Hi everyone,
I am a low-income, first-generation college student who is hoping to major in Computer Science and Economics at Northeastern University this fall. I recently received my Financial Aid Package and was pleasantly surprised by the amount of Gift Aid I received. I received $61,320 in Grants and Scholarships, leaving $8,807 as my net cost.
Here is where my confusion lies:
My EFC was calculated as being $3,100, which I found strange because my family is about as poor as they come and we have no assets. But, that is the number they calculated and I’m sure they’re sticking with it, so I can accept that.
First and foremost, I really don’t want to take out loans (I was offered 3,500 a year in FDS loans and $2,000 a year in FDU loans). But, I was offered Work-Study, so that shaves $2,200 off my net cost.
So I’m left with $6,607 I would have to pay provided that I do not take out loans.
Well here’s the kicker: I won a $25,000 outside scholarship ($5,000 for the first three years and $10,000 for my ultimate year of study) so I thought excellent, practically free tuition.
BUT: I don’t understand how Northeastern handles outside scholarships.
“Outside awards are considered part of your aid package, and in most cases will be applied first to unmet financial need, then to replace loans and/or work-study, and if necessary, to reduce institutional grants and/or scholarships.”
First, what is unmet financial need? To me, that’s $6,607 dollars because my family is providing me with $0, but I’m sure Northeastern defines it differently.
Please help me decipher this excerpt.
(If all else fails I’ll just have to work about 13 hours a week to pay my tuition, which isn’t that bad).
P.S. I don’t know if the period goes before or after the closing parenthesis so someone can clear my confusion on that too if you’d like lol.