![]() Should your child receive an out side scholarship, many schools will let him/her apply it to the self- help portion of the financial aid package (reducing the loan, work study). This now brings the total OOP cost to 34k. Your immediate OOP costs are now 26.5k, not counting your child’s loan which must be repaid + the work study, which has not been earned yet. Your family’s job is now to pay the gap (un met need) of 6.5k + your EFC. Unless the school guarantees to meet 100% of your demonstrated need, you probably won’t get any more institutional aid (free money). ![]() If your child is eligible for $1k in state aid, they may end up receiving the aid without any reduction to the merit $$, now leaving you with 6.5 k in unmet need.Īt many schools, this may be all that you get because most schools gap (meaning they do not meet 100% need). ![]() The school will almost always disburse the "free money before going into their own pockets). For example in NYC, the state aid is TAP (tuition aid program), this aid can only be used to offset tuition. Your job is to check to make sure what the state aid can be used for. ![]() However, if your child is eligible for any state aid, they will most likely receive that. If your son/daughter has any aid that he is entitled to (Pell grants), s/he will receive that aid (there will be no Pell in this example because you are not eligible). In the financial aid package, your child is given 5.5k in direct loan and 2k Work study Also, any monies over the cost of tuition, books and I believe direct fees are going to be taxable income to your child). S/he receives the Joe & Willie scholarship for 20K, (remember that most merit scholarships are only going to reduce tuition, unless otherwise stipulated. Your EFC is 20K, leaving you with a demonstrated need of 35K Lets say that your child gets accepted to a school that cost $55k/year I am a little confused by your question so I need to test for understanding (I also hope I an answering your question or giving you more to think about and ask in this process): YMMV because you may get more or less than the average Even if you are looking at the financial aid section of the CDS, while it is a good umping off point as far as looking at data, they are giving you averages. The actual amount that an individual student may receive depends on a number of factors.The one big factor that you must remember is that the overwhelming majority of colleges do not meet 100% demonstrated need. ![]() The maximum award is $6,895 for the 2022-2023 school year. Students can only receive them if they aren’t eligible for Pell Grants. Iraq and Afghanistan Service Grants are extended to students who are the children or dependents of a military member who died serving in Iraq or Afghanistan.You do not have to demonstrate financial need. These grants have very specific requirements, and the student must agree to work in a high-need field and low-income area after graduation. Teacher Education Assistance for College and Higher Education (TEACH) Grants provide up to $4,000 per year to students seeking an education-related degree.College financial aid offices administer these, and not all schools participate in the program. Federal Supplemental Educational Opportunity Grants (FSEOG) award $100 to $4,000 per year to undergraduate students with exceptional financial need.Federal Pell Grants are the most common grants for undergraduate students, awarding up to $6,895 for the 2022-2023 school year based on financial need. ![]()
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