<p>Hello all! I have recently received a full tuition academic scholarship to my first choice university. Hooray! I am thinking about putting down a deposit pronto, however, even though I have applied for financial aid through the FAFSA, I have not yet received any “financial aid” package yet. If I were to accept this scholarship soon, would this “lock” my financial situation in without the benefit of financial aid (in other words, agreeing to attend under a scholarship but not under financial aid)? Obviously, I want as much assistant in financing my education as I can get, and I don’t want to act rashly if more assistance is available. Any ideas?</p>
<p>Not sure what you’re asking. Accepting a scholarship is not a statement that you don’t want more.</p>
<p>Do you know how much your EFC is?</p>
<p>How much is the COA at this school?</p>
<p>How much is this school’s tuition?</p>
<p>IF after the tuition amount is subtracted from the COA you have no need, then there wouldn’t be any more aid given unless you want a 5500 unsub loan.</p>
<p>Thank you for your feedback. My questions is, if I accept this scholarship, will I be agreeing to the only “financial aid” terms I have received, which is a scholarship? I don’t want to somehow freeze the financial aid part of my award because I chose to put in a deposit with only a scholarship to back me up.</p>
<p>The way it works with a lot of colleges is that the admissions office decides who the top candidates are REGARDLESS OF FINANCIAL NEED and awards the merit scholarships to those students. Other than at a few need aware schools, admissions for first year US students is usually need blind, and the all students are considered for the scholarships. Which is a good thing and the way it should be, don’t you agree? </p>
<p>So, congratulations, for being one of the top students for this school. Clearly, they want you very much to award you such a great award. You would have likely gotten this award even if your family were gazillionaires because it is based on merit, not need. </p>
<p>So the next step is for the FInancial Aid Office to look at your FAFSA and any other aid application that the school requires and come up with a need figure for you. FInancial Aid is usually a whole other department than Admissions, because Admissions focuses on getting the best class possible for the school, and Fin Aid has to figure out how to distribute their funds for those accepted. Fin AId will then see what your need is, and usually subtract out the merit award since you have that to reduce your need. If the award is for more than your need, you get to keep the rest. As said before, those who have zero need and got the award get to pocket the whole amount. If you have need, you now have less because of the award…</p>
<p>So you now have a whole other need figure and financial aid then decides how it will be met, or even if it will be met. Some schools, in fact, most schools do not meet need. As a recipient of such a great award, you will probably be on the “A” list for getting as much of your need met as possible, but that still does not ensure you will get all of your need met. But if you had not gotten the award, it is highly unlikely that your need would have been as well met. The Scholarship is pure cash money and most financial aid packages have what is called “self help” which means loans and workstudy. The more grant money you can get, the better, since the self help is not really being given money, but the opportunity to earn the money and more time to pay some of it. You can take out loans up to $5500 freshman year if the cost of attendance supports it, and get a job on your own, for that matter.</p>
<p>So, no, absolutely do not turn down the scholarship. It is what we call “a bird in hand”. The financial aid is still in the bushes and who knows how much will come from there.</p>
<p>CP15-My guess is that if you have a true full ride that you will not get to keep the FASFA money. The school will likely apply it to your account for books, meal ticket etc. BTW true full rides are rare. The extra money money will likely be well applied but applied under the control of the university.</p>
<p>Accepting the scholarship does not freeze FA. However, what is your EFC? What is the school’s COA.</p>
<p>*CP15-My guess is that if you have a true full ride that you will not get to keep the FASFA money. *</p>
<p>There is no such thing as “FAFSA money.”</p>
<p>OP, Remember too, that if tuition is covered by the scholarship, other grants you may receive that cover more than fees and books may end up getting taxed if it is in excess of allowed education expenses. Like, if you receive a huge grant, and that is used to cover room and board, that money will be taxable and counted as income, so just have that in mind that it won’t be completely “free” for you!</p>
<p>op - I understand your concern that if you commit now, they might say “well, no need to worry any more about that one”. Is there any drawback to waiting? You don’t have to commit until May 1. Financial aid packages/information will probably be out in sometime in March. Do you lose anything if you wait another month before committing?</p>
<p>The way you can know for sure is to call the financial aid and admissions offices of those schools and ask them if accepting the scholarship will put you to any disadvantage in terms of your fin aid award. I’m sure the answer will be know, other than your need will be reduced by the scholarship or your award will be reduced by the scholarship, which still leaves you in good stead. I think you are talking about a school that does not tend to meet full need anyways, so you probably have about a good as you may get. Look at the average need met figures for the school.</p>
<p>You still have the Stafford untapped and you can use that on an unsub basis if you need is met by the scholarship/ What is your EFC, by the way? That can give us a bit more perspective. But truly, in any scenario I have scene, you are in a good place. But ask the school directly to make sure.</p>
<p>Congratulations Churchpianist: Do you mind me asking if that is the Chancellor’s for TCU? We have not heard yet and know now of two students that received the package yesterday. We are anxiously waiting………………….</p>