<p>I see that many scholarships have the requirement of financial need and they analyze your tax return forms. I already got some packages back and it would be great if i had more money. My family is middle class so i am wondering if it is even worth applying to scholarships that have the financial need criteria.</p>
<p>Our best success was with small, local scholarships, such as the high school foundation. Look at Rotary, Lions and other local groups. It can be easier to succeed and stitching together two small ones may actually be more than one large.</p>
<p>Middle class can mean a lot of things. Look at the scholarships to see how heavily need is emphasized and if there is a definition of need. You might want to run a sample EFC for your family using an estimator and get some idea what your family EFC and therefore, need will be. If you clearly don’t need any money for the most expensive schools, you should steer away from those merit awards with a need component. But if there is even a bit of need that can be shown, go right on ahead. Some scholarships only have need as a small part of the qualification for aid.</p>
<p>Just want to understand this. If the EFC is 10K, and you get a fin aid package to bring COA to $15K, your need is $5K, right? But what if your fin aid package brings COA below EFC, say to $8K, and you don’t have enough cash/loans/income etc. to cover the 8K? We still ‘need’ $!<br>
So I guess my question really is, is need strictly determined for scholarships using the EFC? What if the scholarship app. does not require a copy of the SAR? How will they determine need knowing only AGI and COA?</p>
<p>Sorry for all of the questions, but my D has 13 (mostly local) scholarship apps to fill out, and it’s a lot of work/time to complete, for possibly no $, if need is determined by EFC only…</p>
<p>*Just want to understand this. If the EFC is 10K, and you get a fin aid package to bring COA to $15K, your need is $5K, right? But what if your fin aid package brings COA below EFC, say to $8K, and you don’t have enough cash/loans/income etc. to cover the 8K? We still ‘need’ $!
*</p>
<p>Please clarify by answering the below…</p>
<p>COA = (total cost to attend the school…tuition, fees, room, board, books, travel, misc)</p>
<p>EFC = (number from FAFSA)</p>
<p>Need = (COA minus EFC)</p>
<p>So, now, what are your numbers?</p>
<p>Also, please include:</p>
<p>Basic COA = (total cost of tuition, fees, room, board, books)</p>
<p>scholarships tend to get applied to need first. But, if you get enough scholarships, then they can reduce EFC.</p>
<p>She has still not made a decision, because we’re waiting for a couple more fin aid packages to come in.<br>
EFC (fafsa) 32937
EFC (css profile from collegeboard calculator) 33499
Two she’s considering are:</p>
<p>College #1
COA 52780 Basic COA 50780
merit award 7800
grants 6500</p>
<p>College #2
COA 44080 Basic COA 42080
merit award 15000
Do not know anything else yet, but merit award brings COA below EFC, correct? So basically we will qualify for unsub. loan?</p>
<p>I would assume if she chose #2, scholarships would definitely help. If she chose #1, college could take away grant $? Or would they reduce loans, first?
Thanks so much!</p>
<p>Forgot to mention, for college #1:
Subsidized loan 3500
Unsubs. loan 2000
I hope the Subsidized loan would not be affected by getting outside scholarships…</p>
<p>Be careful because some colleges/unis use scholarships to offset college/uni funding if they have met your EFC…check with the colleges how they will allocate any outside scholarships.</p>
<p>*She has still not made a decision, because we’re waiting for a couple more fin aid packages to come in.
EFC (fafsa) 32937
EFC (css profile from collegeboard calculator) 33499
Two she’s considering are:</p>
<p>College #1
COA 52780 Basic COA 50780
merit award 7800
grants 6500*</p>
<p>College #2
COA 44080 Basic COA 42080
merit award 15000
Do not know anything else yet, but merit award brings COA below EFC, correct? So basically we will qualify for unsub. loan?</p>
<p>Since her merit award exceeds “need” then her merit award has “reduced” her EFC (the amount that YOU have to pay.) It’s semantics…COA doesn’t change, but YOUR contribution has been reduced. And, your D can ALSO take out $5500 in unsub loans if you want further help with your contribution. Just ask for it. </p>
<p>Obviously, School #2 is the most affordable since your contribution has been reduced to about $27k for “Basic COA” of tuition, fees, room, board, books. Your D can work a summer job to cover “personal expenses” if you want. And, again, she can take out a $5500 unsub loan if you’d like her to help cover your contribution.</p>
<p>*I would assume if she chose #2, scholarships would definitely help. If she chose #1, college could take away grant $? Or would they reduce loans, first?
Thanks so much! </p>
<p>Forgot to mention, for college #1:
Subsidized loan 3500
Unsubs. loan 2000
I hope the Subsidized loan would not be affected by getting outside scholarships…</p>
<p>*</p>
<p>I would call the school to make sure, but the school would probably reduce loans. HOWEVER, your child can still get those loans BACK and use them towards EFC. But, they would all be unsub loans at that point.</p>
<p>Thanks! I will call the school to find out their policy!</p>