<p>I have filled out my FAFSA and PROFILE and started recieving my financial aid packages. I'm a little confused about merit scholarships. To explain, I'll use the financial aid package I received last week. From school A, I received a 8500 merit scholarship, the highest they have. I was informed of this with my acceptance. I filled out my FAFSA, and my EFC was around 14000. The school costs about 29000 total(tuition, room+board, fees). I figured I would be fine because the merit scholarship would cover most of that 14000. I received my package in the mail and I recieved about 5000 in grants and about 2000 in loans. That makes about 15000 with the merit scholarship. I thought the two were considered separately. This was my 3rd choice(out of 7) but now it will be impossible to attend(my parents have no money to give, and I will have earned about 2000). Attending this school would require me taking over 10000 in loans a year. My question is, are merit aid and financial need aid considered separately? If that was confusing, just ask and I'll explain more.</p>
<p>I think when they calculate your total fin aid they subtract your from your total fin aid cost from your school your EFC then scholarships,grants,loans and if you have any outside scholarships too sooo
if your EFC is 14000 and the school cost 29000 = 15000 then scholarships and grants 15000-5000-8500=1500 </p>
<p>So you still have another 1,500 dollars you need, I don't know what else they might do to bring in that money thats needed.</p>
<p>Hi luke,</p>
<p>to elaborate on BB's post</p>
<p>Cost of attendance = $29,000
EFC = $14,000</p>
<p>Demonstrated need is 15,000
this is how the school chose to fill that need:</p>
<p>Merit Scholarship $8500
School grant $5000
Loans $2000</p>
<p>total finanical aid from this school is $15,5000 . The school used merit money as part of your financial aid packaging and has met more than 100% of your demonstrated need (may may end up reducing your loan). Merit aid and loans are also considered financial aid (at some schools, merit money is based on need and at other schools, you can get merit money even if you don't have a need).</p>
<p>In order to have monies applied to your EFC, you need to get a "full ride" that is not based on need and covers, tuition , room & board, books and other misc. expenses, other than that, your parents will have to come up with the EFC no matter which school you attend.</p>
<p>Luke, keep in mind that if meeting the EFC is going to be problematic for your family, it is going to be a problem no matter where you end up attending unless you have a financial safety in place (a school that you wil lbe happy to attend and is a financially feasible option for your family).</p>
<p>Thank you bbecker and sybbie. I was just estimating with the numbers. I thought the merit aid would be "separate" I guess. Wishful thinking I guess. I've got a financial safety but I guess I overestimated. Thank you for all your help.</p>