Where did I write that?
Above
1 Like
Even if so, the same rules apply.
The # isn’t relevant so much as the strategies to ensure you have something that can hit that # so you aren’t left, in the end, school-less.
At least in my simple mind.
1 Like
Oops was I looking at a post that isn’t yours?
I think the only person who mentioned a $ amount in this thread is @CarNu2000
Yes you are right, I apologize. I incorrectly thought that poster was you (the OP).
This is the most complicated thing you mentioned, and can most definitely affect need based aid at colleges that require the non-custodial parent Profile. Or that collect info about non-custodial parent finances on a school based form.
For this situation, it is my opinion that guaranteed merit aid that makes a college affordable based on stats, or a lower cost to begin with college makes sense.
5 Likes
Most typically, at schools that don’t meet full need, merit can be “stacked” to fill any gap. But once full documented need has been met, they generally won’t provide an amount of need aid that puts the out-of-pocket cost below the Family Contribution as they calculate it. They may (but will not always) use “excess” merit to replace loans, which is very much worthwhile for the recipient (who can then reduce out-of-pocket by taking the guaranteed loans anyway, if desired). But beyond that, they’ll reduce the need-aid award. The rationale is that their need-aid budget exists for the purpose of covering students’ costs that are above their calculated Family Contribution. If those costs go down because of a merit award, then the need aid award goes down.
But as others have said, policies vary, so definitely ask rather than assume.
This does, however, point to a reason that students shouldn’t be too stuck on applying only to “full need met” schools. It isn’t easy for colleges with less-than-fabulous endowments to make a full-need-met commitment. They can’t afford to be generous in their need-calculation formula. So for some students, the calculated Family Contribution may be on the high side, and then it’s very hard to get below that. A school that doesn’t promise to meet full need does not have to tinker with their need-calculation formula to balance their books. And then, if the Family Contribution is lower and a strong student can get the gap filled with merit, they can end up with a better deal than at the supposedly-more-generous full-need-met school.
2 Likes
I am trying to figure out which schools are worth visiting or applying to. I don’t see a point in taking my kids to see a school, or encouraging them to apply to a school, if there’s zero chance we’ll be able to afford it.
Well yes, which is why I am asking how you can tell which schools give meaningful money. Because merit that replaces need based aid is unlikely to be helpful, but merit stacked on top of need based aid could be a game changer.
I did, but it asks for very little information and even then the numbers don’t seem to change based on what I put in. I have two very different kids, and am focused on my oldest who wouldn’t be a fit for R-H, but since part of our decision making process for him includes anticipating expenses for my younger kid, I was poking around on the websites of schools I thought he might like. But since I don’t know what his grades, or class rank, or test scores will be, I ran the scholarship calculator with pretty much every combination of numbers and was surprised how little the numbers changed.
Well no, I didn’t think or say it did.
Is there a list of such schools? I have not seen that on any of the websites I’ve been on.
This is what I am hoping for.
For my oldest, I don’t think there are any full need met schools where he has a shot. I hope those will be options for my younger kid, but it’s too early to know.
I am not sure what state we’ll be in by graduation, but the state we’re in right now doesn’t have the major he wants in any of the schools, plus the COA at state schools is above what I think our EFC might be. Our flagship has a reputation for good merit, but I don’t think he’d get in.
If we are still in the same place, he’ll probably apply to one state school for a back up major, but I’m not sure he’d choose it over community college, which will probably be his safety. But, like I said, a move is a possibility.
3 Likes
Is your child a HS junior? Will they be meeting with their guidance counselor this year to discuss college?
I would focus on schools that give merit based on stats, and I would forget about need based aid for the reasons that are noted above.
Yes there are schools that have a chart. Alabama comes to mind. I am sure others will chime in with more.
For significant merit your student will need to apply to safety schools. Take a look at the class profiles and try to identify safeties. I see you identified a CC.
People can help recommend schools if you are comfortable providing information.
3 Likes
You may already know this, but for more detailed info about schools you’re interested in, you can consult the financial aid section of the Common Data Set. (Not all schools publish these, but most do.) This will provide a breakdown of merit aid - how much is given to otherwise full-pay students vs how much to students with financial need. It still isn’t predictive of what an individual applicant will get, but it gives a bit more context than the NPC by itself.
1 Like
Most typically? I’m not sure this is true. Regardless…the best way to find out a specific school policy on this is to contact that school’s financial aid off…and ask.
1 Like
Some of my kids chased merit, meaning they applied to colleges where their stats were at the very top. They had stats for more selective schools but they wouldn’t get merit there, and we aren’t eligible for FA.
2 Likes
Do you think could be more common for schools to reduce need-based aid when merit is awarded, even when need hasn’t been met? I don’t doubt that it has happened, but I have yet to hear a single anecdotal report of this. (Whereas reports of students and families being shocked to learn that merit won’t get them below their expected contribution are, sadly, fairly common.)
But yes, asking is always better than speculating or assuming.
1 Like
It would be helpful if there was any indication of a budget for this conversation. There are plenty of schools that give lots of merit aid…and may even stack but if the budget is $10k/yr - it doesn’t matter that some schools might give $45k in merit and stack another $15k in need if the school costs $80k.
If you haven’t run your EFC and/or figured out what you can/will pay…this conversation isn’t going to be terribly helpful for research or planning purposes.
3 Likes
Well…this can happen. So if a student’s need (even partially) is met by a merit award, that would reduce their financial need, and therefore their need based award (excluding the Pell which is an entitlement they get if eligible regardless).
The same is true for outside scholarships all of which must be reported to the colleges. Those scholarships reduce your financial need, and can reduce your need based aid award.
If a college is 100% meet need and the college determines that a student can pay 30K AND the school gives merit, then it typically goes like this
Total cost of school $80,000
Merit Awarded ($20,000)
Grant ($24,500)
Student Loan ($5,500)
Amount that Student
Pays $30,000
This is simplified but it pretty much looks like offers we have received from schools in 2022 and 2024. Now a few schools will not include the student loan in their computations but most schools that meet need do include loans. Some may also include work study.
I think the main issue is how the school determines your need. Some CSS schools will include home equity, others will not. Some may consider retirement in a capacity, others will not. Most are factoring in siblings in college, but I have heard of a few that are not. So that to me is where the numbers can change.
2 Likes
It does not necessarily mean that any given admit will be offered that percentage of need met. Of course, the college can define “need” however it wants, so percentage of need met is does not really say that much anyway.
Examples of some different college policies on outside scholarships from a few years ago (may have changed): List of outside scholarship + financial aid policies ("stacking", "scholarship displacement")
Rose-Hulman does not say on its web site what happens when a student with need-based financial aid gets merit scholarships.
Things are very much in flux here, but I am going to say in the ballpark of $25K, which is close to what I would estimate for FAFSA. For schools that would normally consider their Dad’s financial circumstances the need formula would be much more complicated and impossible to predict.
1 Like
We found plenty of LACs* that with maximum merit aid available cost around $28-35k. The only time COA at LACs fell below $25k was when the student also was awarded competitive merit by the school in addition to merit awarded without additional applications/essays/in person visits. We didn’t have any financial need to stack with merit.
Don’t know exactly that kind of schools your child is looking for but if merit hunting, you need to look at schools that are academic/admission safeties that also offer enough merit to reach your target budget.
With that kind of budget, in-state directional publics might end up being your academic and financial safeties and then you can add additional schools that have the possibility of meeting your budget.
P.S. One overlooked benefit of in-state schools is that you can often waive the health insurance charge. Purchasing mandatory health insurance can add $2-5k per year to COA, depending on school.
*None of the LACs my kids applied to met 100% of need. Most did stack merit and need based aid.
3 Likes