Ann.without.an.e Posted January 30, 2017 Share Posted January 30, 2017 (edited) nm Edited February 2, 2017 by Attolia Quote Link to comment Share on other sites More sharing options...
teachermom2834 Posted January 30, 2017 Share Posted January 30, 2017 (edited) Is the $13000 number what you got on the net price calculator? If that included any kind of need based aid the merit aid will replace that first before it applies to the remaining balance. I know someone will come along soon and explain it much better than I just did. Edited January 30, 2017 by teachermom2834 1 Quote Link to comment Share on other sites More sharing options...
Lori D. Posted January 30, 2017 Share Posted January 30, 2017 (edited) Usually scholarships will state specifically what the aid can be used for. Most frequently it is a tuition-only scholarship. Sometimes it is an award specifically designated for books, or a partial award designated for on-campus housing. Sometimes, it is an award that can be used for any recognized school expenses. Occasionally, it is a restriction-free award, which means the student can apply it towards whatever expenses are not already covered by a tuition-only scholarship, and can even use it towards personal expenses or like "income". Sometimes the scholarship page of the college's website will list the scholarships by name and info like who is eligible and what the award can be used for. If the website does not list that info, then you'll need to call the financial aid dept. of the college and ask what are the specific limitations on the scholarship (i.e., Is it tuition-only? Can it be used for any school-related expenses? Is it unlimited and can be used in whatever way the student wishes?) BTW: Other things to look into with the scholarship: Is it is a 1-time award, or if it is a renewable scholarship? (i.e., she can re-apply each year for it and receive it as long as she keeps up the requirements for the scholarship, which usually include things like taking a minimum # of credits and maintaining a minimum GPA). If it is a 1-time award, what will your family do to cover costs for the remaining years at the college? Also, does the scholarship have requirements that might be increasingly difficult to maintain? For example, the minimum GPA increases each year, or it requires a lot of service hours or a project that can take away from the student's studies. And, an aside: Unless your student will be living at home, I'm not quite seeing how you only have net cost expenses of $13,000... A quick search pulled the following up as expenses for Chapel Hill: $ 8,566 = tuition and fees (in-state) $11,218 = room & board $ 1,442 = books & supplies $ 3,404 = other expenses $24,630 = total cost of attendance Setting aside the $3404 "other expenses" figure (which I would guess would be things like transportation and personal expenses), when you subtract the $10,000 scholarship, that still leaves you with expenses of $11,218. What other aid is she receiving so that you are coming up with only a $13,000 total cost to you? Or will she be living at home (which would subtract the $11,218 cost and leave about $3400 as a remaining cost)? Congrats on the scholarship! Warmest regards, Lori D. Edited January 30, 2017 by Lori D. 1 Quote Link to comment Share on other sites More sharing options...
JanetC Posted January 30, 2017 Share Posted January 30, 2017 Unless there are restrictions (my daughter's school has a terms and conditions page for merit aid), your scholarship can be applied to the total cost of attendance (tution, fees, room & board, books & personal expenses) as defined by the financial aid office. Quote Link to comment Share on other sites More sharing options...
Ann.without.an.e Posted January 31, 2017 Author Share Posted January 31, 2017 (edited) nm Edited February 2, 2017 by Attolia Quote Link to comment Share on other sites More sharing options...
Ann.without.an.e Posted January 31, 2017 Author Share Posted January 31, 2017 Usually scholarships will state specifically what the aid can be used for. Most frequently it is a tuition-only scholarship. Sometimes it is an award specifically designated for books, or a partial award designated for on-campus housing. Sometimes, it is an award that can be used for any recognized school expenses. Occasionally, it is a restriction-free award, which means the student can apply it towards whatever expenses are not already covered by a tuition-only scholarship, and can even use it towards personal expenses or like "income". Sometimes the scholarship page of the college's website will list the scholarships by name and info like who is eligible and what the award can be used for. If the website does not list that info, then you'll need to call the financial aid dept. of the college and ask what are the specific limitations on the scholarship (i.e., Is it tuition-only? Can it be used for any school-related expenses? Is it unlimited and can be used in whatever way the student wishes?) BTW: Other things to look into with the scholarship: Is it is a 1-time award, or if it is a renewable scholarship? (i.e., she can re-apply each year for it and receive it as long as she keeps up the requirements for the scholarship, which usually include things like taking a minimum # of credits and maintaining a minimum GPA). If it is a 1-time award, what will your family do to cover costs for the remaining years at the college? Also, does the scholarship have requirements that might be increasingly difficult to maintain? For example, the minimum GPA increases each year, or it requires a lot of service hours or a project that can take away from the student's studies. And, an aside: Unless your student will be living at home, I'm not quite seeing how you only have net cost expenses of $13,000... A quick search pulled the following up as expenses for Chapel Hill: $ 8,566 = tuition and fees (in-state) $11,218 = room & board $ 1,442 = books & supplies $ 3,404 = other expenses $24,630 = total cost of attendance Setting aside the $3404 "other expenses" figure (which I would guess would be things like transportation and personal expenses), when you subtract the $10,000 scholarship, that still leaves you with expenses of $11,218. What other aid is she receiving so that you are coming up with only a $13,000 total cost to you? Or will she be living at home (which would subtract the $11,218 cost and leave about $3400 as a remaining cost)? Congrats on the scholarship! Warmest regards, Lori D. I was basing on the previous cost to us. This is why I was asking the question, to see if the additional scholarship would be extra and eliminate her need for loans and reduce our part or if it would replace something in her package already. Quote Link to comment Share on other sites More sharing options...
J-rap Posted January 31, 2017 Share Posted January 31, 2017 I believe at most schools, merit scholarships like that simply fill in for the financial aid that was estimated. It's not over and above any financial aid given. At the schools my kids have attended, it is used to reduce the total cost of tuition + room and board. 3 Quote Link to comment Share on other sites More sharing options...
8filltheheart Posted January 31, 2017 Share Posted January 31, 2017 I was basing on the previous cost to us. This is why I was asking the question, to see if the additional scholarship would be extra and eliminate her need for loans and reduce our part or if it would replace something in her package already. Attolia, it is something that causes a lot of confusion amg a lot of parents. It is a hard introduction to the realities of financial aid. At meets need schools, parental contribution is rarely reduced and only some allow the student contribution to be replaced. Merit exceeding parental contribution or tuition is fairly uncommon and requires going down in rankings. It is why meets need schools don't make our list--we can't afford our parental contribution. 6 Quote Link to comment Share on other sites More sharing options...
Ann.without.an.e Posted January 31, 2017 Author Share Posted January 31, 2017 Attolia, it is something that causes a lot of confusion amg a lot of parents. It is a hard introduction to the realities of financial aid. At meets need schools, parental contribution is rarely reduced and only some allow the student contribution to be replaced. Merit exceeding parental contribution or tuition is fairly uncommon and requires going down in rankings. It is why meets need schools don't make our list--we can't afford our parental contribution. Yes, that is why I was asking because I had no idea how it worked. I was hopeful it would eliminate DD's loan portion even if our contribution stayed the same. Oh well, it changed nothing at all for DD or us. It still puts her in a small group of scholars and gives her internship and paid study abroad opportunities. It is still a benefit but I was hopeful it would mean DD would take no loan. I am not as surprised about our number staying the same as I am that it didn't replace her loan. I thought I read that some schools will allow it to cover loans first. 1 Quote Link to comment Share on other sites More sharing options...
8filltheheart Posted January 31, 2017 Share Posted January 31, 2017 . I thought I read that some schools will allow it to cover loans first. That is possible at some schools with outside scholarships. Institutional aid is different. 1 Quote Link to comment Share on other sites More sharing options...
Ann.without.an.e Posted January 31, 2017 Author Share Posted January 31, 2017 That is possible at some schools with outside scholarships. Institutional aid is different. Is it a stupid question to ask...what is the school gaining just replacing our need based grant with their own scholarship? Just curious really. Is there a benefit to them at all? Quote Link to comment Share on other sites More sharing options...
8filltheheart Posted January 31, 2017 Share Posted January 31, 2017 Is it a stupid question to ask...what is the school gaining just replacing our need based grant with their own scholarship? Just curious really. Is there a benefit to them at all? A $10,000 scholarship for full pay families would be an actual $10,000 reduction. It becomes nothing more than a switch for those receiving need-based aid. 5 Quote Link to comment Share on other sites More sharing options...
Ann.without.an.e Posted January 31, 2017 Author Share Posted January 31, 2017 A $10,000 scholarship for full pay families would be an actual $10,000 reduction. It becomes nothing more than a switch for those receiving need-based aid. What would I do without ya'll? Like from the beginning of figuring out how to submit an AP syllabus, years ago. Where would I be? :lol: It takes a HIVE :grouphug: 2 Quote Link to comment Share on other sites More sharing options...
Lori D. Posted January 31, 2017 Share Posted January 31, 2017 (edited) ...It still puts her in a small group of scholars and gives her internship and paid study abroad opportunities... That IS awesome! And, there is the potential that these opportunities might open doors to an additional partial scholarship through service, or through her degree program, as she moves into her upperclassman years there at the school. DS#1 here got an additional partial scholarship for leadership his second year in exchange for being a weekly dorm Bible study leader and putting in the volunteer hours at several campus events. At a different school, the son of a friend received a big partial scholarship towards housing by being an RA (Residence Assistant), and at yet another school, another friend's son landed an internship with partial scholarship money attached from his major dept. BEST of luck! Warmest regards, Lori D. Edited February 1, 2017 by Lori D. 1 Quote Link to comment Share on other sites More sharing options...
Lori D. Posted January 31, 2017 Share Posted January 31, 2017 I got the breakdown last night, faster than I expected. So her scholarship is great but it just replaces her need based aid and keeps our bottom line the same. I was really hopeful it would at least eliminate her loans? Nope :( :grouphug: Alas, no. And for some schools, if your DD also had an "outside scholarship" (money awarded by an organization other than the college itself), the college reduces the amount of merit money they WOULD have awarded by the amount of the outside scholarship -- so again, the total amount of merit aid remains the same, just from 2 sources rather than the 1 source of the college -- no *additional* merit aid. "Stacking" is the term used for when a college allows a student to bring in outside scholarship(s) AND still award the amount of scholarship money that the college originally offered, rather than reducing the award by the amount of the outside scholarships. So, finding a school that allows stacking of scholarships is a plus. While the deadlines for most outside scholarships for seniors may have already passed, you might find out if Chapel Hill allows stacking, and then aggressively search right now for any potential outside scholarships your DD would be eligible for. Homeschooler Scholarships - Homeschoolers Helping Homeschoolers - Homeschool Buyers Co-op list - Kimball Memorial Scholarship - Homeschool.com website list of contests and scholarships - Eclectic Homeschool Online list - College Scholarships website list - Home School Legal Defense Association: "Competition and Scholarship Awards" Big listings of scholarships: FastWeb Scholarships 4 Students Kaplan Scholarships: Billions of Dollars of Free Money for College, by Gail Schlachter -- check out your library for this one BEST of luck! Warmest regards, Lori D. 1 Quote Link to comment Share on other sites More sharing options...
Daria Posted February 1, 2017 Share Posted February 1, 2017 Is it a stupid question to ask...what is the school gaining just replacing our need based grant with their own scholarship? Just curious really. Is there a benefit to them at all? They can advertise that they give X amount of merit aid, which makes them more attractive to some families They can also now take that money from some sort of restricted funds, freeing up need based $ for another student. 1 Quote Link to comment Share on other sites More sharing options...
Julie of KY Posted February 1, 2017 Share Posted February 1, 2017 Some need based grants will change from year to year based on your families finances. Many scholarships are renewable, thought you might need to keep up a specific GPA. 1 Quote Link to comment Share on other sites More sharing options...
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