Im a little confused with merit scholarship money and financial aid money
I received a merit scholarship of 5k/year, but I do not qualify for financial aid (the only aid I get is the 5500 student loan which I have to repay with interest).
I emailed this school’s financial aid office of my family situation that came up recently and how I would need an additional 5k/year to make it affordable.
They directed me to ask the office of admissions because they deal with merit scholarships.
I don’t know if they misunderstood my intent or something…does that mean I can’t take out a different loan and my only source of more money is merit at this school?
If you don’t qualify for financial aid, why would you email the office of financial aid to ask for it?
1 Like
You qualify for the loan because you filled out the FAFSA. It doesn’t matter how wealthy you are. You simply don’t take it.
The $5k merit is an award based on your achievement. So you get that, either one time or all four years depending on the terms. Other times it might be as long as you live on campus - so whatever the terms are (including maintaining a minimum gpa).
But there is nothing squirrelly here.
They rewarded your accomplishments, not your need.
If you don’t want the $5k, ask to decline it or have your parents donate the $5k back to the university.
Congrats and good luck.
1 Like
The money my family makes each month is all towards mortgage. I was wondering if the financial aid office could consider the additional 5k/year I am asking for (which I got confused if the money is merit or a loan type money)
A loan is a loan. It must be paid back as you noted - and it has fees, in addition to interest.
A merit is free money - but it will have terms - both is it one time or all four years. And a minimum gpa to keep it - sometimes 3.0 or higher, sometimes 2.0.
With the $5,000 merit, given your family spends everything on their mortgage, will you be able to afford this school?
Even with the 5000 merit, would have to take out a full out loan. Which is why I am trying to ask for 5k more/ year. With that + merit+ the 5500 loan would be more affordable.
In state is best option, but I got deferred. Trying to have some backup plans…
Financial aid is a blanket term that includes both merit aid and need-based aid, although many people use the terms interchangeably.
Merit aid is awarded based on achievement (academic, athletics, affinity group, etc.) without regard to your family’s income. Merit aid is typically handled by the Admission Office.
Need-based aid is based on your family’s income and a school’s determination of how much you can afford to pay. Need-based aid is handled by the Financial Aid Office and their calculations based on the information reported on FAFSA and/or CSS Profile. Each institution has its own policies for need-aid eligibility… for example, many public universities do not offer any need-aid to out-of-state students.
If I understand your OP, you do not qualify for any need-based aid, you have been offered $5k/year merit aid, however, you need another $5k/year to afford the school? In this case, you should contact the Admissions Office and let them know your circumstances. There is no guarantee they will offer more, but there is no harm in asking.
Best of luck. I hope it all works out. 
5 Likes
Thank you for clearing up those terms lol. It makes sense now. And yes thats what I mean. Thanks!!
1 Like
So you were offered $5K + a loan - and it’s a bit out of reach.
If you want to share your budget, your stats (GPA/SAT, major, where you’re from and the schools in questions, perhaps we can offer up more affordable alternatives.
Yes…
I can share at the end of the month once I have heard back from all of them. Thank you!
1 Like
The college considers your house an asset. Even if all the money is going toward the mortgage, they assume that you can borrow against whatever equity you have in the house, I.e. a second mortgage. So, I would be careful about using money toward the mortgage as the reason why you need more money from the college. Use other reasons to explain why your family can’t afford the cost to explain why you are appealing the award.
Do you have any other colleges which have given you a bigger award? This might help. Have you been awarded work study? You might ask to have this guaranteed as part of your award.
1 Like
We are a donut hole family who can’t afford full freight but aren’t eligible for financial aid (colleges don’t take into account things like high COL). Our kids had to take private loans. Fortunately their chosen majors lead to decent salaries, my 26 and 28 year olds have paid them off already. My next 2 graduate in May and will be earning a nice salary, but will probably live home for a year or two to pay them down. Our last graduates next May, his outcomes aren’t so certain but he commutes to save money. All worked part time in college and full time summers since they started high school to help pay for school (all public universities).
6 Likes
If you need some backup plans, sometimes working on those plans earlier than later is better as scholarship money can run out or other issues can arise. If you still do not have any offers of admission from schools that will be affordable, I’d urge you to share your budget and academic background and college desires so that posters can help to find you back-up options, if they’re needed.
1 Like
Hey! thank you so much for offering to help. I really only need extra aid on this school since it’s the one I’m heavily considering, and I was able to get scholarships from other schools I got in already. Once I hear back from this school’s office again (final decision of my aid appeal), I will let you know the remaining choices. See you in a few days.
2 Likes