tuition exchange at another school too.
Information might be on the employee benefits page of the school, not on the scholarship page.