<p>So I'm a bit confused about what actually happens to the money you receive from a merit scholarship. My understanding is that Yale doesn't actually charge self help -it's just an estimate of how much you'll spend on personal expenses- so if you get a merit scholarship that's applied towards self help, and that check is made payable to Yale, does it get deposited to your account for you to use at the bookstore, Durfee's, etc.? The scholarship I have doesn't exceed the self-help figure, so I don't have to worry about the Yale grant being reduced. I've tried to find other posts about this, but they only seem to refer to the extra money that's left over when your scholarship exceeds the self-help figure. Input would be very appreciated!</p>
<p>Outside scholarships are applied against 2 line-items on your FA package: (1) Student Income (income from a summer job) and (2) Term-time job. Outside scholarship checks, made out to you or to Yale, are credited to your term bill. See: Outside Award: <a href=“Welcome | Student Financial and Administrative Services”>Welcome | Student Financial and Administrative Services;
<p>"How will my financial aid package change if I receive a merit-based award from an outside source?</p>
<p>Yale policy allows outside merit scholarships to reduce your self-help. As federal regulations permit, we will also allow outside scholarships to cover your student income contribution. This means that in 2011–2012 a total of up to $4,500 in outside scholarships could be applied toward your student effort (the total of your self-help and student income contribution). Any amount of outside scholarship that exceeds the student effort component of your award replaces Yale Scholarship."</p>
<p>I’ve read all of that before, but it doesn’t really answer my question. With a work-study job, that money doesn’t go to Yale; you keep it spend it however you need. But if you’re getting a scholarship that replaces the $3000 from a work study job, does that money become available for spending too? If so, how? Maybe this will make more sense when I get the bill in July.</p>
<p>I think the problem is that you don’t understand how universities bill students. The work study portion of your bill is actually money that you owe the university up front as tuition. You have the option of getting a term-time job, or not. If you do get a job, your weekly paychecks hopefully will equal the $3,000 paid upfront. Your outside scholarship money is applied against the term-time job ($3,000) that you owe in tuition.</p>
<p>But that pdf file says that work study isn’t charged up front or included as a deduction from the bill. It’s used for indirect expenses. And all of my tuition/room & board is covered by the Yale grant and parent contribution.</p>
<p><a href=“Welcome | Student Financial and Administrative Services”>Welcome | Student Financial and Administrative Services;
<p>On page 2: Why does the amount I calculated on page 3 differ from the parent contribution listed on my financial award letter?</p>
<p>“Keep in mind that work-study cannot be applied to the direct costs before it is earned and therefore will not show as a deduction from the bill.”</p>
<p>Also notice on page 3, next to the line item for Work-Study: “Academic year earnings, such as work-study, are not included as deductions from the bill.”</p>
<p>I know the wording is confusing, but as your work-study does not show up as a deduction, that means you are being charged for it up-front. It is included in the amount that you and your parents owe to the college.</p>
<p>Thanks for your help.</p>
<p>I don’t think that is quite accurate. If your parent contribution and grant money are equal to or greater than your tuition and room and board then the scholarship should show up as a credit which can be used for books and other personal expenses. The only items that should show up on your account as a deduction should be tuition and room and board including any other administrative or technology fees.</p>
<p>Even if Yale awards a student a full need-based scholarship, there will always be a self-help contribution. Outside awards, if any, can then be applied against the self-help contribution up to $4,500. Anything in excess of $4,500 reduces your Yale scholarship. So, basically there will never be a credit for books or other personal expenses.</p>
<p>See page 12, Outside Awards: <a href=“Welcome | Student Financial and Administrative Services”>Welcome | Student Financial and Administrative Services;
<p>How will my financial aid package change if I receive a merit-based award from an outside source?</p>
<p>Yale policy allows outside merit scholarships to reduce your self-help. As federal regulations permit, we will also allow outside scholarships to cover your student income contribution. This means that in 2011–2012 a total of up to $4,500 in outside scholarships could be applied toward your student effort (the total of your self-help and student income contribution). Any amount of outside scholarship that exceeds the student effort component of your award replaces Yale Scholarship.</p>
<p>What if I receive an award that is not based on merit?</p>
<p>Entitlement awards and other assistance that is not merit based will reduce Yale gift aid dollar for dollar. Examples of such awards include Pell Grants, state grants, and tuition benefits and grants from your parent’s employer.</p>
<p>I understand that but self-help is estimated and applied toward personal expenses which aren’t included in any bills. If the scholarship is applied toward self-help expenses how would that appear on the account? It would either need to reduce the parent contribution or appear as a credit. Assume for argument that COA is $56,850 which is fairly accurate and Yale estimates $4,500 in self-help. That leaves $52,350. Let’s assume the parent contribution is $3,000 leaving $49,350 which we will assume Yale provides a scholarship for. The only deduction assuming other health insurance should be the $52,700 for tuition and room and board. If student has another $3,000 scholarship tell me how it would be applied? The Yale scholarship subtracted from the tuition and room and board leaves a balance of $3,350 and the parent contribution leaves a $350 balance. Where does the other $2,650 go? It either has to reduce the parent contribution or appear as a credit as personal expenses (i.e. books, travel) would not normally be on the student bill.</p>
<p>Estimated expenses such as books, travel and personal items are NOT billable colleges costs; nor are they self-help items. Self-help items include earnings from summer employment, which for incoming freshman is $1,500 and a term-time job, which usually is no more than $3,000, hence the total of $4500 in Yale’s literature. So, let’s put some “easy” numbers to the test:</p>
<p>$52,700 = Billable cost (Tuition, room, board, fees)</p>
<h1>-$40,000 = Yale Scholarship</h1>
<p>$12,700 = Net Billable cost to parents and student</p>
<p>Out of that net billable cost:
$1,500 is supposed to come from student earnings from summer employment
$3,000 is supposed to come from a term time job
$8,200 is supposed to come from the parents</p>
<p>When you get your bill from Yale in July the $3,000 from the term-time job is included in the $12,700 that you owe the university. You can either work though out the year and get it back, or not accept the job.</p>
<p>Let say you get an outside scholarship for $5,000. Yale applies the $5,000 by crediting your account for $4,500 (term time job and summer earnings), so the net billable costs are then reduced to $8,200. And then – here’s the part where you are getting lost – Yale (and all other Ivy League schools, for that matter) will REDUCE the amount of your scholarship by $500. Neither the student or parent will get a credit for the $500. I believe the reasoning can be traced back to the IVY League pact of 1954, whereby no student can receive a better percentage of aid at a school than everyone else is getting. The policy basically prohibits an Ivy League School from giving an athlete a better deal.</p>
<p>Here’s the short answer to OP’s question: The student receives the credit as a refund check after fall term has started. </p>
<p>It is possible to have aid in excess of direct billable costs, and in that case, the amount will show up as a credit. (Gibby: financial aid is based on COA, which is not the same as direct costs.)</p>
<p>Yale’s COA of $57,300 consists of direct costs (room+board+tuition+fees=$52,700) plus indirect costs (books/supplies+transpo(varies)=$4600). </p>
<p>Say your gift aid (grants) totals $50,000, your work-study is $3000, and you have an outside scholarship for $4,500. Your scholarship will replace the work study and the student contribution of $1500. You will end up with a total gift aid amount of $54,500; subtracting that from COA gives you $2800 in excess of direct billed costs. This is the amount of your credit.</p>
<p>Now I agree with the above poster. Sorry gibby put you are not looking at COA which is how the aid is calculated.</p>
<p>Having been through this process twice with my kids (one is at Yale, one is at Harvard), my experience is that both institutions base their term-bill on direct costs, not COA. Bottom line: Your family will receive the definitive answer with the July term-bill.</p>
<p>Also see the very last sentence from this Yale FA link:
[Yale</a> University Financial Aid > Outside Scholarships](<a href=“Welcome | Student Financial and Administrative Services”>Welcome | Student Financial and Administrative Services)</p>
<p>How does Outside Aid such as Scholarships Affect my Aid?
Yale policy allows outside merit scholarships to first reduce your self-help. Additionally, if federal guidelines allow, we will also allow outside scholarships to cover your student income contribution. If the total of your outside awards exceeds your student effort (the total of your self-help and student income contribution), the remainder will replace your Yale Scholarship.</p>
<p>“my experience is that both institutions base their term-bill on direct costs, not COA”</p>
<p>That’s correct, but the OP is requesting information about aid that exceeds the amount of the term bill. 
Again: Since colleges base financial aid on COA (direct+indirect), it is possible to have aid in excess of direct billable costs, and in that case, the amount will show up as a credit and will be refunded to the student.</p>
<p>Note to OP: You will have to request the refund online through your student account, and then they will either send a check or do a direct deposit (however you set up your account). You may also have an option to apply the balance to future term bills.</p>
<p>2011orbust: I’m sorry, but you are wrong. Did you read the last sentence of my last post. </p>
<p>OP: Please call the Yale FA and confirm their statement below about when aid exceeds the term bill:</p>
<p>“If the total of your outside awards exceeds your student effort (the total of your self-help and student income contribution), THE REMAINDER WILL REPLACE YOUR YALE SCHOLARSHIP.”</p>
<p>OP’s original post: The scholarship I have doesn’t exceed the self-help figure, so I don’t have to worry about the Yale grant being reduced. </p>
<p>Gibby: I’m not sure how else I can help you understand this. Sorry.</p>
<p>2011orbust: As I said in an earlier post, all will become clear to the OP with the July term-bill, which is just 30 days away.</p>
<p>However they do it gibby you have to be wrong as they specifically state the scholarship can be used to reduce the self help and self help is deducted from total COA when calculating fin aid, not billable costs. Since the amount does not exceed self-help cost it can’t be used to reduce the school provided grants or scholarships.</p>