Help! I’m very confused considering this whole financial aid business… My basic question: If by using the collegeboard estimated financial aid calculator it says I’ll have to pay 10,000 at school x each year, but I get a merit scholarship for 10,000 each year at school x, does that mean I’m going for free? Or does merit-based aid take away from that need-based aid and I’d still have to pay 10,000 each year?
If this has already been discussed a lot, please give me a link to a thread or two so I can figure this out! (I’ve tried Google/CC, but found nothing…not really sure how to word it I guess)
Also, if it’s a case-by-case basis with schools, does anyone know the case with University of Richmond, University of Rochester, Emory and Brandeis? Thank you so much in advance, I’m really at a loss with this and any and all comments will be greatly appreciated!
usually, colleges that dont have huge endowments- like [harvard. stanford, etc] will NOT “stack” merit aid on top of any financial aid they offer to meet need- i.e. merit $$ WILL be substituted for Need based aid.
So yes you will still have to pay 10,000/yr.
First, merit takes away from need so it’s most likely you would net the same (or it might mean you can use that in place of your expected contribution from work - it depends on the school).
Make sure the CB calculator you are using was one you were directed to from the college’s web site. Each college has a Net Price Calculator which will be most accurate for that school.
Some schools do,allow you to stack all forms of aid but just up to the cost of attendance. But most don’t.
Schools cannot award you need based aid to pay your family contribution.
In addition, in most cases, a merit award will reduce your actual financial need. This will therefore reduce your need based aid. In most cases, this results first in a reduction of self help he’d based aid which would be work study and loans.
And if a school does NOT meet full need, it’s possible that the unmet need portion could be filled with an outside scholarship…just bit the family contribution.
But really YMMV depending on the school. You need to contact each school to find out their policies!
What I have seen with some schools is that they will stack merit, talent and need based aid up to tuition, but then you still have to cover room and board with self-help, work-study and loans.
I’m speaking hypothetical here, I’m a rising high school senior and have not applied to any schools let alone got any merit money.
Thank you all for the comments, I really appreciate them! I’ll definitely with each of the schools to see what their policy, but I’m glad I have a general understanding of how it happens now.
The net price calculator may or may not show merit aid. It will show need based aid and loans. Some will be clear and others not. Best thing to do is run a net price calculator for each school of interest and compare. Generally what it says you will owe is an estimate that if you have rather normal financials (parents down own a business etc) are generally in the ballpark of what you can expect. If you are awarded additional merit not shown it reduces need so monies may simply be reallocated and you will still end up owing the same amount. Generally schools will expect you to pay your expected family contribution so need awards will leave that amount to be paid. Merit may not may not reduce that amount. Sorry there isn’t one clear answer but each achool really is different.
That said if you use net price calculator results as a conservative estimate is it likely somewhat safe planning as long as you account for increases over time.
