How do need-based/merit aid coalesce at Pepperdine?

Paying for College
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<p>Hypothetical situation:
My parents fill out the FAFSA and find that their EFC is about $20K. We know that they have no chance of being able to afford that, despite what the FAFSA says. (They have practically no disposable income) </p>

<p>I'm accepted at Pepperdine University, and my financial aid package covers everything but the EFC. (That's why it's called "expected family contribution," right?) Then, I receive a merit scholarship of $20K/year. (remember, hypothetical) Is the total paid by my parents now $0?</p>

<p>If it isn't, what is the point of the merit scholarship in the first place? It wouldn't affect how much my parents pay. What is the point of being well-qualified (2310 SAT, 4.0, good ECs) if it doesn't reduce the amount that my parents have to pay? In Pepperdine's eyes, am I any different from a kid with 1200 SAT, 2.0 GPA in the same financial situation?</p>

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<p>If things worked that way in real life, you’d be right. But, Pepperdine gaps financial aid for most students, so you’re not likely to end up with a F.A. package – including merit scholarships – that comes to enormously less than your $20K EFC, even with your excellent stats. They do have a handful – and just a handful – of big scholarships, but I don’t think you should assume that you’ll get one.</p>