Financial Aid Question

[geek_mom]

<p>@Seiken: The National Merit award is now stackable. Maybe that’s what you were thinking of?</p>

<p>Looks like prime is right about the merit-based scholarships –

@&lt;a href="http://www.hmc.edu/admission1/costsandaid1/typesofaid1/scholarshipsandgrants1/hmcmeritbasedawards.html%22%5DWhile"&gt;http://www.hmc.edu/admission1/costsandaid1/typesofaid1/scholarshipsandgrants1/hmcmeritbasedawards.html

While</a> these awards are granted independent of financial need, if you receive a merit-based award and are also eligible for need-based aid, your merit award will be included in the aid provided to meet your need. Thus, the amount of other aid you receive may be reduced. A merit-based award will not reduce your family’s calculated contribution.

</p>

<p>I couldn’t find anything online that indicates whether HMC will apply the Mudd merit scholarship first to loans, but it seems doubtful. Here’s how they apply private scholarships:

@"&lt;a href="http://www.hmc.edu/admission1/costsandaid1/typesofaid1/scholarshipsandgrants1/outsideandprivateawards1/outsideawardsfinancialaidawards.html%22"&gt;http://www.hmc.edu/admission1/costsandaid1/typesofaid1/scholarshipsandgrants1/outsideandprivateawards1/outsideawardsfinancialaidawards.html"&lt;/a&gt;

* The first $500 you receive in outside awards will reduce your need-based student loans and/or Federal Work Study funds.
* One-half of the remaining amount from your outside awards will reduce need-based Harvey Mudd Scholarship
* The other half will further reduce need-based student loans and/or Federal Work-Study funds. 
* Once need-based student loans and/or Federal Work Study funds have been completely eliminated, any additional outside scholarships will reduce need-based Harvey Mudd Scholarship only.

</p>

<p>Translation: With outside scholarships, you get the first $500, then the college will split the rest with you 50/50 until you have no loans, then the college takes everything after that. (On the upside, this probably makes HMC pretty aggressive in helping existing students get scholarships – on the downside, maybe not so much for full-pay students.)</p>