I have heard that schools that offer merit and need based aid don’t “stack” them. However much merit aid a kid gets, is just subtracted from the need aid, so there’s no point in “chasing merit”. Is that true at all schools?
If a school says they meet something like 75% of need, can merit help fill that 25% gap?
Besides the NPC’s, which I hear aren’t reliable, how do you know where to look and where not to even bother looking because there’s no way it will be affordable?
Some schools stack merit, but most don’t. But those that don’t will usually let the merit substitute for the loan portion of the need-based award and/or the student work-study portion. You can still take out loans and the student can still work, but then that’s “extra” money not part of the package.
NPCs are usually reliable, but they often don’t take into account divorce or if the parents own a business or a farm.
The NPCs were reliable for us, but I know that is not the case for every family (those who are self employed, etc).
What school says they meet 75% of need? I am not familiar with these schools.
If you go to collegedata.com, it says the percent of identified need a school meets on average.
So, for example, I was looking at Rose-Hulman. It says that on average it meets 69% of need.
Rose-Hulman’s NPC doesn’t include merit aid, but the school gives merit aid, so all the NPC tells me is that without merit aid it’s not an option for my son. If merit always replaces need, then I guess it still wouldn’t be.
And yes, we also have non-custodial parent issues that will make this more complicated.
Do you have reason to believe that the NPCs would not be accurate?
Ok I see that you answered the question.
Are you considering schools that offer merit?
I have two reasons to believe it.
One is the complexities of our situation.
But the other is that some NPC’s specifically say that they don’t include merit.
Very school dependent. Some colleges DO allow stacking of need based aid up to the cost of attendance. The only way to really know is to contact each financial aid office…and ask.
That is VERY different than saying a school meets a certain %age if need.
Are you targeting schools where your child would be competitive for considerable merit?
What does it mean, if it doesn’t mean that the school, on average, meets that percentage of need?
It literally says “Average Percent of Need Met” next to that category.
I am trying to figure out if that’s worth doing.
What do you mean by trying to consider if it is worth doing? I think that if a family needs money to afford college (not saying this applies to you) then the student should apply to schools that give it.
Also, when a school says it meets a certain % of need on average, that does not mean it will pertain to you (that is how I understand it, others will clarify).
We will be trying for merit because, while we will qualify for some need-based aid, most “meets need” schools think we can afford more than I think we can afford/want to pay. We can comfortably pay $45k, but most meets-need schools are going to expect us to pay more like $60k. So my kid will apply to some schools where he has a chance at merit that will bring the cost to $45k or lower—we’re not going to get there just through need-based aid. Need+merit mostly wont stack, so a 10k merit award wouldn’t impact our bottom line (bc we’ll get 10k in needs based aid anyway) but a $30k merit award would.
It’s fine to apply to schools that meet full need. If accepted, you can decide if the cost is affordable. It is common for schools to think you can pay more than you want (or can) pay.
It is also important to apply to schools that offer enough merit to bring the cost down to what you can pay. These are often safety schools.
Are your instate schools on the list?
I agree with those who say that stacking merit w/ need based aid is school dependent…so one has to go to each school’s website, and/or talk with admissions about how things work.
Some schools have automatic merit based on stats, others are offering ‘discounts’….where amounts can vary and get quite large for students the school really wants.
For many merit awards, there is no application, so not sure what you mean about if it’s ‘worth doing’. If you are talking about external merit scholarships, that is a whole other ball game…again policies are college specific. Generally if one is receiving need based aid from the school, any external scholarships have to be signed over to the school. Some do reduce financial aid based on external scholarships, they often start with removing student loans and work study. But, if the external scholarship is large enough, it can reduce need based grants. Note that some states and schools now prohibit this type of scholarship displacement.
ETA: this chart has the average need met for all schools on one chart (from 2022-23 CDS). As others have said, this can be a decent data point, but the averages may not apply to your case. Domestic Need-Based and Merit Aid
You mentioned Rose-Hulman. Did you look at their scholarship estimator? It is on their website.
It doesn’t mean that all students get 69% of their need met. It means that when looking at the aid ALL students receive, the average is 69%. In that mix are students who get $0 in aid, and students who get a higher %age of need met.
I think if I had a certain budget, I would have at least two schools that will 100% meet my budget which means in my mind - one of two things:
Get there on price point. For example, W Carolina will be $20k ish for all OOS so if my budget is $25k as an example), I might look at it.
Schools that have auto merit and there’s many - they have tables. You achieve the gpa/test or sometimes it’s just gpa…you get x $ and it renews assuming you hit the required level each year (usually a 3.0 gpa but not always). Some schools can get you into the 20s.
I would 100% have that. Even if you apply to a meets need school, even if the NPC showed a #, it’s not assure til you get the final offer. Maybe it’s less…the NPC was wrong or the data you put in wasn’t right.
I think if a 3rd party says a school meets 75% of need - first off it’s based on what the school (not the student’s family) says you need. And it’s likely not straightline. Different kids may get different levels of offers, dependent upon many factors.
Most important thing - if you have a budget (assuming it’s at least $20k), make sure you have that assured and affordable admit. Some states also have income driven plans for their residents although some may look at assets too. Privates with income tables definitely look at assets.
What you don’t want is to go through the process and have nothing affordable in the end - because you guessed incorrectly.
Good luck.
The OP wrote that they can comfortably pay $45,000.