<p>Trhoughout my college search, I've been focusing on schools that give a lot of merit aid. My family income is above 150,000, and i don't have any siblings currently in college, so I wasn't expecting to get much fin aid. I was surprised that my EFC was only 35K using the collegeboard calc. That means I qualify for about 10k fin aid. Does that sound right?
If I get a merit scholarship, doesn't that decrease my need and therefore my fin aid? So if I get a 10k scholarship from U Chicago or Wash U, what's the point, since the merit scholarship would simply replace the fin aid $? Might as well go for Harvard and still get the same money in fin aid. Am I making sense here? The only thing that is still appealing is a big scholarship, like over half tuition.</p>
<p>I don't think you understand what MERIT MONEY is. How can you ask about reducing need?</p>
<p>Does the EFC take into consideration assets as well as income ?</p>
<p>Financial aid in the form of grants and loans is different from merit aid. If you get a $10000 scholarship from UChicago and also get a $10000 finaid package, that would mean you get in total $20,000. Bottom line is scholarship money should not interfere with grant/loan money.</p>
<p>^But at some schools it does (as noted from some college websites).
However, it would most likely be obvious on the website.</p>
<p>mbj: I think it depends on the assets.</p>
<p>To the OP -- No, you’re not making any sense. I’m having a hard time understanding your question (as are some of the other posters) -- perhaps because you are confusing the different terms.</p>
<p>“Merit aid” is a scholarship (meaning it is a gift and doesn’t have to be paid back) that is given out purely on the basis of academic achievement or special talent WITHOUT regard to the recipient’s financial condition. A Rockefeller heir could get “merit aid.” Merit aid is usually given out by a college to entice a particular student who is at the very top end of the applicant pool or has a special talent the school wants. The most selective schools (including the Ivies) give out little or no merit aid.</p>
<p>Financial aid packages can include a merit scholarship, but more commonly, the financial aid package is entirely need-based, and the amount given depends on the applicant’s EFC and the cost of attending that school. The financial aid package can – and almost always does -- include a combination of scholarship/grants, loans (which must be paid back), and work-study.</p>
<p>So if getting a merit scholarship worth $10K “replaces” a $10k financial aid package that consists mostly of loans and work-study, you will definitely come out ahead.</p>
<p>
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Financial aid in the form of grants and loans is different from merit aid. If you get a $10000 scholarship from UChicago and also get a $10000 finaid package, that would mean you get in total $20,000.
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<p>I actually heard that the policy at Chicago is that merit money DOES overtake financial aid. So in the case you mentioned, you would get in total $10,000. But you won't get any financial aid at Chicago with your income, JohnC, and no school would give you merit money if it would just be cancelled out by your financial aid.</p>
<p>I'm not too sure about the policy, itself, though. The only people who I know who got merit awards, however, are those who had little or no financial aid. I think I recall someone at Chicago on CC say that they got a $10k merit award and it didn't interfere with her merit money.</p>
<p>I am sorry for the mistake. I didn't know about UChicago's policy. Same thing for me, the only people in my class who got merit aid were those paying full price otherwise.</p>
<p>worried_mom,
by financial aid, I mean need-based. sorry if that confused you.
Good point, though, that it's better to have merit money than a bunch of loans. I forgot to consider that 10K worth of need-based aid could consist of 5k of loans.</p>
<p>Did you calculate that EFC using FAFSA or CSS-Profile? Can make a big difference. At most schools, by the way, a merit scholarship is added to the student's available funds, so it will impact the need-base aid calculation--I believe.</p>
<p>As for the "might as well go for Harvard", it is true that you might, if you really want to go. But you might not get in--you wouldn't be the first.</p>
<p>If your record is actually good enough for Harvard to be a real possibility, and your Profile EFC is higher than 35K, you might want to look into other top20 schools that offer very significant merit scholarships. (As in close to 40K per year.)</p>
<p>midmo what schools are u talking about. the only really good schools i'm aware of that give any real merit money are Wash U and U chicago. No school gives an average of 40k to the average student per year.</p>
<p>You are right in thinking that need based aid will not kick in until after they subtract out any merit aid that they are giving you. However, one of the big differences is that merit money is usually awarded for all 4 years and guaranteed to remain the same amount for all 4 years, regardless of your family financial situation. Need based aid may decrease over time, especially if your EFC goes down. </p>
<p>For example, if one of your parents gets a big raise, your merit aid will stay the same, but your need based aid will decrease. On the other hand, if one of your parents loses a job or has a bid decrease in salary. You will continue to get the merit aid and need based aid may be added to the picture as well. So merit aid is constant and need based aid varies over time.</p>
<p>Remember that getting a $10,000 merit scholarship is better than having $10,000 of your need met. A normal $10,000 FA package will include self-help, meaning loans and work study, and will not consist of $10,000 in outright grant!</p>
<p>Yeah, when I got a $2000 scholarship, Chicago knocked $2000 off my loans.</p>