<p>Is need based aid calculated before or after merit based aid? Let's say there is a college that costs 45,000 dollars, and my EFC is 30,000. The college covers all financial need. If I got a 15,000 merit based scholarship, would the need based aid still be added on? Basically, would it cost 30,000 dollars (15,000 merit, no need based) or 15,000 dollars (15,000 merit, 15,000 need based).</p>
<p>Thank you very much in advance.</p>
<p>*Let’s say there is a college that costs 45,000 dollars, and my EFC is 30,000. The college covers all financial need.</p>
<p>**If I got a 15,000 merit based scholarship, would the need based aid still be added on? ***</p>
<p>No. Your aid would likely be reduced by $15,000. Before you get upset, unless this is a school that meets need with no loans and no work-study, you have to realize that the $15k probably included a portion of loans and work-study. Actually, it may have been all loans and work-study.</p>
<p>You can still take out a Stafford loan to help with your EFC, if that’s the issue. </p>
<p>* would it cost 30,000 dollars (15,000 merit, no need based) or 15,000 dollars (15,000 merit, 15,000 need based).*</p>
<p>I’m not sure if you asked that right. </p>
<p>This is the deal…if this is a school that meets need (with grants, Stafford loans, Plus loans, and work-study), then the school will likely remove $15k from the F/A package. But, if much of that was in loans and work-study, you still come out ahead. :)</p>
<p>If your issue is that you can’t afford your EFC, at least now you’ll likely be able to take out loans towards your EFC, which might have been difficult if there had also been loans in your FA package.</p>
<p>Merit aid reduces need-based aid first, then goes to reduce your expected family contribution with any excess. If your need is $30K and the COA is $45K, a $15K merit award will cover your need, so there would be no additional institutional aid offered. Federal loans are an option if you can’t pay your $30K EFC. Local scholarships are also an option as they will directly reduce the remaining $30K you’ll owe.</p>
<p>Whether is is a good thing or not is the current subject of debate here:
<a href=“http://talk.collegeconfidential.com/parents-forum/854966-should-merit-award-impact-need-based-aid.html[/url]”>http://talk.collegeconfidential.com/parents-forum/854966-should-merit-award-impact-need-based-aid.html</a></p>
<p>*Merit aid reduces need-based aid first, then goes to reduce your expected family contribution with any excess. *</p>
<p>Yes! But if that need-based aid was Stafford loans, Plus loans, and work-study, then you haven’t lost anything really. Instead, you’re in a better situation. You can still take out loans for the EFC - if that’s not affordable. You can still get a part-time job.</p>
<p>What school are you concerned about?</p>