I’ve been looking through colleges that award merit aid to National Merit Finalists. I’m thinking of colleges like Northeastern and Boston University in particular, which both give significant merit awards to National Merit Finalists. I was wondering if these colleges include that merit aid as a part of their need-based aid package, or if they add it onto it.
So for example, if the cost of attendance at College X was $60,000 and I qualify for $30,000 in need-based aid and $20,000 in merit aid, will I be paying $10,000 per year or $30,000 per year?
Thanks!
That depends on the specific college and its policies.
At least at NEU the merit aid for me was subtracted from the need-based aid I got, making net cost the same. But I’m betting that scholarship got me a nicer package than all need-based aid would have.
No, you will not be paying $10k per year.
The merit will be applied FIRST to need. So, since you have $30k of need, you would have $10k of need after merit is applied, and then you’d qualify for $10k of aid, which would likely be a student loan and work study.
I don’t remember if BU or NEU meet need. If not, then you may have to pay more than your EFC.
You’d still have to pay at least your EFC.
I think BU and NEU are CSS Profile schools. IF so, they may determine that your “family contribution” is more than $30k… Your FAFSA EFC wouldn’t matter.
If you are looking to reduce your EFC, then you need to look at schools that give HUGE awards, so that your remaining costs are what you want to pay.
How much will your parents pay each year?
Thanks everyone for the answers!
@mom2collegekids my parents can’t pay much. I’m working on assembling a list of schools that give significant enough need-based aid (like Princeton, Harvard, etc.), colleges where I’d receive a very significant merit award, and in-state public schools. I guess northeastern, Boston, and others are now off the merit award list. Thanks so much!