How hard is it to get a scholarship?

mamag2855
Fri, 24 Jun 2016 19:54:25 +0000

@ExiledNoble99 , my daughters did not apply ED, so we were not aware of the trustees scholarship, but it certainly does seem as tho you will be considered for it, not sure of likelihood of getting it.

On another important note, however; I think that you may be confused about how financial aid/merit scholarships are linked together at most schools (there are a minority which allow stacking). For example, UR meets 100% of demonstrated need (as calculated by them).

let’s say your UR efc =40K
your aid package without merit scholarships will look like this:

COA = $63K
need = $63K - $40K= $23K

your need will be met with: $5500 in federal student loans + $17,500 in UR grants (might possibly include some work study as well) = $23K in need based aid awarded.

If you are awarded a $15,000 merit scholarship(presidential, trustee, or other scholarship), that $17,500 UR grant will most likely be be reduced by $15,000 and become a $2500 grant. It will not be applied on top of the $17,500 grant to reduce your efc. You will still have to pay your efc of $40K, on top of your $5500 student loan.

On the UR website, it does state that outside scholarships can be applied to reduce the self help portion of a financial aid package(the federal loan and work study), but total aid cannot exceed the COA. http://financialaid.richmond.edu/prospective/faq.html

Merit aid at most colleges will only reduce your efc if it exceeds your demonstrated need. Merit aid will only reduce your efc if it exceeds your demonstrated need.

Be sure that you research each schools policies carefully as you put together your college application list. If UR is not affordable with the above scenario, do not apply ED. If the schools on your list handle financial aid the same way, you may need to revise your list. Also review this helpful thread for good general info: http://talk.collegeconfidential.com/financial-aid-scholarships/1486647-financial-aid-faqs.html#latest