Does the amount of financial aid depend on the college?

Question

Will I get more or less financial aid depending on the college I attend. I am looking at a state school and a private college.

I ask because the school figures out the financial aid worksheet. Do all schools use the same numbers. I am asking about needs based (gift aid, loans) and not merit based aid.

Answer 1

Schools give :need-based" aid or "merit" aid.

Need based aid is based completely on how much money your family has. You have to do the FAFSA form and then the college may give you money according to what this form says you need. THere are a few very rich schools that promise to give whatever FAFSA says, if you can get admitted. But those schools (like Duke or Harvard) are really tough to get into. Most schools do not promise to give you everything you need, but they do try to help out.

Merit based aid is much harder to get. If you are one of the VERY best students in the USA (like, you already won the Nobel prize and are on the olympic team) then there are a few scholarships at the top schools, but generally, at schools like the Ivies, every single student is a top student, so they dont give any aid based on how good a student you are - everyone would qualify! But if you go to the next level of schools - schools that are highly respectable, but not quite at the Ivy level. then there are quite a few schools that will give Merit aid to anyone who is a really good student, whether their families are rich or poor. The merit aid is not usually a full scholarship but it might be $10 or $15000, so that ain't hay!!!! They are trying to capture some of the students who might go to a top school but they will come to Villanova, or Vanderbilt or Temple or Tufts because they got offered money. For a lot of state schools, they will give a major discount to kids from their own state who graduate in the top % of their HS class. In our state you can get free tuition at the state u if you are in the top 15% of your class.

When you apply to admission, most schools automatically consider you for financial aid (provided you have filed your FAFSA form) so when you get your acceptance letter, it will include information about your financial aid. Be sure to do all your FAFSA and application work on time!!! Check with the guidance office at your school to get the dates right.

Answer 2

It all depends on what type of loans you are getting, If it's Federal loans then it's based on income(tax returns and how much you make) or if it's a PLUS loan then it's based on your parents credit. Everybody may be eligible for Stafford loans regardless of their family's income and there are no credit checks, check into this through your financial aid office. There is also private student loans that are based on your credit or the credit of a co-signer and a few other requirements and those are based on calculated cost of attendance and have a annual maximum and a program maximum.

Answer 3

Yes. If they want you they up the aid package. If not they reduce it or make it mostly loans and few grants.

A few years ago Northeastern University in Boston had a deal where people who were in the very top of their high school class would get full "President's Scholarships" to try to capture the kids who otherwise would have gone to Harvard. If you did not qualify they did not even mention that such a thing existed.

Answer 4

Yes. State schools usually offer more financial aid.

Answer 5

State schools have to work within federal guidelines. Private schools who accept federal money have to work within the guidelines with regard to federal loans, but they also have their own endowment funds, which are used according to the school's policy. I bought a book from The College Board on this subject and it is very helpful. Suggest you do the same - or maybe the library has a copy.

Answer 6

i think so the tuition and cost of school... my sis had financial aide and ended up still paying over 300 in tuition and all the fees for her books! What kinda F/A is that? and she goes to Guilf. College in G'boro, NC! anyway i go to GTCC and i RECEIVE refunds!

Answer 7

Financial aid is based on your income, parent's income (if you're under 24), other aid or scholarships that you may be recieving, savings and investments.

Answer 8

it really depends on your income or your parents income and also if your needing student loans its best to check out something like this. http://www.gemoney.com/personal/student_loans/undergraduate_loans.html

you can also refer them so you dont have to make payments up till 6 months after you graduate. But the interest will go up to like 13% but still. If your broke things like this are a great method.

Answer 9

I know for me when I went to technical and then transferred to a uw my money doubled even the amount left over for me. You can always appy and find out.

Answer 10

i think the only thing that would change is how much your tuition is and they may raise how much they give you. i know that most of the time people get 4000 dollars for the year.(i did)