<p>I am not on the waitlist for any colleges yet; even so, I am utterly curious to know how exactly does financial aid work for students who get accepted off the waitlist. Do they receive worse financial packages than students accepted not via waitlist? When do they receive such notification of their financial aid package? etc. Thanks in advance for any insights</p>
<p>Keep in mind- that even a school that meets 100% of need, will do so with grants loans and work study and that most schools do not meet 100% of need- generally if a school admits someone off the wait list, they will receive less than if they had been accepted earlier.
There is less money available for aid, most of their package may be loans & they may not have 100 % need met- indeed they may be "lucky" if they have any need met.</p>
<p>this is what my older daughters school says regarding aid & waitlist</p>
Unfortunately, the answer is mostly discouraging. In most years, all of Reed's financial aid for incoming freshmen has been allocated by May 1, leaving no funds available for students on the waiting list. That said, the financial aid budget situation does vary from year to year, and there have been years when financial aid has been available for a handful of students on the waiting list.
<p>My daughter is on a waitlist. This school does not pledge to meet 100% of financial aid but it need-blind in admissions.
She has already been accepted at 5 other schools some with great financial aid packages - and one even covered nearly all of her tuition.
However, the waitlist school is her dream school. So when she got the email - I told her we needed to check into the financial aid part since she won't be attending without a good financial aid package.
I called her GC who didn't know the answer and encouraged me to call financial aid at the school.
I called financial aid - I was told - they reserve a pot of money for students who will be admitted off the waitlist. Not only that the money that was awarded to students who turn down the school goes back into the pot.</p>
<p>She assured me that her financial aid package would be the same financial aid package as if she was admitted in March.</p>
<p>Apparantly this will vary by school and it would be wise to have a conversation with the folks in the FA office if one is offered a spot on the waitlist.</p>