<p>COA ~ 28000</p>
<p>scholarship 8000
subsidized stafford 3500
perkins 3000
work study 2000</p>
<h2>EFC 12000</h2>
<p>total funds 28500</p>
<p>If my son gets an outside scholarship (a thousand or so) which number in the above list would get reduced. The loan amounts or the EFC. </p>
<p>My kid will be eating well on the school food plan, I on the other hand will be scrimping along…</p>
<p>I’m assuming the 8000 scholarship is need-based, not merit-based.</p>
<p>Technically, they should reduce the “scholarship” component, as the outside award increases your family’s financial resources; however, i don’t think any school does this as it reduces any incentive you might have for applying for outside awards. So, they usually reduce either loans or work-study.</p>
<p>At my university (top 10 us news), they first reduce work-study, then loans.</p>
<p>loan part will be reduce</p>
<p>Also, if you have an option between loans or work-study, I’d go w/ reducing work-study. Both Sub. Stafford and Perkins are interest-free while at school. So you end up paying 1000 in 4 years (which is obviously worth less than 1000 now).</p>
<p>so outside scholarships can’t be used to pay the family’s part of the cost? That sucks. I would rather my cost go down rather than the loan amount. </p>
<p>The scholarship from the school is merit based.</p>
<p>Sue,</p>
<p>you shoudl definitely find out the “fine print” around the merit money.</p>
<p>Is it automatically renewable for the next 4 years</p>
<p>is it renewable for the same amount of money?</p>
<p>is scholarship adjusted to take into consideration tuition increases (about 5% per year)</p>
<p>Is there a gpa requirement needed to keep getting the money?</p>
<p>when does the gpa requirement start (by the end of fall term or the end of spring term)?</p>
<p>is there a phase in to the gpa requirement?</p>
<p>what happens if son does does not meet gpa requirement, does money leave immediately or is there a grace period?</p>
<p>if son loses scholarship and brings grades back up is money reinstated?</p>
<p>ask the financial aid office what percent of students lose their merit money in the first year.</p>
<p>and the most important question… worse case scenario if your son were to lose the scholarship would you still be able to swing the cost of attending?</p>
<p>it’s 8K for each of 4 years automatically. all you need a 3.0 gpa and 12 credits per semester. If he can’t maintain that, he should not be in that college and can transfer to a local (read cheaper by 50%) college. that last sentence was mine, not the schools idea</p>
<p>Actually, there is a federal guideline for the reduction of funds…and first is Parent PLUS Loan, followed by Unsub Loans, then Sub Loans, then Perkins Loans…and so on down the line.</p>
<p>
Be careful on how you look at FA packages. Dont get caught in a trap that leaves you to think that the $6500 in loans are not your costs. Int is deferred on these which is a plus. But the loans are everybit as much of your costs as the EFC. These costs just dont have to be paid with cash…today.</p>
<p>Your package is similar (although yours is better) Than one that we recently rejected. Still it depends on whether its your dream school or not, and what other packages you get to compare.</p>
<p>Look at your school’s merit details. One DD1 was accepted to allows the additional scholarships to go on top of the school offer (displacing parents payments).</p>
<p>I will ask the college where any additional scholarships fit in the package. those $6500 in loans are in my son’s name, not my name - the parent - they are not my costs. And yes, I would (given the choice) reduce my out of pocket cost versus reduce his loan amount. I’m looking at paying at least $50k over the next 4 years. If he’s able to get loans in his name only for $25-30k over then next 4 years, he should be considered lucky. Yes, I think my son needs to take on some of the cost of college. He has little respect for money so a some debt will give him that respect. especially debt that I’m not ultimately responsible for.</p>