<p>This seems to be the piece of the puzzle that I can't get a handle on right now. </p>
<p>Assume a kid with good scores/gpa...take the difficulty of getting accepted to schools as understood...</p>
<p>Are there any desireable schools that will give you merit ON TOP OF FA that can bring your costs down below your EFC? (Yep, 'desireable' is pretty vague...not completely sure what that will mean for us yet, but I think CCers share some generally accepted criteria...I think our aim will be smaller to mid-size schools )</p>
<p>It looks like public schools tend to offer merit, but not FA (talking grants/scholarships here..not interested in loans at the moment), and the top privates offer good FA, but no merit.
I think there are some (maybe mid tier?) schools that offer both, but it seems that if you get both, it really works out the same cost wise since, from what I undertand, if you qualify for say 30k in FA, but then get 10k in merit, then you will only get 20k in FA...keeping the total you are getting at 30k. right? </p>
<p>I think we will have a FAFSA EFC around 20K, and we don't have a lot in the way of assets, etc. that would be figured in using the institutional method, so our guess it would be around 20K at most private schools too.
Given that...we think we COULD pay that, but it would not so easily that we can just write a check and not worry about it....it would be a big decision to pay that as opposed to taking a much less expensive deal in-state (Fl).</p>
<p>Usually not. </p>
<p>First merit is determined. THEN, the school determines how much FA you need to meet need.</p>
<p>If you get outside merit, then they usually reduce FA.</p>
<p>However, if you get ALL merit, then THAT can reduce EFC.</p>
<p>It’s possible, but not likely anymore. It used to be very much possible, but now most all colleges integrate their own financial aid with any and all merit awards, inside and out.</p>
<p>However, there are schools that do allow students to keep their outside scholarships, do not integrate for the PELL. I don’t know any colleges specifically that will let you keep their own financial aid award on top of their own merit award. Those tend to be internally integrated so that by the time a student gets the aid package, all of the integration is done.</p>
<p>However, there are school that have what is called merit within aid. In such situations, students can qualify for certain scholarship if they qualify for financial need. The way it works is that if a student qualifies for $1 in need, they are eligible for any of the awards that may be far more than the demonstrated need and could even be a full ride. But anyone who has no need is not eligible for consideration. These awards seem to be at schools that allegedy give no non need based awards. And it’s true, in order to get any merit money, you have to also show need, but the numbers do not have to match.</p>
<p>I believe federal funds such a subsidized STAFFORDs, other than the PELLs have to be reduced when the EFC is met by other awards as mandated by federal rules.</p>
<p>*I think we will have a FAFSA EFC around 20K, and we don’t have a lot in the way of assets, etc. that would be figured in using the institutional method, so our guess it would be around 20K at most private schools too.</p>
<p>Given that…we think we COULD pay that, but it would not so easily that we can just write a check and not worry about it…it would be a big decision to pay that as opposed to taking a much less expensive deal in-state (Fl).*</p>
<p>If you would feel more comfortable paying LESS than $20k, then you’d best find some full tuition scholarships offered by some schools…your remaining costs would be $10k-15k depending on the R&B costs at each school.</p>
<p>The ways to pay less than the EFC are pretty limited. As m2ck says, get merit only in excess of need and you’ll pay less than EFC. You can also go to a school with a sticker price below your EFC, but that may not be “desirable” to you. Finally, you could could fall into certain very narrowly defined situations with tuition benefits (like being a college employee), but once again your choice of schools would be limited. </p>
<p>WHen you’re talking about a school’s own money, they’re not going to define need and then ignore it and give you more. It doesn’t make sense from a business perspective.</p>
<p>*I think we will have a FAFSA EFC around 20K, *</p>
<p>Have you tried any of the NPCs on some private schools’ websites? You might try a non-elite that meets need or nearly meets need.</p>
<p>With an EFC of $20k and minimal assets, then your income is probably around $80k.</p>