<p>I applied to eleven colleges over this summer, so that I wouldn’t have to worry about it during the school year. I’ve already gotten all my merit scholarships, as well as complete financial aid packets from a few colleges.</p>
<p>Unfortunately, since I applied so early, I wasn’t aware this this second semester I would be working on an independent study. I’m writing a scholarly book, aiming at around 130 pages. I have 40 pages already, and as part of the project I’m going to be defending it in front of a professor(s) from the field when I’m done, as well as trying to get it published.</p>
<p>I’ve been accepted everywhere I applied, but pretty much every college is $10,000 too much considering merit and need based aid. Is it too late/not worth it to try to bring this project of mine to light?</p>
<p>I’ve been considering taking out private loans, but currently that would be ~$5,000 a year in Stafford loans, and $10,000 a year in private student loans (no co-signer, parents aren’t down with co-signing any loan), which seems too much. I’m thinking it might be worth it though if I could just reduce the cost by $5,000, because then I’d come out about $40,000 in debt.</p>
<p>I want to go to graduate school, which might still be an additional financial burden, but graduate school in my field typically is free/would actually pay me.</p>
<p>If every school is $10k too much per year, why do you have to borrow $15k ($5k in student and $10k in private)?</p>
<p>I would borrow as little as possible with private loans. Without a co-signer the rate will be high. Also, I believe that Sallie Mae has changed its student loans and now students have to repay the interest WHILE going to school.</p>
<p>Definitely try to see if the schools can up their merit. If you have a larger merit award from one school, you might see if another school will increase their merit to match or exceed the other.</p>
<p>Is your EFC per FAFSA $10,000? If so, schools typically do not award aid to cover the EFC. If you got an increase in a merit award, it would reduce your financial need. Most schools would then reduce their need based awards beginning with loans, work study, and then grant awards.</p>
<p>*Is your EFC per FAFSA $10,000? If so, schools typically do not award aid to cover the EFC. *</p>
<p>True, the school won’t increase FA to cover EFC…but it sounds like the OP wants to try to get merit scholarships increased. Schools sometimes will award merit that covers some/all EFC.</p>
<p>The OP would have to check each school’s policy. Some schools allow “stacking” of merit and need based aid, and even outside scholarships up to the cost of attendance. Others do not. Many schools reduce need based awards when scholarships are awarded as those scholarships reduce the need the student has. </p>
<p>Most schools do not award financial aid of any kind to cover EFC with the exception of some competitive scholarships that don’t consider need at all. </p>
<p>OP needs to see what the policies of his/her schools are to determine if increasing merit aid will result in a net increase in overall financial aid. YMMV.</p>