<p>I’m a high school junior and I am very confused as how to universities decide to give you financial aid and how some of them just “give” you money. Can someone please explain the whole concept of colleges paying you to go to school?</p>
<p>The don’t pay you to go to school (except in very unusual circumstances). However, it can happen more often at the graduate level. They don’t give you money, they use it to reduce the cost of tutition and other costs to attend (room and board).</p>
<p>Scholarships and grants are most commonly used to offset the cost of tutition. They are typically given for 3 major categories:</p>
<p>1) Need
2) Merit (talent, academics, etc)
3) Special Circumstances (italian heritage, parent was killed in the military, etc.)</p>
<p>Scholarships/grants can be administered by the school or by an outside organization. If administered by an outside organization, could possibly be used at any school (depends on the criteria).</p>
<p>Some scholarhips (including 99.999% of the outside administered programs) require some type of application. Some school administered ones have an automatic application if you apply to that school.</p>
<p>Each scholarship has its own criteria to define need, merit, etc.</p>
<p>At the graduate level, some programs are Fellowships, in which you are teach or do research while earning your degree. then you may be able to get money back.</p>
<p>They decide how to award money based on your admissions (merit aid) and financial data (need based aid). Not all colleges award merit aid (ie. the Ivy’s) but those that do generally determine the amount based on your HS gpa, test scores, class rank - there may be special scholarships that require another application and/or interview.</p>
<p>Need based aid is determined by the financial data you and your parents provide by filing the FAFSA (and Profile for those schools that require it). You’ll do this by a certain deadline the college specifies. The earliest you can file next year’s FAFSA (for aid in the 2010/2011 school year) is January 1, 2010. It will be based on 2009 tax info and assets valued on the date you file FAFSA. </p>
<p>Colleges award two types of need based aid - government grants and institutional grants. Government grants (Pell, ACG, FSEOG) and many state grants are given to those with smaller EFC’s (a number you can estimate now by plugging your financial data into the FAFSA4caster or College Board’s estimator). Instutional grants are given according to the school’s policies but generally they look at your remaining financial need considering your EFC and scholarships and government grants/loans already awarded). Unfortunately, most colleges cannot meet that remaining need in full so that’s when the dreaded “gap” comes in. Often, additional need is filled by more loans (private or Parent PLUS).</p>
<p>Ideally, you would target schools where you are in the upper percentiles of the stats for accepted students if you’re looking for merit money since colleges use merit money to attract students that they want to come to their school. There is a huge variation in how institutional money is awarded so it really pays to research carefully and, as always, apply to at least one school that is a financial safety for you. </p>
<p>Finaid.org has a ton of information for you and your parents on all types of financial aid, as does this forum.</p>
<p>depends on ur stats. there re couple of colleges which will give u need based aid, means u will be made to pay only the amount u can afford, but that reduces ur chances of admission greatly…</p>
<p>search for colleges that will give u merit based aid depending upon ur stats, usually SAT. most will give u full tution aid, some will go upto room…
there are colleges that will also give u stipend on top of ur aid. it all depends upon how much research u do.</p>
<p>i am an international too, goin to college this fall. i got full tution, room and board. almost all ppl frm wer i am go to college this way. u need to know wer to look. the main source of information is CC itself. collegeboard.com can be used to narrow down ur choices. IMPORTANT: see the colleges own website and dont hesitate to mail them if u have any questions. all this takes time, but eventually u will fing urself doing good.</p>
<p>SO, conclusion: have good scores in SAT and good eca, talk to admission officers…n do a LOT of research. i hope u do know that u shud start at least a year early…
pm me with ur stats if u want information on some of such colleges</p>
<p>Your college would prepare your invoice showing a debit for tuition and then a credit for aid given. Those on 100% full ride may be handed a small amount of cash (check) for incidental expenses.</p>