<p>There are several ways to look at the situation. A $60K scholarship for 4 years is $15K a year which is a “good” scholarship award. I know with my older boys that they did not get any merit money over $5k. I know a lot of kids with a $5K or under award and it seems to me that it is a little sweetener to entice the student. Not putting my nose up at the money, but when you are talking about schools with total COA up beyond the $50K mark, that $5k is a very small drop in the bucket to meeting such costs. However, when you are talking $50K plus, even $20K or $30K a year still leaves a sizeable amount for the family to pay. If you cannot afford those amounts, the scholarship is not going to be helpful.</p>
<p>I am guessing that the $15K is a merit award and not financial aid. If that is the case, and if you have filed for financial aid, you will get something from the financial aid offices telling you what they can offer you. If the schools are ones who meet close to full need, you are likely to get your full need as defined by those schools (institutional EFC) met. Your FAFSA EFC only entitles you to unsubsidized Stafford loans. So it is pretty much up to your schools to come up with the additional money themselves.</p>
<p>If the schools are giving you merit money through Admissions, and financial aid has yet to come up with their numbers for your need award, you can either get your need met by a financial aid package when added to the merit award will cover your need figure. Or if you have some special award that a school gives on top of need, that merit money can be on top of financial aid. This last case does not happen very often at all. Usually, financial aid integrated its awards with merit scholarships so that the total package does not exceed need.</p>