Not getting a scholarship

dufus3709
Thu, 22 Dec 2005 16:04:50 +0000

Getting the merit aid would be good because then you have it as a guarantee. Finan aid packages between colleges can vary alot and there is no guarantee that they will even meet your need or what the grant/loan ratio will be. However, for people in your income bracket, it works pretty well. You should try to run your numbers thru one of the free EFC calculators on the web. I know collegeboard has one. You might try making some posts in the financial-aid forum on CC.

In calculating the EFC, your income and savings are taken at a higher percentage than your parent’s income and savings. For this reason, you don’t want money in your name. For divorced parents, the non-custodial parent is expected to contribute towards the EFC just as much if they were still married. The value of home and cars is not used towards the EFC. The number of children in college at the same time is considered. Both parents have to send copies of their IRS forms to the college.

Once 2006 tax information is available (starting with Jan 1st), you (your parents) go out and fill out the FAFSA online. It is a government form. The government will then calculate your EFC and send it to any colleges that you specify. Some of the more elite colleges will also request that you complete a PROFILE at the collegeboard site. The info in the FAFSA and PROFILE are pretty much identical. Once you are accepted, the college will then make a financial aid offer to you.

I might bring with up with Case. If you can, try not to take things personally. Just don’t think that everything is over if you don’t get the merit aid. It is entirely possible that the need-based aid will make the merit aid irrelevant.