So say I qualified for $20,000 in financial aid scholarships, but then they were going to give me a $20,000 merit scholarship. Would I be getting $40,000 in scholarships or just $20,000? Thanks!
In most (but not all cases), you’d just get the $20k. Though I don’t have particular expertise with Rice, I know at my school (Northeastern, a private) my financial need was reduced after I got merit aid. If I can pay $20k for school but it costs $40k, I would need $20k in financial aid. Being awarded a merit scholarship doesn’t reduce how much you can pay, so you still pay $20k, but now the merit scholarship covers the other 20k and you have no need for financial aid.
It’s sad, but that’s how it works.
They actually changed a portion of my sons financial aid from need based to merit, but the total amount remained the same. I called them to discuss, hoping the merit based would be guaranteed for all 4 years. No luck on that front. Was told they reassign some of the aid to smaller merit based scholarships that are not funded for 4 year scholarships.
Most likely you will still only get $20,000, but you should call them and find out for sure.
Okay thank you all for your help!