Skip Navigation LinksHome > Financial Aid > Financial Aid Tips > Helpful Tips on Maximizing Merit Aid

Helpful Tips on Maximizing Merit Aid

Helpful Tips on Maximizing Merit Aid

Figuring out the bottom line when it comes to the cost of your college education is definitely a stressful part of the process. With everything that goes into determining your financial aid package (your parents’ income, your earnings and your family’s net assets), it’s important to understand that merit aid – aid based on a student’s attributes (academics, athletics, extracurriculars, etc.) – is available to student regardless of their “need.” New federal rules are blurring the distinction between scholarships awarded on merit and grants awarded because of a student’s financial need – for instance, a growing number of colleges now award “need-based” aid to students from families earning six figures! Who would have thunk it?! So, we’ve compiled a few helpful tips to maximize your chances for merit aid and increase your overall financial aid package.

  • Fill out the FAFSA. Federal rules have changed. College aid officials are now allowed to award need-based aid to students whose parents earned decent salaries last year but have recently been laid off, as well as make accommodations for a family’s unique circumstances, such as high medical bills.
  • Apply to schools where you’d rank at the top. While your dream school might be an Ivy League, you should apply to at least a few colleges where your GPA would put you in the top 25 percent of the student body.
  • Apply to schools that offer generous need-based aid. In the 2009-10 academic year, Louisiana College reported that 88 percent of students were receiving non-need based financial aid. Do the schools you’re considering boast the same kind of aid?
  • Do the research. If you’re interested in a college, find out what it has to offer when it comes to merit aid. You might qualify for more awards than you think!
  • Before making a final decision, compare net prices. Consider the cost of attendance in its entirety including tuition and fees, room and board, books and transportation. The school that offers the most in merit aid might not be the best choice; sometimes the college offering the largest merit scholarship might have the highest net price because its tuition is higher.
  • Don’t be afraid to negotiate. Believe it or not, you have negotiating leverage when it comes to your merit aid package. If you have received admission letters from two or more universities and your first choice has a higher net price than your second choice, contact that institution! Some schools might be willing to match the merit aid offered, which would provide you the opportunity to attend your first choice school for less money!

Latest College & Financial Aid News

UVA Dean Bashes Rolling Stone Article in Open Letter

by Suada Kolovic

The University of Virginia's associate dean of students who was prominently featured in Rolling Stone's now retracted article "A Rape on Campus" has written an open letter of protest to the magazine's publisher, according to The Washington Post. In the letter to Rolling Stone publisher Jann Wenner, Nicole Eramo asserts that the magazine acted "too little, too late" in retracting [...]

At These Universities, Sleep is a Priority

by Suada Kolovic

We've all been there: Going about our day as if we don't have a care in the world when it dawns on us that (go figure) that term paper on the pros and cons of procrastination in the creative process is due tomorrow. Panicked, we consider emailing our professor an excuse about a death in the family but given we killed off Nana (who's actually alive and well back home) last semester during finals [...]

DutchCrafters Amish Furniture Heritage Scholarship

by Suada Kolovic

The DutchCrafters Amish Furniture Heritage Scholarship was founded in 2011 as a way to give back to the community by offering education assistance to three outstanding students. This scholarship recognizes undergraduate students who draw upon their cultural heritage to shape their vocational aspirations, add creative value to their future employers, and serve their [...]

Follow Us:

facebook twitter rss feed