<p>We are exploring some financial safety schools. I would like to know whether I am correct that the amount of a merit scholarship would be in addition to all other financial aid (grants, loans and workstudy). This would make these financial safety schools more attractive financially, which I assume is because they want to attract that particular student. Do schools that offer merit sholarships offer less financial aid because of the scholarship?
Second question, what is the possible range of the differences between financial aid offers (aside from any merit scholarships) from similarly situated colleges. I have some idea of our EFC from various online calculators and even one "early read." But I am curious how much of a difference in financial aid offers others have experienced.
My son's stats -- 3.4 GPA, 700 v, 640 m, and he will be taking the SAT again. He will have taken 4 AP courses by the end of this academic year and he has played a varsity sport since his freshman year (interested in D III). Thanks in advance for your insight.</p>
<p>Merit aid can reduce need aid. The only way to reduce efc is to get merit that is larger than need. So if efc is 30k and merit is $30k and school costs $50k, then you only pay $20k. </p>
<p>However if need aid were $20k and you get $15k in merit than you lose $15k in aid</p>
<p>Also many safeties don’t give much need aid. </p>
<p>Is that the weighted gpa.</p>
<p>To expand on m2ck</p>
<p>If the school costs $50k and the need aid is $20k and you get $15k merit aid, the $15k reduces your need based aid. But, if that need based aid included loans, it would turn them into grants. Your EFC would remain at $30k, but it may still be at better terms.</p>
<p>Your loans are replaced with the merit. Not grants</p>
<p>The experience I had with both my sons was that the merit aid notification came with or shortly after the letter of admission, while the offer of need-based aid (if any) came much later on in the process. Both sons applied Early Action to most of their schools, so admission letters were mailed well before we filed FAFSA and final Profile forms. Any need-based aid took into account the fact that merit aid had been offered and thus was reduced accordingly.</p>
<p>Some schools publish their criteria for merit aid on their financial aid web pages (specific GPA and/or test score cut-offs for various levels of merit aid $$s) while others aren’t quite as forthcoming.</p>
<p>The best merit aid for DS2 by far was from a D-III school that had published its levels of merit and gave DS additional merit money on top of what his grades/test scores would have indicated. DS1 also got an offer of more merit from one school than his GPA indicated, although I think this school recalculated his GPA based on their own formula.</p>
<p>The OP seems to have been given some wrong info since he seems to think that he can get “need based aid” that meets need and then get merit scholarships to decrease family contribution. That is not true. </p>
<p>The experience I had with both my sons was that the merit aid notification came with or shortly after the letter of admission, while the offer of need-based aid (if any) came much later on in the process. Both sons applied Early Action to most of their schools, so admission letters were mailed well before we filed FAFSA and final Profile forms. Any need-based aid took into account the fact that merit aid had been offered and thus was reduced accordingly.</p>
<p>This is very true. </p>
<p>And…not all schools will take out the loans when merit is given. That is more likely to happen if a scholarship (perhaps from outside sourse) is awarded AFTER the student receives his school award. </p>
<p>However, in a case like Vballmom described, the merit can be given by admissions, then FA office finishes the package. If after the merit award there is only - say $5k in need left - then the school may fill it with a student loan. </p>
<p>But…if a student is given a FA package with $10k in merit, $5k in grants, and 6k in loans and need is met, and then weeks/months later the student is awarded $2k in private scholarships, then the loans might be reduced to $4k.</p>
<p>If I remember correctly, the OP has a high EFC that he’s not comfortable with. </p>
<p>What was the “early read” that you got? Was that from the ED Div III school?</p>
<p>What sport does your son play?</p>
<p>Yes the early read was high ($35,800 plus $5,500 in loans) and from the school that we were considering for ED. My son’s sport is lacrosse. A merit scholarship of $20K is possible at one school and would exceed the difference between COA and EFC. </p>
<p>Any thoughts on my second question – people’s experiences concerning the difference in financial aid between similarly situated schools? Is it worth waiting to see if there is enough of a difference to consider appealing?</p>
<p>***Yes the early read was high ($35,800 plus $5,500 in loans) and from the school that we were considering for ED. **</p>
<p>*</p>
<p>$35,800 plus $5500 in loans is effectively a family contribution of over $41k per year. (and loan amounts will likely increase for soph, jr, sr years…6500, 7500, 7500…because those are the fed direct loan limits.)</p>
<p>Would they also offer work study? </p>
<p>*
A merit scholarship of $20K is possible at one school and would exceed the difference between COA and EFC. *</p>
<p>So, this merit possibility is from a non-ED school and the scholarship would get awarded sometime in the late winter or early spring? </p>
<p>The problem is that if your son gets accepted to the ED school then you’ll never know if he’ll get the $20k from this other school because your son will have to have withdrawn his app to that school. </p>
<p>*My son’s sport is lacrosse. *</p>
<p>Is he set on playing his sport competitively? Is there any risk that doing so could impact his grades?</p>
<p>Any thoughts on my second question – people’s experiences concerning the difference in financial aid between similarly situated schools? Is it worth waiting to see if there is enough of a difference to consider appealing?</p>
<p>People on CC have reported wide swings of expected family contributions in their aid packages. Each school has its own formula using CSS information. </p>
<p>What I’ve noticed is this. Low income/low assets people see the smallest swings because they don’t have the money for a school to have much expectations. </p>
<p>It’s the people with good incomes and good assets that see the wide swings. </p>
<p>What schools are your son’s financial safety schools? (the schools that you know he likes and you know that you can afford because costs will get covered with assured merit and/or family money. )</p>
<p>It is encouraging to hear that folks with high income/assets might see the biggest difference between different financial aid awards. As with another poster, I was wondering whether it was worth it to apply to some schools.
Seems that the reach schools are least likely to offer much.</p>
<p>The safety schools are Maimi U and OSU – in state for us and affordable ($26K - $28K). These are pretty good schools and other safety schools are not necessarily better. </p>
<p>Hard to assess whether lax will be a problem timewise.</p>
<p>Definitely keep the in-state safety schools on the list. As you state, good schools.</p>
<p>*Definitely keep the in-state safety schools on the list. As you state, good schools. *</p>
<p>Agree! </p>
<p>Is that your son’s weighted GPA or unweighted?</p>
<p>Is the DIII school requiring ED? If so, then what?</p>
<p>That is an unweighted GPA and the DIII coach is requesting we apply ED. I just don’t see it as worth it. We need to be able to compare offers and see what merit money is available.<br>
My son is flattered that the coach wants him but understands we may not be able to afford it. If I get a better offer from the DIII school or I can successfully appeal their offer, then it may be possible.<br>
The one advantage is all of this has provided my son with an incentive to work harder in school and in his prep for his second SAT test. Thanks for the feedback – all very helpful.</p>
<p>I don’t know anything about the DIII recruitment process, but my nephew is DIII at Tufts and he applied regular admission.</p>