Does anyone have experience with how Miami doles out grant aid if a student is given a scholarship? The Miami NPC does not calculate scholarship money in the final price, presumably because they are not guaranteed for everyone. So, if the NPC indicates that a student qualifies for a grant, will the FA package consider the scholarship amount as part of the grant aid? I’m just trying to get a handle on if we should should count on the grant aid being added to the package in addition to her scholarship or if, because she got the scholarship which was more than the grant aid, it will just be eliminated all together?
@ILMom13579 I don’t have a definite answer for you, but everything I’ve ever read about financial aid says that all sources are counted – that is, if you get a local scholarship for some amount of money, then you are asked to report it and it will be counted in the net price. We’ve received one “net price” sheet from a school (private) that lists merit aid, likely grant aid, subsidized and unsubsidized loans, etc. So I think when all is said and done, the merit aid will likely be calculated in with everything else.
I believe the answer you’ll get from MU financial aid office will match what @guyk27 shared. While outside scholarships will not reduce what Miami offers a student for their MU Merit Awards, those scholarships likely reduce any MU grant aid that goes toward closing the gap between your EFC and MU’s COA. Likewise, MU’s Merit Awards would likely reduce MU grant aid as opposed to being offered in addition to it. After you find out from MU, could you post the official answer?
https://miamioh.edu/admission/finaid/contact-us.html
Thank you @guyk27 & @falcon5000 - I will give the financial aid office a call and see what they say. The scholarship I’m referring to is the one offered to my D from Miami, she has no outside scholarships atm.
So if the Miami NPC gives me this for example:
Estimated total price of attendance: $46,492
a. Estimated tuition and fees $28,630
b. Estimated room and board $10,596
c. Estimated books and supplies $1,438
d. Estimated other expenses
(Personal expenses, transportation, etc.) $5,828
Estimated total grant aid:
(Includes only need based grant aid) $10,000
Estimated net price: $36,492
D received a scholarship of $16,000 - that will eliminate the grant because it is more than the grant? Just want to make sure I’m understanding the picture before I make the call so I don’t sound like an idiot, lol. I’ll post my results when I have them - it might be a few days, I’m not sure Miami is back in session yet.
Hope I am wrong and MU replies that the $16,000 in annual merit aid will be in addition to whatever grant aid your FAFSA qualifies you for. For an interesting article about MU’s use of merit aid and need based aid, check out:
http://www.washingtonmonthly.com/magazine/september_october_2013/features/merit_aid_madness046453.php?page=all
New to this as well, but pretty sure the formula is cost of attendance (COA) - estimated family contribution (EFC). If COA is 46,492 and you receive merit scholarships of 16K, then COA becomes 30,492. If your EFC is 25K for example, then your need is 5,492, which may/may not be met depending on how much FA the school has to play with.
@jakedog13 – that was kind of my understanding too, based upon a MEFA (MA Educational Financing Authority) talk that I attended. The “unmet” need, after all is said and done, may or may not be met by the school. That’s why they suggest shopping around. A former coworker who has gone through this same thing says that it is a good idea to call and talk to FA people. Some will budge, some won’t, and they appreciate hearing that their school may be a top choice.
In our case, one school already sent what seems to be a standardized form, which outlines the what I imagine the NPC to be like – it was a list much like what @ILMom13579 posted above. Although it was the first time that I had seen such a form, I imagine that any outside scholarships would factor into the sheet, changing everything.
That’s the funny conundrum, I think, about the “unmet need” part. EFC is allegedly what you can afford. The NPC sheet shows merit aid, and loans and such. Then the balance is unmet need. Well, how do you fulfill it? If you think it is with outside scholarships, then the numbers on the sheet will probably change (grants, loans, etc). It’s complicated!
OK, update - just got off the phone with the FA office at Miami. The gentleman seemed to be very knowledgeable and I I don’t believe he was a student so I’m fairly confident this information is valid. If there is anyone that has first hand knowledge of this policy, i.e. it happened to them, I would be interested to hear.
So Miami scholarships and Miami grant aid are completely separate entities and do not affect one another during FA review. So if a student is awarded a Miami scholarship AND they qualify for Miami Grant aid, then as long as the student does not go over COA with the total aid, then both can/will be added to the package. Now, the interesting part - if a student is awarded an OUTSIDE scholarship(s), Miami reduces LOANS FIRST in the package. I don’t know how many colleges deal with aid in this manner - I think many of them reduce the school aid first then go into loans, so this is seemingly a great deal for a student and a big incentive to go after outside scholarships if they are truly interested in Miami.
I hope that helps - again, if anyone has any dealings with FA at Miami and corroborate (or deny) the above, would love to hear your story. This school is #2 on my D’s list but financially VERY close to her #1 choice. If Miami is as generous with the grant aid as their NPC indicate, March/April are going to be very interesting in this house!
Thanks, @ILMom13579 – that’s very useful information (and very helpful for those who hit all those categories – merit aid, grants and loans). Thanks for calling, and for letting us know.