Word: scholarshipped
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Stanford announced sweeping changes to its policies last week, including a pledge not to reduce grants when students find outside scholarships. The plan will allow students to eliminate the work-study and loan provisions of their aid package with scholarship funds. Stanford will also limit the amount of family assets used in calculating need...
...history: For more than three decades, something called the Overlap Group, a collaboration of financial-aid officials from the Ivy League and a few other top private colleges, compared notes on scholarship applicants to equalize aid offers and thereby prevent bidding wars over the best and brightest students. Then in the early '90s, the U.S. Justice Department argued that the Overlap Group was essentially engaging in price fixing and forced an end to the program. Now only the government monitors need, through its FAFSA process, and, though the colleges claim their policy is not to award scholarships purely on merit...
...newfound willingness to bargain is even more likely to be found at colleges generally less successful than Yale and Stanford in attracting the most qualified students. Many highly competitive schools have begun to use a thinly disguised form of merit scholarship to land prized applicants. If your family income is not low enough to warrant a need-based scholarship but your daughter is seen as something of an academic catch, she may well be offered an additional stipend to make her decision easier. Don't hesitate...
When applying for aid, however, don't assume that you can go around collecting scholarships from different sources outside the college and still get the same amount from the financial-aid office. Sparlha Swaby of Oyster Bay, N.Y., won a combined $12,000 in scholarship monies and assumed it would simply be tacked onto the more than $20,000 in grants she was getting from Stanford. But Stanford's policy at the time (it has since been changed) was to count that outside help against its own contribution--and so reduced the total awarded Sparlha by more than...
...client save money in an EIRA," concludes Satovsky. Colleges have yet to decide how they'll count that money when determining aid, he reasons. Furthermore, in the year they withdraw from their EIRA, students won't qualify for the other generous programs created by Congress last year: the HOPE scholarship and the Lifetime Learning credit. Nor can money they withdraw from an EIRA be used in conjunction with a prepaid tuition plan. Since EIRAs are not considered retirement funds, they are set up in a child's name, and their value is calculated in the federal formula for financial...