To clarify, I think uskoolfish is distinguishing between NEED-based financial aid and MERIT-based financial aid. Both kinds are financial aid, but need-based is calculated based on the FAFSA and/or CSS Profile, whereas merit aid is based on academics and/or other talents. A person can get both need-based and merit-based aid or one or the other (or neither). Then there are sports scholarships, which is another whole deal.
Financial aid is given to accepted students who are determined by the school to have financial need. If the student did not show that need, they would not be getting this money.
Many schools give this financial aid in the form of a package. The package may include some loans, some work study and grants that go by various names. Some of these grants are called merit scholarships. In the case of many schools, the amount of these merit scholarships or how many are offered will vary by how much as student is coveted by the school. So a student with the same exact financial need may not get the same amount of money through their merit awards.
But keep in mind that all the money I have talked about above is all based on the student having financial need.
In many (most) schools, the merit component of the package is not available to students without need.
Some schools will offer non-need based merit scholarships, but they are generally different than their financially-based merit scholarships. In other schools, students with or without need may be up for the same merit scholarships.
The best way to really see if there are non-need based merit scholarships (for academics, leadership or talent) or separately for athleticsâŠis to research the schoolâs common data set. On there, all need-based financial aid averages are shown vs. non-need based merit scholarships.
For example, the ivies will show high numbers for need-based aid (because they meet need) but will show a big 0 in the chart showing non-need based aid. Same for schools like Vassar, Tufts, etc.
So if someone talks about the big merit scholarship they got from these schools because or their high grades, that is not the whole picture. Their acceptance was based on their high grades. Their merit scholarship was based on financial need. An equally smart student will get accepted and not get that scholarship because they have no need.
NYU is a good example of a school who will vary their financial and merit aid packages based on how much they want you. They have specific need-based merit aid and also some talent based non-need based merit aid packages. They come from different funding. They also have a few academic based scholarships that are not need based that go to tippy top students.
I am wondering if Georgetown University offers Merit scholarship and how much. I donât think we can afford GTown without a hefty scholarship, but my son really wants to go there. He is a National Merit Semi finalist and can get into several good Universities on that scholarship alone. Any thoughts?
Go to the common data set to find this kind of info. And then confirm it again if it is a school that you are really interested in. (Schoolâs policies can change year to year.)
According to the 2011/2012 common data set, Georgetown gives zero merit aid to those without need. They do give athletic scholarships without financial need.
They also meet full need for those who qualify.
You can also use net price calculator to get an idea. You wonât find it
helpful if the school uses the College Board calculator or doesnât ask for GPA and SAT/ACT data.
Net price calculators are for fin aid they do NOT predict merit aid. Apples and oranges people.
Duke automatically considers all applicants for merit aid/scholar programs. No extra scholarship applications neededâwhat a relief
NPCs do predict merit if itâs guaranteed and the school sets it up that way. See it in action at Temple, for example, where merit scholarships are determined by GPA/test score.
âŠand they will show whether there is need or not. If you donât have need and the common data set shows that the school only awards merit aid based on need, then you know that you are out of the running for it regardless of how stellar your application is.
cindyyde, I donât believe GTown offers merit. We visited there and when the admissions counselor stated that, we took it off our list.
NYU, Duke do not offer good Merit to a wide range of students at all. Very, very few. I do not consider these as known for their Merit packages.
The good examples would be CWRU (small private) and Miami of OH (large public). These offer huge amounts to a good number of top kids. I am talking about awards close to full tuition.
^^
RightâŠ
NYUâs merit is almost always âneed basedâ (so combo must have lots of need and have really high stats).
Because all of Dukeâs students are high stats, their merit is targeted to fill holesâŠlike improving ethnic or regional diversity. This is often true at the Top Schools that give some merit.
Kiplingerâs has a tool for best values on public and private universities.
[Kiplingerâs</a> Best Values in Private Colleges-Kiplinger](<a href=âhttp://www.kiplinger.com/tool/college/T014-S001-kiplinger-s-best-values-in-private-colleges/index.php]Kiplingerâsâ>http://www.kiplinger.com/tool/college/T014-S001-kiplinger-s-best-values-in-private-colleges/index.php)
The list includes a column for cost of attendance after need based aid, and another column for percent of students receiving nonneed based aid.
I found colleges for my daughters from this list.
The very top schools donât give merit based aid in any significant percentage. However, if you have great financial need, these schools can be bargains.
Many of the state public universities offer honors colleges and merit scholarships to attract their top students.
Several private colleges and universities give merit based aid.
You have to find out whether your child qualifies for financial aid, and if so, how much.
Merit aid can make a private school, more affordable.
D recâd $11,000 in merit aid from NYU (no need). But it was a talent scholarship. Their merit scholarships are mainly for talent (art, film, and music) and a few students who are MLK scholars. One or two women in science awards, too.
Actually, depending on the school, the bet price calculator will show merit. On the west coast University if Puget Sound, Redlands and Willamette all do. In our experience this year they have been very accurate on predicting merit.
For the novices at the early stages of the process (which includes me, the parent of a sophomore), colleges and universities determine need after reviewing FAFSA and CSS if applicable, then determining Expected Family Contribution (EFC) right? So, hypothetically, if the cost of attendance (tuition, fees, books, housing, meal plan, etc.) is 60,000, and expected family contribution is 35,000, then need is 25,000âright? At that stage, some schools offer a financial aid package that includes loans (interest rates vary and often depend on income it seems). A few schools claim their goal is for students to graduate without debt, so financial aid is in the form of grants and work/study. The merit aid, for example, for academic achievement, is usually described as ânon need-based.â This brief summary likely oversimplifies the process, but isnât this basically how the estimation works? If so, then even a household with income of over 100,000 could theoretically have some needâdepending on the cost of the school and the EFC, right? More wealthy applicants and households may get phased out of need aid, but still be eligible for pure merit aid which is calculated without regard to need.
Yes correct, though many schools may not meed need, even with loans.
@perseverance1 one âgotchaâ is that merit aid reduces need. So in your scenario with 25K need, that might be met with 15K grants, 3K work-study and 7K loans. If the student is awarded 15K in merit aid by the school, they most likely would just get that in place of the need-based grant, and get only the work-study and loans to cover the remaining 10K of need. (If the scholarship came from outside, many schools would allow the student to replace self-help first, so theyâd then have the 15K scholarship from an outside organization and 10K grant aid from the school).
If, indeed, the school actually meets need.
You were correct to say that if a schoolâs cost of attendance is $60K and your EFC is $35K than the expected need is $25K. The issue is that very few schools meet full need. There is usually a gap between what the EFC is and what aid is given. In other words, a school might know that your need is $25K, but may only offer $15K in aid. And part of that $15K may be work study and loans. So the breakdown may be EFC $35K, $6.5K student loans, $3.5K work study, and a $5K grant, leaving a gap of $10K. So basically the student must pay $6.5K in loans and work for the $3.5K. There is $5K in a grant (bringing the total cost of the school down to $55K.) So the parent needs to pay $45K per year. ($10K above their EFC.)
The only exception to that are schools that meet full need.
Also, you need to understand that most schools do not give pure merit aid. W
hen you are looking at the Common data set, the merit aid that is shown as non-need based aid is for those who have no need. Any merit aid that is given to students with financial aid is included in the financial aid section.
@uskoolfish - Would you say that âmost schools do not give pure merit aidâ? I would have thought it was more that âmost students do not receive pure merit aidâ. Certainly, the Ivies/SMC donât give it, and several LAC like F&M are going in that direction, but I do think that most state schools and many private schools on the â2nd tierâ and below, do give some pure merit aid. OTOH, it is the rare bird who actually gets a full scholarship based on merit alone, because it would have to be worth it for that particular school to entice that particular student.