<p>I am interested in both Smith and Mount Holyoke, but the financial aspect of both schools will likely be the factor which I will be forced to consider if accepted by both. So, which school do you personally believe will offer the most financial aid?</p>
<p>I think they both have pretty comparable financial aid offerings, though I have no first-hand experience with Mt. Holyoke financial aid, only with Smith aid. I know that Smith garauntees it will met 100% of student need as THEY calculate it (which is not always the same thing as how you/your parents calculate it, but its the policy nonetheless). Smith also offers a few STRIDE scholarships, which are awesome merit scholarships that pay $15,000 per year for four years, and garauntee two years of a paid term-time research job with a professor, but you have to be pretty exceptionally meritorious to qualify for that. I think Mt. Holyoke may have a similar merit scholarship, but I’m not sure.</p>
<p>MHC also guarantees to meet 100% of the student’s need. Both Smith and MHC uses a similar calculation that Amherst College does. Amherst has actually their FinAid calculator posted in the website, so you should check that out. We know, however, that it is never guaranteed it is going to be like the calculator, but it’s worth a shot to have an idea. Although both seem to be pretty generous about the need, Smith appears to be more generous when it comes to merit scholarship, even though it is pretty balanced. You’ll never know until you get their response back. Ok, I don’t know if I was helpful. XO</p>
<p>The ability of Smith (and perhaps MHC, I’m not familiar) to offer merit awards as well as meet 100% need is impressive.</p>
<p>FA families should understand that STRIDES or merit awards from any other college will NOT reduce their EFC. This is apparently because of some quirks in remaining qualified for federal aid monies. So for FA families, the STRIDES can have great value in (a) converting student loans to grants, which do not have to be paid back post-graduation, (b) replacing “self-help” work study and (c) an intangible, but pretty cool benefit: a great honor for the resume.</p>
<p>But key for families to understand merit awards (outside merit scholarships may get somewhat different treatment) do not reduce the EFC “write the check” out-of-pocket.</p>
<p>BELOW (not sure how my reply posted ahead of you Crew!)</p>
<p>Crew, is that correct? I understood merit could reduce EFC down to federal calculation (if less than say Smith’s caluclation if higher) but EFC always stays in place (recognizing colleges have latitude in how they arrive at EFC).</p>
<p>I think the problem for the college is that if applies as you state, it loses the federal component of the package and must then provide a full-ride entirely out of its own funds, so the college is boxed in to a lesser “dollar for dollar” value for ANY FA family.</p>
<p>I don’t claim expertise, this is just what I understand form recent posts on other threads here.</p>
<p>And I wouldn’t say little benefit for high-needs: loans to grants is big long-term value, just doesn’t fix the front-end “write the check” problem if a vamily can’t cover its EFC.</p>
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<p>True to a point. The STRIDE is $15,000. If a families financial aid is less than said amount, the award lowers the EFC dollar for dollar.
E.g.
Total cost ~ $51,000
FA $10,000
EFC $41,000</p>
<p>The first $10,000 of the STRIDE award replaces FA (loans, Smith grants) and remaining $5,000 reduces EFC to $36,000.</p>
<p>Merit awards benefit those with the least FA need and do very little for high need families.</p>
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<p>As I understand it.</p>
<p>I believe you are referring to this
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<p>What would be the point of offering merit aid if didn’t reduce EFC for some individuals?</p>
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<p>Very good point.</p>
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<p>CC magic. ;)</p>
<p>^ I see the implication of that quote, but I was referring to the broader and hotly debated dicussion on the merit + need thread.</p>
<p>I would LOVE it if your read is correct and/or if I have misread the posts on the merit + need thread.</p>
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<p>I know you were. I was there too :)</p>
<p>What post said merit aid could never reduce EFC? I missed it.</p>
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<p>It isn’t just my read. It’s experience of friends, as well</p>
<p>^ OK, I think I get it now: merit aid can reduce EFC, but it has to be applied “from the bottom up” first replacing all FA, not “from the top down” first reducing EFC.</p>
<p>That description may only make sense to me, but the net effect is the higher one’s FA, the less out-of-pocket impact of merit awards.</p>
<p>MHC has a merit-based scholarship, the “21st Century Scholars.” Our daughter, who is a “firstie,” received one and it offers 20k renewable for four years. There are other “perks” as well, involving a paid internship, seminars with other 21st century scholars, and close mentoring by a faculty member. I apologize but cannot remember all of the details. This scholarship made it financially feasible for our daughter to attend MHC (her first choice school).</p>
<p>She is happy as a clam and very grateful for the opportunity. A child who is happy at college = tickled parents.</p>
<p>D has a leadership scholarship at MHC. 15K per year and renewable.</p>
<p>One poster from California a couple years ago had a D who was accepted to both Smith and Bryn Mawr. She reported that Smith offered significantly less FA: in fact, an undoable amount for them. The D is very happy at Bryn Mawr.</p>
<p>As far as I know there were no special circumstances involved. That’s the only case I can think of where someone reported the results of two of the Seven Sisters colleges going head to head on FA.</p>
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<p>Was your D ED? Did she have to apply for the scholarship? Congrats!</p>
<p>minimonx3:</p>
<p>No, regular admission–all applicants are considered for merit.</p>