Case Study: $42,000 Per Year Merit Scholarship
One of the things many families worry about is that they earn too much to get financial aid even though they need it.
If this is something you’ve been concerned about, you’re not alone AND there are other options!
Here’s a merit aid case study from a student I recently worked with, (I’ll call her Lisa).
As per the required formulas, Lisa’s family was expected to be able to pay around $80,000 for one year of college (not that a year of college costs that much, but the formula said her family could afford up to that much).
Since it was determined that the family could pay up to $80,000, Lisa’s family did NOT have what college’s consider financial need.
This meant she was NOT eligible for a need-based tuition discount at any school in the country.
But she WAS eligible for a merit-based tuition discount.
Lisa was hoping to attend a small, private college but the family was not willing to pay the “sticker” price.
We decided to find schools that would give Lisa significant merit aid.
Lis applied to 7 schools that we had researched and believed would offer her significant merit aid.
And they did.
The average award Lisa was offered was around $22,000 (per year).
The largest award was for $42,360 … again, PER YEAR (that means $169,000 over 4 years).
Lisa’s merit-based grant reduced the college’s annual sticker price of $58,840 to just $16,480.
Lisa and her family ended up choosing the school that offered her the $42,000 per year…
… so next fall she will be attending an excellent private school with an annual sticker sticker price of about $58,000 – for a net price of about $16,480.
There are so many great colleges in this country that most people have never heard the name of and many of them give great aid (merit and need-based aid) that doesn’t go just to “straight-A” students!
It can’t be overstated – going into the college financial aid system as an informed consumer can…
- keep you from massive debt
- help you earn thousands in college scholarships, and
- even open UP new possibilities for your teen.
If you want to become an INFORMED CONSUMER of one of the biggest purchases you ever make I’d love to help you! Feel free to call me at 360-223-7813 or schedule a time to chat here.