Maximizing Merit and Need-Based Aid
April 19, 2023 | By Daniel Strom
If applying to college wasn't already stressful enough, there is also the burden of figuring out how to pay for it. By sharing my tips for maximizing merit scholarships and financial aid, I hope to help students make their college dreams more affordable, empowering students to make informed decisions and pursue their educational goals without excessive financial strain.
Understanding Merit Scholarships: Merit scholarships are awarded based on a student's exceptional academic, extracurricular, or personal achievements. This includes a student's academic record, awards and achievements, and overall application quality. One caveat is that many selective universities do not offer merit scholarships (except for recruited athletes or musicians), including all Ivy League universities. However, they will still offer need-based financial aid.
Exploring External Scholarships: If the college of your dreams does not award you a merit scholarship, there are plenty of organizations that offer merit scholarships and need-based aid to students based on academic performance and talent. Many others host essay competitions with generous awards. Needless to say, these are competitive, but it is a numbers game. Fastweb.com and scholarships.com are great resources, and they have been known to host creative, niche scholarships, such as the Left-Handed Scholarship.
Navigating Need-Based Financial Aid: To maximize your eligibility for need-based aid, you must:
Complete the FAFSA and CSS Profile: The Free Application for Federal Student Aid (FAFSA) and the College Scholarship Service (CSS) Profile are essential tools for determining your eligibility for federal and institutional need-based aid. Submit these forms accurately and on time to ensure you are considered for all available aid.
Understand the Expected Family Contribution (EFC): The EFC is a measure of your family's ability to contribute to your education. Familiarize yourself with how the EFC is calculated and explore strategies to minimize this contribution.
Research Institutional Aid Programs: Each college or university has its own financial aid programs and policies. Research and understand the financial aid opportunities available at your prospective schools. Some institutions may offer generous need-based aid packages, making them more affordable.
Communicate Special Circumstances: If your family has experienced significant changes in financial circumstances, such as job loss, medical expenses, or other hardships, notify the financial aid offices of the schools you are applying to. They may be able to reassess your financial aid eligibility based on these circumstances.
By understanding the tips and strategies outlined above, I hope you can navigate the financial aid process with confidence and optimize your chances of receiving the financial support you need. Start early, be diligent, and make informed decisions to maximize your chances of securing the financial support you need to thrive in college.
About Daniel Strom
Daniel Strom co-founded Elite Scholar Advising, which provides tailored advice to college applicants worldwide. He is a proud graduate of Northwestern University and the Kellogg School of Management, where he also developed admissions experience through his role as an admissions representative. In addition, he also served on the Northwestern Alumni Admissions Interviewing Council. Daniel has helped hundreds of college applicants across the world realize their full potential by gaining admission to their dream schools.