This is probably a stupid question, but how is merit aide awarded in relation to need based aide? Our daughter got an acceptance this week with a $25,000 merit award, cost of attendance is $53,000 I think, our fafsa efc was $44,000, not sure what our CSS need was calculated at. Will she be ineligible for any need based aide since she got that merit award, or does the merit stack on top of any need based aide? I hope that makes sense.
Up to the school, but most likely you’ll likely be determined to have no need since the $28k remaining is below your $44k EFC. School usually reduce need based aid if there is merit aid which reduces the need.
Ok, thank you. It’s good to know what to expect as we’re starting to get admissions decisions and merit offers, but financial aide hasn’t been determined.
@socalmom007 --come back and let us know if your financial aid offer includes anything other than the $5,500 federal loan for the student. And congrats!
I will, and thank you! She’s gotten 3 acceptances to back up schools so far, and a nice merit offer from this last one, so we’re excited!
Based on your numbers, the merit award reduced COA to roughly $28K, while your FAFSA EFC is $44K-- so your daughter would not be eligible for any need based aid as the COA has been reduced to a level that is below calculated need.
Merit aid is never “stacked” on top of need based aid where the merit is enough to eliminate need. The situations where students get both need and merit aid are where the merit award is not enough to meet the FAFSA EFC and/or the institutional methodology (CSS Profile) calculation of need. So, for example, if your FAFSA EFC was $20K rather than $44K, then you would have an $8000 shortfall on meeting need daughter would be eligible for a subsidized federal loan and work study to make up that difference.
If you were a low income family with a 0 EFC, then your daughter would also be able to qualify for a federal Pell grant and the college might offer additional need-based institutional grant funds.
But “need” is the difference between your EFC (the amount you are adjudged able to pay) and what your COA would be after consideration of all other scholarship money.
Thanks so much. I’m curious what her CSS need will be, we have a lot of expenses that FAFSA doesn’t look at like medical bills and specialized school tuition for a special needs child, two in college, etc… I just don’t know how schools calculate need off CSS.
If you feel that you have special circumstances that create need, you can always seek a “professional judgment” adjustment for the FAFSA EFC from the college. I would suggest that you write a letter to the financial aid department detailing the medical bills and the expenses for the special needs child. The fact that you have two in college should already be accounted for in your FAFSA EFC, so that issue wouldn’t make a difference in terms of the $44K EFC.
Our efc was $44,000 for each of the college students. FAFSA does not look at school tuition for other kids, we have 4 altogether, or medical bills and those are hefty with all of the specialized treatments our son needs. I will look at writing a letter detailing special circumstances once we narrow down schools. Thank you for the input.
I understand that FAFSA doesn’t consider the medical bills and tuition – that is why I suggested writing the letter about those specific issues. The CSS Profile does provide an opportunity to provide that sort of information, but you cannot always assume that the information has been taken into account.
I’d advice a simple, objective, unemotional letter that simply details the expenses and why they are necessary. For medical expenses you will need to focus on those that are not covered by insurance and why they were not covered.
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e? Our daughter got an acceptance this week with a $25,000 merit award, cost of attendance is $53,000 I think, our fafsa efc was $44,000, not sure what our CSS need was calculated at. Will she be ineligible for a
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53k COA
25k merit
$27k is what you have to pay
44k EFC ($88k family EFC)
27k net cost
17k reduction in EFC
the school is going to see that you’d be paying $17k less than your EFC.
Your child can take a $5500 loan, that effectively reduces your EFC by $22,500
How much are you paying for the other child’s college costs?
How much are your annual medical costs NOT covered by insurance?
Our 9 yo son’s private school tuition is 24k I think, specialized autism program and it does qualify as medical expense. He also had another 17k in therapies not covered by insurance. We’re paying 14k for our other college student’s tuitition, plus 12k in room and board, and another 13k for our 12 year old’s private school tuition.
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We’re paying 14k for our other college student’s tuitition, plus 12k in room and board,
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Paying $26k per year for child #1
Expected to pay $27k per year for child #2
$18k reduction in EFC for Child #1
$17k reduction in EFC for Child #2
$35k total reduction in EFC
I doubt that both colleges are going to give more aid because of 12 year old’s private school. They’ll probably consider that a choice, and that giving more aid would essentially mean that they’d be helping pay the 12 year old’s tuition.
$24k private school for autistic 9yo child
$17k uncovered therapies
You can try, but I don’t think you can expect both schools to give more aid. And, I don’t think one school will feel that they alone should provide more aid.
Each of your kids could borrow $5k which would reduce your contribution by $10k per year.
I hear what you are saying. We’re prepared to take out a home equity line plus our income to cover 26k for our son, we told our daughter if she gets merit scholarships to bring the cost of private schools down to the level of in state public then she’s in business. This first scholarship offer puts her right there. We will have both take out a small loan as well.
Both of your older kids could also work/save from summer jobs and contribute $2k per year each.
Yes, for sure. They both intend to work this summer.
The FA packages don’t normally get released until the end of March. Merit packed usually come out first as an inducement to commit. My daughter recieved both merit (with initial acceptances) and FA a few months down the line.