<p>I received a $24k merit scholarship from Hofstra University. However, the cost of attendance is $52,250. If let's estimate my EFC as $15k, what do you think I will actually be charged with paying? Hofstra is the lowest school on my list and I'm only attending if it's ridiculously cheaper than the other schools with aid.</p>
<p>Hofstra does not guarantee to meet need. Do they require PROFILE or is the FAFSA the only form one needs to submit for aid? </p>
<p>If they use the FAFSA, your need for that school with an EFC of $15K, and COA of $52,250 is $28,250, right? You received $24K in merit money which reduces your need to $4250. My guess is that they’ll throw bring out the Direct loans of $5500 you can take, or if you are eligible for NY State resident’s TAP, that could come into play. Your EFC will generally be the least you will be expected to pay as you cannot get federal subsidized loans, work study, SEOG, some state funds until you pay that amount. You would need a merit award that exceeds your need at your other schools to do better, is about how it looks. </p>
<p>"I received a $24k merit scholarship from Hofstra University. However, the cost of attendance is $52,250. If let’s estimate my EFC as $15k, "</p>
<p>52k COA</p>
<h2>15k EFC</h2>
<p>$37k of need</p>
<p>$37k need</p>
<h2>$24k merit</h2>
<p>$13k of remaining need</p>
<p>The school will likely give you a $5500 loan towards that need. Who knows if they’ll give more in grants.</p>
<p>So, you’ll have to pay at least $15k…but more likely about $22k.</p>
<p>With a 15k EFC, I think your income is too high for much/any TAP, but I could be wrong. </p>
<p>So basically if my my EFC was 15k I’d pay that no matter what? Like even if I attend a different college that guarantees to meet need, I’ll pay 15k either way? Also I am a resident of PA not NY</p>
<p>Hofstra’s [net</a> price calculator](<a href=“http://www.hofstra.edu/admission/adm_netprice.html]net”>Admission: Net Price Calculator | Hofstra University) estimates scholarships as well as financial aid. It does appear that Hofstra gives minimal non-scholarship financial aid, based on running examples of two hypothetical students with the same finances ($80,000 parental income for a household of 3 with 1 in college). For a 4.0/1600/#1rank/AP/honors/leadership student, it estimated $22,000 of scholarship and $2,000 of additional grants. For a 2.5/1000/50%rank/nonhonors/nonleader student, it estimated $8,000 of scholarship and $3,000 of additional grants.</p>
<p>So what does that mean exactly? That the 24k is the most I will get from this college?</p>
<p>Run the net price calculator yourself to see what Hofstra may give beyond the scholarship. But don’t expect too much.</p>
<p>“So basically if my my EFC was 15k I’d pay that no matter what? Like even if I attend a different college that guarantees to meet need, I’ll pay 15k either way? Also I am a resident of PA not NY”</p>
<p>You’d have to go to a school that gives you a HUGE merit for you to avoid paying the $15k. </p>
<p>It’s doubtful that your current merit school will give you grants in addition to merit.</p>
<p>The school that “meets need” will not cover your EFC.</p>
<p>This whole system’s ridiculous! Even if I get outside scholarships it doesn’t go to my EFC it Goes to the college giving less money! Why should I even bother applying for scholarships? Unless o course I go to Penn State but I’m not rlly gonna find 33k in scholarships. </p>
<p>Sorry my math was about $10K off! But yes, the EFC is likely the least you will have to pay. If you get outside scholarships, depending on the school, it MIGHT go towards EFC , MIGHT, if some of it is left after going towards any self help first. The government will not permit subsidized loans and workstudy to be given if you have not paid your EFC is part of the reason,and most packages will include that.</p>
<p>But you will still win out because you can take out the Direct Loan on an unsub basis if that happens and apply that towards your EFC and if you lose work study, you can find an outside job. Getting those awards is really not giving you a whole lot because it then prevents you from using the unsub loan and work hours towards your EFC. Hofstra is pretty good with merit. It’ll be tough getting more than that. And for schools that meet full need, they will be unlikely to use the EFC but their own calculations which are usually not as generous. You’ll likely be asked to pay even more.</p>
<p>I contacted several elite schools about this some months ago. I was consistently told that merit money would be used to displace grant money, and the EFC would stay the same. Put another way, merit money could not be used to pay off EFC. I don’t remember which schools these were or how representative this policy was of other schools. But it sure was disappointing.</p>
<p>Could you explain the difference between a subsidized and in subsidized loan? And WasatchWriter, I was at a Lehigh financial so seminar this past week and that’s what they said. But why on earth would I seek outside scholarships if it’s not goin to change how much I personally pay?</p>
<p>And an unsubsidized*</p>
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<p>Part of the aid package may include loans and workstudy. If outside scholarships/grants replace the loans and workstudy, you come out ahead. That’s why.</p>
<p>Generally, subsidized loans defer the interest until you graduate. Unsubsidized loans require immediate interest payments.</p>
<p>The government pays the interest on sub loans while you are in school so it doesn’t add to the amount you owe while in school. With unsub loans the interest accrues while you are in school adding to the amount you owe. But interest payments aren’t due while you are in school. Payments on both are required after a grace period when you stop attending school.</p>
<p>Oh ok thanks you everyone!</p>
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<p>At least some colleges allocate outside scholarships to first reducing the loan and/or work-study part of the financial aid (i.e. expected student contribution) and/or unmet need, before reducing the college’s grant aid. But policies differ between colleges.</p>
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<p>Stanford applies outside scholarships against the expected student (work) contribution first, although they will not be applied against expected family contribution if they are higher than the expected student contribution:
<a href=“http://www.stanford.edu/dept/finaid/aid/outside/”>http://www.stanford.edu/dept/finaid/aid/outside/</a></p>
<p>Except if you only have scholarships and no need aid, it’s all good. If COA is $50k, and you get $50k in merit and outside scholarships, you’re golden. Who care what the EFC is!</p>
<p>But c’mon now. I’m rlly gonna find 50k in scholarships?</p>
<p>Most all freshmen are allowed to take out $5500 in Direct Loans. If you have need as defined by EFC, up to $3500 of it is subsidized which means that no interest accrues on it while you are at school. If you don’t have need, you can still borrow this and use it towards your EFC but it would then be all unsubsidized. The interest on it is about 3. something %, don’t remember exactly. Not bad for an 18 year old with little job and credit history, right? </p>
<p>The thing is, many colleges just stick that whole $5500 in your financial aid colleges. Not all of them and some may just include the subsidized $3500 part in the aid package. But when they do that, you don’t have the part in the package to use towards your EFC. </p>
<p>IF you get an outside scholarship, most schools (again, not all but most) will apply that scholarship against that Direct Loan, or work study first. So then you can borrow that towards your EFC or you can find a job since those hours are freed up to make money towards your EFC. A lot of colleges have job lists for both WS and non WS students and they often work side by side and some shift from WS to non WS as they run out of their allotment. You are not guaranteed a WS job, you know, or the hours. The award give you a limit as to how much you can get from those funds. My son was non WS at his college job as were a number of the kids who worked at that station, but some also were paid with some or all WS funds. You wouldn’t know who was who unless they told you. Plus there are often outside jobs more available. My cousin got a paltry WS award, couldn’t find anything freshman year first term to use the hours, and ended up with a better paying non WS more convenient to her schedule and in terms of logistics. So it’s not something to get all excited about to get WS and Direct loans in your aid package. It just limits you using those resources, loans and work towards your EFC. </p>
<p>Now if you are LUCKY enough to get an award that does eat up your grants, so what? You 're in pure gravy then. You should be so lucky to lose all of your grant money with an outside award.</p>