Understanding Financial Aid: Help?

Paying for College
1

<p>Hello,
I am not sure I understand how financial aid works entirely. Please help me.</p>

<p>At a school that meets, let us say, 85% of need, my financial aid package would be calculated like this:
Cost of Attendance - Estimated Family contribution = Y
Financial aid package = Y x .85</p>

<p>Correct?
However, if I apply for merit based scholarships and receive one for let's say 7,000 is my financial aid then calculated like this? :
COA - EFC - 7,000 = Y
Package = Y x .85</p>

<p>Or is it:
COA - EFC = Y
Package = Y x .85 + 7000</p>

<p>If it is the latter option, then what happens if my new package become more than the cost of attendance?</p>

<p>Many of the colleges that I would like to attend only meet 70-80% of need, but many offer merit-based scholarships that I might qualify for.</p>

2

<p>You can’t count on any non-full-need school meeting any certain percentage of your need.</p>

<p>When the stats say “average percent of need met = XXX,” that is very much an average. Some accepted students get 100% need met, some might get 0% met and most everyone else is in between. Those students who get 100% need met may well be the ones who have very low “need” as determined by the school.</p>

<p>Any merit-based scholarships you receive will be considered part of your financial aid package.</p>

3

<p>*At a school that meets, let us say, 85% of need, my financial aid package would be calculated like this:
Cost of Attendance - Estimated Family contribution = Y
Financial aid package = Y x .85</p>

<p>*</p>

<p>NO…that is NOT what the 85% means.</p>

<p>1) That number is the “average” for students who enroll. Many kids may have gotten WORSE packages…packages that were soooooo gapped, that they couldn’t afford to go to the school.</p>

<p>2) It makes sense that when all the FA packages go out, the students with the lousy FA packages don’t enroll…and those with good ones do enroll. The ones who declined because their packages were bad are not included in that stat. So, the 85% average does NOT reflect what all accepted kids were given…it just reflects the AVERAGE of what enrolled kids were given.</p>

<p>3) Some kids have very little need, so their need is met with a 5500 student loan. So, their need is met 100%…while others may be met 70%…and the avg is 85%.</p>

<p>4) If the school is a state school and you’re an out of state student, then you especially cannot use those numbers. Those numbers will largely reflect the packages of 'low COA" instate kids. Instate kids are often given aid that can’t be given to OOS kids…such as state aid.</p>

<p>5) Students with low EFCs are most likely going to be largely gapped at schools that don’t meet need.</p>

<p>6) Students whose lowish EFCs exceed Pell thresholds are also likely going to have larger gaps.</p>

<p>*Many of the colleges that I would like to attend only meet 70-80% of need, but many offer merit-based scholarships that I might qualify for. *</p>

<p>Merit is not added to FA…it replaces FA. :(</p>

<p>So, the only way merit would work for you is if it is soooo huge, that it covers all your need.</p>

4

<p>Maybe we can help you with affordable schools.</p>

<p>What state are you in?</p>

<p>What is your likely major?</p>

<p>Is $7k your likely EFC? Will your parents pay that? Will they pay more than that?</p>

<p>Do you have a non-custodial parent? If so, will he/she contribute to your college costs?</p>

<p>What is your weighted GPA?</p>

<p>What is your ACT and SAT (include SAT breakdown).</p>

<hr>

<p>Oh gosh…I just checked another thread.</p>

<p>you want to transfer from your current college.</p>

<p>Well…those average numbers do NOT apply at ALL to transfer students. Those numbers are for incoming frosh which get the better packages.</p>

<p>Many schools give crappy aid packages to transfer students.</p>

5

<p>That information is really helpful but sad. What kind of schools can one count on as “safties” (schools I can afford and can be accepted at) if they do not have any college savings and have a really low EFC but good academics (3.79 HS GPA, 4.0 Current College, 2150 composite SAT)?</p>

6

<p>There is no such thing as a “safety” for any student who needs significant financial aid - except for in-state flagship publics. All colleges that meet full need are highly competitive… and that is even more true for transfer students, because many of those schools do not enroll more than a tiny percentage of transfers.</p>

<p>You may have to stay at your public university. The vast majority of students attend public colleges because that’s what they can afford.</p>

<p>If you’re looking for a smaller, more intimate environment… perhaps look at the state’s smaller schools? Does your state have a Public Liberal Arts College?</p>

7

<p>Thanks. I will take a look, but I have to be honest, I feel that I wouldn’t feel challenged at my state flagship. I would most like to be at a school where the student population as a whole is really interested in growth and academia. I guess safeties are not really meant to be everything one needs.</p>

8

<p>You can be challenged at your state school if you are engaged in your education. I don’t know of any state flagship that is not able to fulfill your educational needs.</p>

9

<p>*That information is really helpful but sad. What kind of schools can one count on as “safties” (schools I can afford and can be accepted at) if they do not have any college savings and have a really low EFC but good academics (3.79 HS GPA, 4.0 Current College, 2150 composite SAT)? *</p>

<p>the problem is that you’re a transfer student. As an incoming frosh, you may have had other financial safety options.</p>

<p>But, since transfers don’t usually get very good aid, there aren’t going to be many options.</p>

<p>*I guess safeties are not really meant to be everything one needs. *</p>

<p>Well, probably not…if they were, they’d be top choices.</p>

<p>* I feel that I wouldn’t feel challenged at my state flagship.*</p>

<p>that is not true.</p>

<p>While you have good stats, certainly there are plenty of other kids at UTenn that have similar or better stats.</p>

<p>What is your major? If it’s a challenging major, then you’ll be challenged and have academically minded classmates.</p>

<p>Don’t assume that just because there are some kids across campus in easy majors that those kids represent the kids in your major.</p>

10

<p>*Intended major:
Comparative Literature
If not, History and English double major. *</p>

<p>If you take “Comparative Lit” as your major, you won’t have flaky kids in your class. Only serious kids major in things like “comparative lit.” (the flakes don’t want to read.)</p>