Merit aid works how, exactly?

Paying for College
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<p>I'm a high school senior currently wrapping up my applications to a broad range of schools. Some (most?) of these questions are going to be dumb. I am homeschooled, so I have no guidance counselor. Please do forgive my obtuseness.</p>

<p>First and most importantly, my family is quite low-income. I don't think there's any way my EFC is ever going to be anything other than zero. I've done quite well academically, though, and I'm lucky enough to consider myself proof that the stereotype that low income = low-achieving isn't always true. I've racked up 34 credits at a community college with a 3.8 GPA (HS GPA 4.2 weighted), I got 800 and 730 on two SAT Subject Tests (Lit and USH), and my SAT scores are 800 CR 620 M 730 W (damn you, math!).</p>

<p>I have applied primarily to small LACs, including some pricier ones (Bard, Centre, Lawrence, etc.). My "dream" school is probably William & Mary, but from what I understand they have not-so-great aid for out-of-state students. I feel pretty confident about getting into a reasonably affordable target school, though. My days of stressing over admissions are behind me, even though I'm still waiting on most of the notifications. My main worry is now money.</p>

<p>I live with my mother (my father passed away a few years ago). She has absolutely horrible credit, and I'm pretty sure there's no way she'll be approved for a PLUS loan. That will get me an additional $4,000 in Stafford, but still likely not enough to make up for the difference between the combined federal/state aid and institutional need-based aid. I don't think I have a good chance of finding a cosigner for private loans, either. I guess my main question is, with my stats, what are my chances of being awarded merit aid that would make up most or all of that difference?</p>

<p>Just to be clear, I'm not financially dumb. I'll be working part-time through the spring to save up and hope to go full-time in the summer. I'll work in college too, if I need to. I've applied to several full-need schools that I think I have a shot of getting into, but with maybe one exception they aren't the schools I'd really LIKE to attend. I have planned for the worst, but I'd still like to know about merit aid possibilities. Those three LACs I mentioned are probably my top schools. I think I can get into one or all of them, and I'd love to be able to afford to attend them. I just wonder if anyone has any insight into my merit aid chances.</p>

<p>I should probably mention that I've had two acceptances with merit scholarship awards already, one of which will bring my net cost down to something almost doable for me. That, though, was for an EA school that I did not send my test scores to (which, I now realize, may not have been best for my aid options). Since Financial Aid packages aren't finalized until March/April, is there a chance of getting my merit aid at that school upped if I send my test scores in now? Or would anything additional be limited to whatever need-based aid I can acquire? Is merit aid "finalized" at the moment of admission? (I realize this is likely to vary by school; just curious what the general rule is.)</p>

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<p>So sorry to hear about your dad.</p>

<p>Tell us your:</p>

<p>list of schools besides: have applied primarily to small LACs, including some pricier ones (Bard, Centre, Lawrence, etc.). My “dream” school is probably William & Mary, but from what I understand they have not-so-great aid for out-of-state students.</p>

<p>home state</p>

<p>major </p>

<p>intended career</p>

<p>Are you a NMSF/NASF? </p>

<p>what kind of schools you like: large, small, quiet, rah rah, rural, city, religious/Catholic ok?</p>

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<p>Was this a test optional school? If so, you need to send scores for merit consideration. Each school is different. We don’t know if your merit opportunities were final at admission. Send the scores and then contact Admissions and request to be reviewed for merit.</p>

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<p>Thanks. Test-optional, yeah. I got award letters for what sure look like merit scholarships, so wasn’t sure if I had a chance of getting any more. I will contact admissions.</p>

<p>My list is pretty long, actually:</p>

<p>Bard College
Centre College
Columbia University
Connecticut College
Dickinson College
Earlham College (accepted)
Lawrence University
Lycoming College (accepted)
Occidental College
UNC - Asheville
UNC - Chapel Hill
UVa
Wheaton College
William & Mary</p>

<p>I’m not too picky, as you can probably tell! Ideally I’d like a small liberal-arts environment, but I have to take affordability into consideration and I’m trying to be realistic. Home state is North Carolina.</p>

<p>Earlham looks pretty good for aid, actually; I’m just wondering if I’ve blown my chances by applying EA. I want to major in English and/or History; I’d like to teach eventually, but I have paid experience in publishing, so could probably get a job in that field without too much trouble. Not NMSF or NASF.</p>

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<p>Wheaton is religiously conservative. Is that ok with you?</p>

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<p>There are a couple different Wheatons. I’m after the one in Norton, MA, not the Illinois one. :)</p>

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<p>Doesn’t NC give good state aid to low income students???</p>

<p>What about Wake Forest?</p>

<p>Thanks!</p>

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<p>^Edited-to-add. Sorry. I didn’t sleep much last night!</p>

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<p>Most merit money comes from the colleges themselves. Most of the time, when you get a merit award it is integrated into your financial aid package. It’s a requirement federally that you must pay your EFC before getting federal money such as grants, loan subsidies and even work study. Most schools also integrate to the fullest degree, though many start with replacing work study and loan subsidies. So one often needs to get enough merit money to cover the need to get any surplus. Looking for schools with generous merit awards for which you have a shot getting is important. No sense fishing in a hole where there aren’t any.</p>

<p>As for guessing that your EFC is zero, or what costs various schools are likely to give, better you run an EFC estimator and NPCs for each school. It will show you that even with a zero EFC, many of the most generous schools that guarantee to meet full need will expect some student contributuion from you. And you will need some seed money for deposits and getting yourself to the school, getting supplies, etc. Even a full award requires some financial outlay.</p>

<p>I don’t think you lost anything applying EA, but you should submit your test scores. I 've noticed though that Fairtest and other schools that do not require test scores for admissions, still tend to use them for giving out merit money. The SAT often figures heavily in merit awards. </p>

<p>Your most important school is the absolute safety that you know you’ll be able to afford and that wil accept you. You;ve been taking CC courses and they might be able to advise you of the most affordable next step options once you deplete what they can give you. Most people work and do school part time, little at a time. Going away to school is quite the luxury and not the norm, though popular culture might show it otherwise. I think it would terrific, ideal, wonderful if you get accepted to a school that you can afford and can go away, but be away that is not the ususal course for most people. That your mother can’t take out PLUS is pretty much a moot point. She should not be borrowing when living so close to the edge And undergraduates are limited to the loans they are permitted to take out for good reason. You along with most everyone your age, are not good risks for loans. They cause more trouble than give opportunities. So one must stick to the affordable options. </p>

<p>Most of the schools on your list do not guarantee to meet full need, be aware, so it’s not as though they will necessarily be offering you what you need to go there. You have a good list, with high enough stats that some of those schools may give you good merit money IF they give out large awards. So make sure you have a local option that is affordable on your list, in case the finances do not work out. Bear in mind colleges are a business. </p>

<p>Do send your test scores to your EA schools and see if that makes you eligible for additional merit awards. That right now is your best option, as you say it’s nearly doable. With $9500 in loans, $5700 in PELL and whatever you can save for your job, is what you have to go on, with seed money that you need to set aside. You should look for work when you get to school too. </p>

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<p>Thanks for the replies. I’ve thought this through probably more than it sounds like. The full-needs are UNC, UVa, Occidental, Connecticut, and Columbia. Of those five, I think I have the best shot at either Occidental or Connecticut. Connecticut would be ideal for travel costs, obviously, and I really do like that school. </p>

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<p>The OOS publics, well they may say they meet need, but aside from a difficult acceptance rate for OOS I don’t really know what that looks like for low income. I don’t understand why you don’t have more meets needs lac on your list. Maybe you could have been a questbrige finanist, look at those partner schools they all meet need. And this list
<a href=“http://media.collegeboard.com/digitalServices/pdf/professionals/colleges-and-universities-that-meet-100-percent-of-financial-need.pdf”>http://media.collegeboard.com/digitalServices/pdf/professionals/colleges-and-universities-that-meet-100-percent-of-financial-need.pdf&lt;/a&gt;&lt;/p&gt;

<p>There is no reason to guess if you are EFC 0 when there is a fafsa4caster. Usually you pick your list based on what you can afford and relying on all merit paying your way is difficult except for the guaranteed schools.</p>

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<p>EFC is definitely, for sure, zero. I only sounded doubtful because I’ve been filling out CSS and NPCs that ask for my income as well (Social Security death benefits, which do not go on FAFSA).</p>

<p>According to Earlham’s NPC, I shouldn’t have to loan more than a few thousand and put two thousand upfront. What prompted me to post this thread, though, is that the grant/scholarship aid listed by the NPC was about $20,000 more than the actual award letter I got, so that seemed like a discrepancy potentially worth worrying about. If I didn’t lose out on anything by applying EA and not (yet) sending scores, then I should be fine?</p>

<p>I haven’t checked every school on the list, but I imagine this will be the case for a lot of them. My SAT score is more than 150% Lycoming’s 25th percentile, for example; I should get solid merit aid there. I wouldn’t have applied to many or most of those schools if I hadn’t checked NPCs and been told that most need would be met; it’s mainly the test-optional schools (Earlham especially, which I would really love to attend) that I’m worried about.</p>

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<p><<<
I live with my mother (my father passed away a few years ago). She has absolutely horrible credit, and I’m pretty sure there’s no way she’ll be approved for a PLUS loan. </p>

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<p>Let me share with you some advice. In this circumstance, I would advise against going anywhere that requires plane travel. COA typically does not include enough for holiday travel, and your mom won’t be able to fly you home for winter holidays when air travel prices are crazy. It is very hard for low income students to go to college far away. </p>

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<p>I think the highest scholarship at Lycoming is $20,000 and isn’t the COA over $40,000? Your best bet would be to go to an instate school especially if you would qualify for a state grant also.</p>

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<p>I want to add to my point above about long-distance travel if you’re low income, and in your case, your mom is a widow and likely would expect/want you home for the Winter holidays. </p>

<p>My nephew had a low-income roommate at an elite full aid school. His single mom lived several states away. He had full aid, yet the amount budgeted for “travel” barely covered the two one-way tix’s he needed to arrive in the fall and leave in the spring. There was NO money for him to return home for Christmas, spring break, or any other time. He would spend those holidays with students who lived close enough that he could ride with them in their cars home. That was nice, but not what he and his family would have preferred during his 4 years there. </p>

<p>Travel costs at Christmas or holidays can be outrageous. A NY mom told me recently that her son’s tix home for Christmas was nearly $700…plus shuttles back and forth to the airport and back to campus (another $100). A low-income parent isn’t likely going to have an extra $500+ at Christmas (or really anytime) to fly her kid home. </p>

<p>His mom couldn’t even afford to attend his graduation (travel, hotel, restaurants, etc, really add up). He couldn’t afford to store his stuff over summers, so my nephew let him put his stuff in his storage unit. My sister ended up funding a few of this young man’s needs during the years they were roommates…because COA does NOT really cover everything…computer needs fixing, graphing calculator needs replacing, a text book that is over budget, and so forth and so forth. </p>

<p>I know that full-need schools want low-income students but the COA just doesn’t accommodate all of this.</p>

<p>Also…I don’t know if this student has health insurance. If not, that will also be an added cost. Sometimes remaining in one’s home state as a low-income student can mean using the state’s medic-aid program. </p>

<p>In the end, this young man probably should have attended a school that gave full aid that was within a reasonable driving distance from home. </p>

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<p>Thank you for all the replies. :)</p>

<p>Having never flown, my definition of “requires plane travel” might be different from everyone else’s! I wouldn’t have a problem driving from CT to NC; I’ve driven longer distances before, and even if I don’t have a car I ought to be able to afford a bus or Amtrak ticket. Like I said, I will work if I have to, and I intend to think ahead (I’ve spent most of my life thinking ahead and learning to make things as cheap as possible). But for schools in California… yes, I can definitely see that being an issue.</p>

<p>I likely will have to work, in-state or out, and the NPCs for some of the out-of-state LACs have given me better numbers than in-state publics, even controlling for travel costs, insurance, loan estimates, etc.</p>

<p>I actually also have Carleton, another full-need LAC, on my list but forgot to mention it. I’m considering Haverford also.</p>

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<p>With an EFC of zero and your stats, you should apply to more schools that meet full need. To get the full list, Google “USNWR colleges meet full need.”</p>

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<p>William and Mary generally does not meet much need for OOS students, but the exception to this is if you are admitted as a Monroe Scholar (Wand M honors program), with high stats. D2 was admitted OOS and full need was met with a “Board of Visitors” grant and federal loans.</p>