<p>My daughter received a Founders Award which is a merit award. She would still need considerable financial aid to attend Tulane. Is this in addition to any grants that might be part of a finaid package based on need? Or, is the Founders Award the grant portion of a finaid package? Thanks1</p>
<p>from the Tulane site:</p>
<p>Students may not receive a Founders Scholarship in combination with any other Tulane merit scholarship, ROTC scholarship, Faculty-Staff Tuition Waiver, or Tuition Exchange Scholarship. Students may combine the award with a partial athletic scholarship. Students offered a Founders Scholarship may qualify for need-based aid.</p>
<p>For more info, go to <a href="http://www.tulane.edu/%7Efinaid/founders_scholarship.shtml%5B/url%5D">http://www.tulane.edu/~finaid/founders_scholarship.shtml</a></p>
<p>Tahnks, Tabbyzmom. Since most need-based aid packages include a grant/scholarship portion, we're trying to determine whether the Founders Award = the grant/scholarship component of a need-based package. Or, is it something else in addition to the grand/scholarship portion of need-based aid? Couldn't find that on the web site but perhaps you know.... Thanks!</p>
<p>Hi box~, I have no clue about any of that. Looks like you will have to call Tulane and ask the people in financial aid. Good luck!</p>
<p>boxmaker1917:</p>
<p>Here's how need-blind admissions works with merit aid. For simplicity, I will say that a college costs $30,000/year.</p>
<p>You got awarded the merit aid scholarship. Let's say $10,000. At this point, they aren't even looking at your CSS PROFILE or FAFSA. It's strictly based on your application.</p>
<p>
1. If you DID apply for need-based aid, the college will calculate your EFC (Expected Family Contribution) based on the CSS PROFILE and FAFSA information, using whatever formula they choose.<br>
[indent]A. Suppose they decide that your EFC is $35,000, more than the price of tuition. You will still receive the $10,000 in merit aid, but no need-based financial aid. You'll write a check for $20,000.
B. Suppose they decide that your EFC is $25,000. They have to find some way to cover the last $5,000. Your $10,000 in merit aid covers this. You will still receive the $10,000 in merit aid, but no need-based financial aid. You'll write a check for $20,000.
C. Suppose they decide that your EFC is $10,000. They have to find some way to cover the last $20,000. Your $10,000 in merit aid covers part of this. For the other $10,000, there are three (general) outcomes: grants, work-study, and loans. You'll write a check for $10,000, and your child may end up having to do work-study or get a loan.
2. If you did NOT ask for need-based financial aid, that's it. You get $10,000 off your $30,000 tuition. Time to write a check for $20,000.
[/indent]</p>
<p>Does this answer your question?</p>
<p>Sabnetwork -
That was a wonderful and clear explanation. Thank you so much for explaining it. Sorry to be in the remedial parent category but I still have a question regarding scenario #3:</p>
<p>Suppose you have an EFC of $10,000 and qualify for $20,000 in need-based aid. That $20K will consist of grant, work-study and loan. Does the $10K merit award fill the part of the grant portion of the need-based award? This would mean the parents write a check for $10K, the kid works/takes a loan for $10K and the school provides a grant of $10K. OR: Is there additional grant/scholarship that is awarded just as tho' the merit award were not there?</p>
<p>In this example, the EFC is $10K. A need-based package would have offered $10K grant, $2K work and $8K loan. But because of the additional merit award, the school offers $10K (merit) + percentage of $10K (need-based grant). This would reduce the amount required for loan/work-study with the parents still writing a check for the EFC amount. Again, what we're trying to determine is whether in addition to the merit award, there would be ADDITIONAL grant money becausee of need-based finaid -or- whether the merit award is the grant portion of a need-based award.</p>
<p>I apologize if I seem to be beating a dead horse. We are income-poor but home-equity very rich and do not anticipate faring well on the CSS Profile evaluations. We decided to hold off college visits until after acceptances since there was no reason for the kid to visit someplace that we could not afford. If the Founders is all our kid will get from Tulane in grant $$, we know she won't be attending.</p>
<p>Thanks again for all of your help!</p>
<p>Boxmaker, the best way I think I can help you with your question is this: It is possible to get a need-based grant in addition to merit money. However, being home equity rich does not help your situation. Many private schools look at assets listed on CSS and not figured into FAFSA efc and "gaps" occur between what your FAFSA efc is and what the school determines to be your need. My husband and I are also part of the great grey void. Not destitute - not independently wealthy. When I asked admissions about that, the admissions rep told us that they know what the costs are for your flagship U's and that they would try to get the costs to match, or come as close as possible if they want you as a student. With hefty home equity, I wouldn't look for a package that drops the cost of Tulane below State U. However, no one but financial aid really knows what they are going to do. Unfortunately, you will have to get the final word from them. I know it doesn't help when such important decisions await. Perhaps you can call a finaid advisor and find out information prior to the packages going out in the mail.</p>
<p>Alongfortheride and everyone else -- Thank you for the explanations and advice! Fortunately, our state u is one of the top publics so we have a good fall-back position. Just, there's a lot about Tulane we like and hope we can afford to send our child there.....</p>
<p>I'll keep my fingers crossed for you!</p>
<p>box - from the infosession we attended, they were VERY clear that receiving Founders/DSA would not pre-empt your need based aid. Need would be filled in, if there were a gap between F/DSA and your need. However, I don't recall specifics re whether need aid would still include grants vs. loan/workstudy, etc. I would think you can call fin aid/admissions and ask your question. Or email. </p>
<p>If you feel a little nervous re contacting Tulane directly with this question, PM me and I will be glad to do it. S is already accepted, has DSA and need-based aid is not an issue for us. So I can call anonymously or "for a friend" and have nothing to lose.</p>
<p>Edit: was drafting this when several other informative posts (including more by you) came in. don't know whether any qx to Tulane would need to be so case-specific that I couldn't do it, but if general qx will help you, my offer still stands.</p>