<p>Is merit aid really a good deal when you get, say, $15,000 merit aid for a school with COA of $40-50,000? It seems like a lot of not all that prestigious private schools use this device to attract students.</p>
<p>It is a way for the school to lure students who are “desirable” (like high scorers). It’s still a discount and if the student wants to go there it may work.</p>
<p>*Is merit aid really a good deal when you get, say, $15,000 merit aid for a school with COA of $40-50,000? It seems like a lot of not all that prestigious private schools use this device to attract students. *</p>
<p>Well, it may not be a good deal if a student could pay less for another equally good school. But, if a $15k per year “discount” means that a student can spend $60k less for a quality education, then it’s a good deal! :)</p>
<p>Are you asking if a dollar off something with a price tag of five dollars is a “good deal”? The answer, of course, is “maybe.” Can you find something just as good elsewhere for four dollars? Or less? Or for free? Or that you can get in half the time?</p>
<p>It depends upon whether you are eligible for need-based financial aid. Merit aid is subtracted from your need-based aid.</p>
<p>For the $15,000 figure you mention, if your need (COA-EFC), as determined by the school, is:</p>
<p>less than $15,000 - all need-based aid will be replaced by the merit scholarship.</p>
<p>more than $15,000 - the merit scholarship should replace the loan and work-study portion of your fin aid package first, and then replace need-based grant up to the amount of your scholarship. (check with the school to make sure.)</p>
<p>For those also that would otherwise qualify for need-based aid, the bad news is that the value of the scholarship will be something less than $60,000 over 4 years. The good news is the potential for loan elimination.</p>
<p>Again check with the specific school to determine how merit and need-based aid affect one another. And make sure your academic performance allows you to keep your merit scholarship.</p>