So i got a need based full ride to mit but i also received the gates scholarship. Will I get “paid” to go to school? My sister got a full ride to umich and gets back thousands a year from the local scholarships she won. Will it be the same for me?
Unlikely. Most schools apply outside scholarships first, which reduces your need so reduces the need based scholarship.
No…you aren’t going to get paid to attend MIT. But the good news…is your costs to attend will be covered.
You are required to report those outside local and other scholarships to MIT. Did your sister do that with Michigan?
Schools cannot and will not award need based aid in excess of the cost of attendance. So…if you already have an outside scholarship like Gates…the school will reduce their award to you.
However, cost of attendance includes some expenses that are not direct billed by the university, possibly including travel, purchase of laptop, off campus housing, etc., explaining why some students do get cash back.
My foster son is a Gates Millennium Scholar from the class of 2015.
MIT has a cost of attendance of about $68,000 a year. This includes an allowance for travel expenses, books etc. which I imagine your “Full Ride” won’t cover. I think it is amazing that you will receive coverage from MIT for tuition and room and board (this is what I define as full ride). Gates will pay the school the difference in the bill between that MIT provided aid and the cost of attendance (COA).
Rough example:
68,000 COA. - 60000 need aid from MIT - 4,000 EFC contribution from your family = 4,000 cost left per year.
This money will be provided to MIT from Gates. Sometime around mid October you will be given a refund check for half that amount (Fall Semester) - or you may get the full amount of 4,000 (Fall and Spring).
Before that though, you will need to use your own money to pay the housing deposit, registration fees, books and supplies. Those items can add up quickly, so I highly recommend getting a summer job to account for that. I’d also use some of this money to set up an emergency fund for yourself, because sh*$ happens, and having a little money set aside can cushion those unexpected events from turning into full dramas. Continuing to live inexpensively and save this money will enable you to have a security deposit for an apartment, downpayment for a car etc. in the future.
Best of luck and congratulations to you! Gates has been a wonderful program my my foster son. He has made the absolute most of his education and we hope to see him go on to graduate school after he graduates with his BS. with no debt!
I think that Gates will only cover whatever the school isn’t covering. If MIT is covering everything, then you may not get anything from Gates. If MIT is giving you any work-study or loans, then maybe Gates will cover those amounts.
As mentioned above, COA includes and estimate for books, travel, and personal expenses, so those may be the dollars that your sister is getting back.
Yes, Gates covers (non-EFC) work/study and loans. The program is a wonderful one for which we will always be grateful.
Op, you must remember that all nonaialified educational expenses, fees, room, board, travel, etc is taxable income. Don’t forget to save some money because you may have to pay the IRS
Next year the standard deduction goes to $12000 so there may not be as much of a tax hit as there has been in the past
@NJRoadie I think that when this student says “full ride”, he’s meaning that MIT is covering all of his COA…not just tuition, room, board. I don’t know if MIT is no-loan or not. If it is, then he may only have work study that Gates will cover.
If MIT has a typical student contribution (from summer work or whatever), maybe Gates will cover that.
MIT’s net price calculator suggests that, for a student from a poor family, MIT will cover everything* except what Pell grant covers, with no student self-help (federal direct loan and/or student work) contribution, unlike most other good-financial-aid schools (e.g. Stanford expects a $5,000 student work contribution).
So if there is no student loan or student work assumed by MIT’s actual financial aid offer, then there is nothing that an outside scholarship can replace in that area (unlike at a school like Stanford, where outside scholarships can replace the student work amount up to $5,000).
*Tuition, fees, room, board, books, personal expenses.
Why don’t you call MIT and see how this would work out for you?
Wow. We’re in the exact position. The way I understand it. They cover your EFC and some more like personal expenses, travel, health insurance etc
They do not cover your EFC but cover personal expenses, travel, health insurance etc
Honestly, @TooTiredToWink if you check into the MIT and find out everything is paid for, I would consider telling Gates ‘no thanks’ and letting it go to someone on their waiting list. It is a life changing financial opportunity which another person could desperately use.
DON’T do the above. You never know how your financial situation is going to change.
The ‘advice’ to give up Gates is incredibly shortsighted and irresponsible. Not to mention that Gates used to cover grad school (not sure if they do anymore), opens up networking doors, etc etc etc. Keep Gates and go.
Gates do not cover grad school. but cover personal expenses, travel, health insurance etc
never give up Gates