Merit Aid

Asking for more financial aid

Asking for more financial aid

Now is the season when acceptance letters begin to arrive for a lot of seniors, and with acceptances come financial aid packages. (Remember: you never know how much a university is going to cost you until you apply and get accepted.)

The bad news is that very few students receive "full ride" scholarship or aid packages that cover everything. The most-quoted number I could find was about 20,000 per year, or 0.3% of applicants, though that number is possibly outdated. The NCAA says about 2% of high school athletes get college scholarships.

The good news is that around 88% of students do get some sort of discount. If you get an aid offer that isn’t a full ride, you probably want more. You may need more, but needing and wanting can be different. How do you ask for more money?

The Glossary: gapping

The Glossary: gapping

Gapping is an informal financial aid term. It has to do with colleges offering less financial aid than they believe you need. After you fill out your FAFSA form (and possibly your CSS Profile), you will get a dollar amount called your E.F.C., or Expected Family Contribution. This is how much the government formula says your family should be expected to pay for college. The cost of a university, minus the EFC, is your need. If a university offers you less than your need in financial aid, then there is a gap. They’ve gapped you. You’ve been gapped. This is what gapping is all about.

Thinking about scholarships, part one

Thinking about scholarships, part one

The whole college admissions process—choosing which colleges to apply to, completing the applications, waiting for responses, and making your final choice—is often overwhelming. Figuring out how to pay for college is even more overwhelming. We’re aware that there are scholarships available, but we don’t always know how to find them, how to evaluate them, how to apply for them, and even if they’re actually worth it. There’s a lot of complexity, and each individual’s situation is different, so it’s difficult to make a few simple rules for everyone to follow.

The Glossary: merit aid and need-based aid

The Glossary: merit aid and need-based aid

College is expensive. Very expensive. Which is why most students receive some form of financial aid to help them pay for it. There's all kinds of terminology for all kinds of different financial aid, but let's first look at two broad categories.

Merit aid. This type of aid isn't based on financial need. It's a school's way of trying to entice you to enroll by lowering the cost for you.