<p>Since a lot of people here may consider to apply for aid and may not have access to decent counsellors, I put up this thread. Unis combine grants, works, loans, and aid. Some generous ones give all money as aid. But what sort of taxes are imposed on a student? How much will he be expected to pay back once he graduate?</p>
<p>In short, what questions should a student ask their School about Financial Aid?</p>
<p>Please share what you know.</p>
<p>What I'm (as an international student applying fo FA), personally interested in is whether the amount of aid needed significantly affects the admission chances. I know that most colleges aren't need-blind to international student, but does that mean lower the family income, lower the chances of acceptance?</p>
<p>for schools that are not need-blind then yes the lower you can pay - the lower your chances of acceptance</p>
<p>but true need blind colleges are truly scanty</p>
<p>Whether requesting aid is a factor in the admissions decision (is the admission decision need blind)?
How is aid determined - Merit versus Need (eg at Harvard, Yale, Princeton, MIT, all aid is need based).
If merit aid is awarded, is it good for the full run, or are there academic or other qualifications that must be maintained to preserve the aid.
If aid is need based, does it cover full need, and is this guaranteed for the full course of study?
What contribution to my aid am I expected to make while a student (sometimes called the self-help requirement)?
What happens to my aid if I win a small scholarship from somewhere else (say $200), does this just reduce my aid?</p>
<p>^precisely what I asked for :)</p>
<p>Glad to be of service (grin)....</p>
<p>different merit awards have different conditions so you are going to have to check for that specific award. in general, for renewable merit scholarships, scholarships where money is awarded every year, there usually is a catch. you will often have to make sure that your GPA is above a specified threshold to hold on to your scholarship. you might have to meet other requirements if the scholarship was based on athletic or artistic credentials. </p>
<p>whether full need is met depends on the university. a few schools are committed to meeting the full demonstrated need of all admitted students. most however are not committed to that. the amount of aid you receive will then boil down to how much the university wants you there.</p>
<p>i am not sure about the self-help requirement and the scholarship question you posed. i would love to know myself so i would hope someone answers.</p>
<p>Concerning loans:
What are the interest rates?
Can you postpone repayment if you go to graduate school? (and if you can, would you have to pay interest?)
What's the maximum number of years you have to repay the loan?</p>
<p>Concerning work study:
How many hours a week would you have to work to get your entire work-study award?
Is an on-campus job guaranteed or very hard to find?
Can you realistically work all the hours you want to? (I know a college where freshman would have to work 10 hours a week to earn their entire work-study award but it's pretty much impossible to get more than 5 hours a week due to a lack of job openings)
If you have to, can you work in excess of your work-study amount? </p>
<p>Generally:
Do you have to reapply for aid every year?
If so, would summer earnings higher than what the college expects lower your gift aid (you might plan to earn $3000 over the summer to help pay your family contribution, but the college might only expected you to earn $1800 and lower your grants by $1200)?
What happens if your financial situation changes unexpectedly (e.g. significant changes in currency exchange rates, medical bills...)?
What does the college consider satisfactory academic progress? (the minimum GPA and number of credits needed to retain need-based aid every year)</p>
<p>And don't be deluded by the phrase "meet full demonstrated need". A college may well meet your entire need based on what they judge your need to be and end up giving you less aid than another college that only meets 90% of your need but estimates your need significantly higher to begin with.</p>
<p>Just an example: I was offered fin aid packages by two different colleges last year, both of which promised to meet full demonstrated need. But one college expected me to contribute ~$4,000 a year while the other one expected ~$9,000. Guess which one I am attending now.</p>
<p>One more important question:</p>
<p>How does the aid adjust to the increases in tuition, room and board every year? Will they be compensated by grants or loans or raise the family contribution?
More generally, how much do your loans and expected summer earnings increase from year to year?</p>
<p>^^great posts, people, you rock!</p>