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Why are the scholarships called scholarships if they replace financial need?

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Replies to: Why are the scholarships called scholarships if they replace financial need?

  • cag60093cag60093 Registered User Posts: 169 Junior Member
    Good to know. My S was recently awarded a private scholarship that will be disbursed annually for four years; so it'll help to make a small dent. I was wondering if it's worth the time to apply for a few more scholarship one time scholarships to stretch out the 529 $$.
  • MassDaD68MassDaD68 Registered User Posts: 1,545 Senior Member
    As the OP stated. People are lining up to pay the NEU price. Private schools are receiving record numbers of applications. the appetite for a private education is insatiable.

    For those of us in the middle class who can't afford it, it is very frustrating. I learned so much in this process as you are also. These schools just do not have the cash to give and remain the bastion of the wealthy.

    My second son will not even be allowed to apply to a private school. We have only allocated him $40K a year for the 2021 entry. Hopefully it will cover the cost of in-state public. Private school will not even be on the table.

    I am sure there are other options for you that are just as good.
  • twinznonetwinznone Registered User Posts: 5 New Member
    @cag60093 I apologize, I misread. Yes, you can "stack" merit aid from the school with scholarships from outside the school - up until the cost of the school I believe (as in, you can't pocket the money). So, say you got $20K from NEU and then another $5K from a Kiwanis scholarship and another $5K from another outside scholarship, you'd have $30K total. They wouldn't take away the NEU merit money because of the outside money he got.
  • HRSMomHRSMom Registered User Posts: 4,632 Senior Member
    Merit stacks on merit, but generally not on FA. So yes, outside merit should not reduce a school awarded merit award.
  • whitespacewhitespace Registered User Posts: 1,029 Senior Member
    @TomSrOfBoston Yes I did - I'm not sure what you're meaning to say, though.
  • lookingforwardlookingforward Registered User Posts: 29,420 Senior Member
    If a scholarship reduces need, there's less need left to fill with other money or loans. Say you need 26k and get it in the form of a scholarship, that's the math.

    If you're saying this doesn't bring you down to roughly 30k, you'd need to look at the rest of the NPC, see if something differs in your input there from the documents submitted to FA. And whether the NPC and actual package include work study, student contribution from summer earnings, and loans.
  • suzyQ7suzyQ7 Registered User Posts: 3,647 Senior Member
    The bottom line is that IF NEU (and I'm not sure if they do) reduce "FA" in the form of loans by an outside scholarship - that is wrong. Outside scholarships should always replace loans.
  • nanotechnologynanotechnology Registered User Posts: 2,526 Senior Member
    @cag60093 - outside scholarships will stack with Northeastern merit aid, but they will recalculate need based aid according to this additional outside money. In my case, that meant I lost the option for work study my freshman year but my merit scholarship was not affected.
  • STEM2017STEM2017 Registered User Posts: 3,325 Senior Member
    The bottom line is that IF NEU (and I'm not sure if they do) reduce "FA" in the form of loans by an outside scholarship - that is wrong. Outside scholarships should always replace loans

    I agree 100%. If "loans" are considered part of the financial aid package (and they always are) they should be the first item reduced by outside scholarships.
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