<p>My D is down to the last two schools on her list and must make her decision. We are visiting the second one for an overnight visit tomorrow. Here is the question: Both have provided $30,000 in financial aid with about $2,500 a year in loans. One is all need based while the other includes $22,000 in merit aid. Which package is the smartest to accept or does it matter if it is need based or merit based as long as income doesn't change?</p>
<p>Remember, selecting a school should not only be based on money. Yes, that is a major issue, but if your daughter is really set on one of the colleges, she can make it happen. About your question, the "smart" choice would be to accept the merit aid school. Many colleges have been known to decrease the amount in grants and increase the amount in loans. Financial aid is not required to be in the form of grants. Large grants are often used to entice students to attend their school, and then are later taken away. If this concerns you, talk to the college and ask them specifically how often this occurs. Good luck! :) And don't forget, there are many different factors which go into selecting this right school.</p>
<p>If the merit award is renewable each year without ornerous gpa requirements, that is usually the best way to go because many schools increase self help components of the package each year just as a matter of policy. Also if you can "sniff" out the financial aid departement, that can be helpful, since you will be dealing with them each year, and if they seem to be snippy and inflexible, you should know that up front. You might want to visit with them and feel them out, asking what kind of packages are likely in future years. Talk to some kids on financial aid and who have that merit award as well. If it looks like the school is not so good in subsequent years, you may want to take that into consideration.</p>