<p>Could someone help me on need-based aid? I wonder whether I should answer yes or me. My family income is 280K so I don't think I will get any need-based aid. but..</p>
<p>HYPSM: they are need blind, so no hurt to say Yes anyway? I read that it's even hurt if I say No, then they think I am from rich family and expect me have better achievement.</p>
<p>Duke/WashU/Northwestern/...: they are not need blind, will answer Yes possibly decrease my admission chance? But if I answer No, I wonder:
1) nowhere indicate merit based scholarship in the common app, am I still be considered for merit-based? I am hoping to get some kind of merit based money.
2) Does need based covers load, etc? I will not do work study but not 100% sure on load. I haven't studied whether load from college is better or from bank is better.</p>
<p>Thanks!</p>
<p>Schools have their own processes for granting merit aid - you should go to each school’s site and look it up. Some schools automatically review all applicants for merit, others have separate applications for merit scholarships. Some top schools don’t offer any merit money - only need-based. Sorry I have no insight on whether checking the box makes a difference.</p>
<p>You should also go to some of these schools and put your family financial information into the net price calculators you will find on the sites. It seems highly unlikely you would qualify for any need based aid. </p>
<p>Loans are available to everyone, but they don’t come from the colleges. They either come from the Federal Government or private banks. Students can only take out loans up to a certain amount - this year I think it was $5,500 for freshman. With your family income, the loans will be unsubsidized, meaning interest will accrue on the balance while you are at school. Your parents will be able to take out larger amounts in federal unsubsidized loans. For a bank loan, you will need a co-signer who guarantees to pay the loan if you default. Historically federal loans have typically been better than bank loans, but every situation is different and the landscape changes every year.</p>