<p>I currently have over 7,000 in scholarship money from other organizations. However, Uchicago stipulates that it would only go to my self help which is work study. My work study is under 3,000 so I would have left over. Is there a chance it can go to my expected student/parent personal contribution? Or does Uchicago just claim that money and use it instead of the aid it would give me anyways? Ugh I hate this policy. Any answers or thoughts?</p>
<p>At yesterday’s financial aid presentation they emphasized that outside awards <em>never</em> reduce parents’ contribution. Outside awards are applied towards the student’s contribution only, which is comprised of assets + work-study + loans. Outside awards above the student’s contribution will reduce the need-based grant. I hope I got this right.</p>
<p>I guess I’ll just have to work it out with the organizations. Darn</p>
<p>your student contribution is a combination of loans, work-study, summer earnings and 25% of your reported savings. For incoming freshman this year, that total is $9410 + 25% reported savings. It will increase somewhat each year.</p>
<p>In this case, your $7000 scholarship would remove the debt, work-study and some of the summer earnings – none of it would be “lost”.</p>
<p>you can then take on term time employment if you need additional money.</p>
<p>If your parents earn under $60,000/yr you qualify for the odyssey scholarship, which eliminates the debt portion (parental income of $60,000 – 75000 reduces the loan amount by 50%). In this case, your $7000 scholarship amount would eliminate all summer earning and work/study requirements (~$4100). </p>
<p>You can ask that a computer be added to the budget (this can be done once during undergraduate years); if your scholarships don’t have a restriction that they can only be used for tuition/room/board, then you can use those funds for a computer and not as much is lost.</p>
<p>If the organizations that have offered you scholarships will allow you to defer them for a year, that can help you not lose grant $$.</p>
<p>Is U of Chicago a school that will consider an older sibling’s attendance at grad/med/professional school when it calculates a parents EFC? Some schools will consider this if a parent is paying for the older child’s grad/professional school, and some will not. What is U of C’s policy on this?</p>
<p>jym, from page 2 of this year’s “Guide to Financial Aid for Students and Parents”:</p>
<p>“…if one or more of your siblings will also be enrolled in an undergraduate [emphasis in original] program, we look at their costs relative to the costs of the University of Chicago and expect a portion of the total parental contribution to be available for you.”</p>
<p>Doesn’t look like they will. Unfortunately, I can’t tell you what the FA for two kids in school looks like, either, since Chicago’s deadline for returning students was 5/1 and awards won’t be released for a while. I will say S2’s package from Chicago was better than we expected.</p>
<p>Thanks, CD. So if a parent got a good package with 2 in college, but say the older one graduates from their school before the younger one enters their junior year, the U of C’s FA package will readjust up for the last 2 years of the younger childs years at U of C?</p>
<p>I only recieved $2000 in grant aid. So, if I managed to get scholarships that covered all of my student contribution AND my grant money AND still had some left over, would it then go to pay of parental contribution? Because my parental contribution is so high that my parents won’t be paying for it. Rather, I will be paying that portion, so scholarship money would be really helpful. It seems unfair of the college to make students pay the parental contribution no matter what despite outside scholarships. But I’m confused by post #2 that says that parental contribution can never be replaced by scholarships.</p>
<p>Can expected student contribution be paid with scholarships?</p>
<p>The expected student contribution can be paid with scholarships. If you have scholarship money left over (notice that it might be possible to “delay” the scholarship!) then it replaces your need based aid. However, if your grant aid is completely replaced, then of course you can use the left over money to contribute to the parental contribution.</p>