<p>I've been wondering what the merit-based financial aid policies are at Ivy League schools (specifically HYP). I heard they don't give out merit-based aid, but I vaguely remember Harvard giving a former spelling bee winner a full ride... Does anyone know? Also, what are their policies for aid from outside sources? Thanks. :)</p>
<p>The Ivy League does not give merit scholarships. Any outside scholarships will first reduce the workstudy contribution, then loans. After that, it reduces the school grant money. Your EFC will not be reduced unless you have enough outside money to completely replace the school grant.</p>
<p>All of harvard's FA is need based. No student gets a "full ride" which is also a misnomer, because there is a self help (3650 at Harvard) component in terms of work study and meeting a student contribution each year from summer earnings (2150). Over all the average debt of graduating from Harvard has been reduced from 16,000 to 6400. </p>
<p>Perhaps, spelling bee student has extenuating circumstance that made him/her eligible for increased need based aid (example: large amounts of medical expenses not covered by insurance). Maybe she had outside scholarships (winning the national spelling bee does come with some money, when combined with FA made it virtually free.</p>
<p>Perhaps spelling bee winner is from a low income family. Perhaps the student came to Harvard after they began their initiatives for low income families.</p>
<p>who needs money to convince them to come to harvard? most of the people out there would take out $45,000 a year in loans just to go to harvard!</p>
<p>Actually, as Harvard's yield isn't 100%, then plenty of admitted students needed $$$$ to sway them toward Harvard.</p>
<p>Thanks again for all your help, but are you sure that the EFC can be reduced after the school's grant money is replaced (even if that would be pretty hard to do)? I found this on the Harvard Financial Aid website:</p>
<p>"Outside awards may not be used to replace the parent or student contribution, since they are intended to help meet demonstrated need."</p>
<p>Once you have paid off Harvard's grant, they have no say so about it. You aren't taking their money, you're paying cash. They can't raise the tuition or the room rate just for you.</p>
<p>Need based aid comes in many packages, the Ivies all have the ability to adjust the package to maximize grants and minimize loans and work study. Eliminating all loans and work study could save you 25 to 30 grand over the four years.</p>
<p>Ooh, National Spelling Bee! I was disappointed that I can't list that on my accomplishments since they only want things from 9th grade on. It's not like I'm going to write an essay on it either. But I didn't do that great so it's no big deal. Did anybody watch it this year, though? They showed my sister in the memorable moments and on the commercials (she's the "whatever"/cancrizans girl).</p>
<p>Sorry for being totally off track...</p>
<p>Bandit, at Yale, don't outside scholarships reduce EFC after workstudy and loans?</p>
<p>Outside scholarships first reduce the self help portion ( student loans and work study) of the financial aid package.</p>
<p>then it reduces the grant aid given by the school.</p>
<p>If you have enough out side scholarships to wipe out all of this, then it will reduce the EFC (but not in every case)</p>
<p>Sybbie719, how could it not reduce the EFC. Wouldn't they have to raise the tuition? I mean, you would essentially be declining their help and paying cash. I can see no way that it would not reduce EFC. For instance, COA of 45000. EFC of 18000. School grant plus self help plus loans = 27000. Outside scholarships of $30,000. Decline school help. EFC = $15000.</p>