merit scholarships and financial aid

<p>how do merit scholarships form tulane affect financial aid awards?</p>

<p>they are considered a resource from the family (it is probably a student resource but could maybe be a parent resource) and will reduce financial aid accordingly. </p>

<p>I'd encourage your student to accept (and do what it takes to keep) the merit scholarship. One doesn't know how a family's financial resources will change by the time a student graduates and there may be a year (or more) where the merit scholarship is all the aid a student will get.</p>

<p>No question, one should always take the merit scholarship. As bajamm says, it is guaranteed for 4 years as long as GPA stays OK and the student stays in good standing otherwise (like no arrests).</p>

<p>I think the easiest way to look at it is that a family applying for need based financial aid will have an EFC (Expected Financial Contribution) that is calculated based on the FAFSA and CSS forms that are submitted. That doesn't change because you get a merit scholarship. Since the scholarship can only be used at Tulane, it is really a discount on tuition.</p>

<p>So for example, if cost of attendance is $54,000 and EFC is $15,000 and the student gets a merit scholarship of $17,000 then $22,000 is required in need based FA. Essentially the cost of attending Tulane dropped from $54,000 to $37,000 but you are still expected to pay (at least) $15,000. If the EFC had been $40,000 then you would save the $3,000 paying only the $37,000 owed after the discount. If the scholarship had been for $25,000 then you would pay $29,000. Make sense?</p>

<p>If a student is not awarded a merit scholarship upon admission, is it possible to earn one based upon their first year GPA. I believe they are eligible for the Honor's program if they have a 3.4 gpa or above, but I was curious about merit scholarships. Thanks!</p>

<p>Tyler - no, sorry. That is not possible. However, if you are on need based aid and you do very well, I have seen examples where the amount of grant money given as part of the package is more generous than it otherwise might be. Just anecdotal, I have no inside knowledge or expertise here, but it does seem they reward excellent work that way.</p>

<p>BTW, you need a 3.6 after freshman year to get into the program if you were not in it to begin with. If you start out in it, a 3.4 or 3.45 (I forget which) will keep you in, but you need a 3.6 after sophomore year no matter what.</p>

<p>FallenChemist: Thank you very much. Have a great holiday.</p>

<p>I received no merit scholarship but calculated the EFC to be $10,000. Does anyone know more about the Tulane No-Loan Assistance Program other than what it says on their website? Would they really pay all of the rest of the COA if one qualifies?</p>

<p>I think it applies to tuition, fees and transportation costs. I am not sure, but it might not apply to room and board, so maybe this is somehow separate? I really don't know, I never quite understood all that. Maybe if you talk to financial aid, you can get the straight story and come back here and let us know.</p>

<p>fallenchemist is right, the no loan policy is only for tuition and some fees. You can be offered loans for room and board and some fees, or have to pay it out of pocket immediately.</p>