financial aid...?

[nychila]

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I am completely ignorant in this important matter, but what exactly is "financial aid"? What is its meaning when schools claim that 90% of students receive financial aid, when it is a private school that is not known to give numerous scholarships (top 15). How is it different from government or bank loans? It seems to be such a simple and obvious topic that I cannot find the key information anywhere... thanks.

 

[Arbor Vitae]

I am completely ignorant in this important matter, but what exactly is "financial aid"? What is its meaning when schools claim that 90% of students receive financial aid, when it is a private school that is not known to give numerous scholarships (top 15). How is it different from government or bank loans? It seems to be such a simple and obvious topic that I cannot find the key information anywhere... thanks.

Maybe they give small grants of like $1000 to many people so they can say that?

 

[hokiefan]

loans with options to pay
https://www.aamc.org/students/aspiring/
ama student section has a helpful video as well

 

[CrimsonKing]

When you see something like "90% of students received some form of financial aid" it means that 10% of the class had parents rich enough to pay for everything, and they received no merit-based scholarships.

Scholarships, Grants, and Loans are all counted as financial aid.

 

[SOMBound13]

When you see something like "90% of students received some form of financial aid" it means that 10% of the class had parents rich enough to pay for everything, and they received no merit-based scholarships.

Scholarships, Grants, and Loans are all counted as financial aid.

The most important point is that loans are considered to be financial aid. Aid doesn't mean free money.

 

[AnthonyBourdain]

Speaking of which, has anyone heard back from schools regarding their financial aid packages yet?

 

[TheShaker]

Along the same trend, how likely is it for a person to receive a substantial scholarship?

 

[nychila]

Along the same trend, how likely is it for a person to receive a substantial scholarship?

That is entirely dependent on the school, eg. many matriculants at WashU and Vandy will receive large scholarships. Based on what I know, for any financial aid that is not a scholarship, ie. loans, it's not very helpful to applicants since they can simply go to banks for the same or a similar loan.

 

[xffan624]

Along the same trend, how likely is it for a person to receive a substantial scholarship?

I imagine it depends on the school, but outside of the military I'd say extremely unlikely unless you're an extraordinary candidate.

 

[sazerac]

Along the same trend, how likely is it for a person to receive a substantial scholarship?

It all varies a lot by school. Whether you get a scholarship... the size of the scholarship... when you find out about the scholarship... etc. The process makes even less sense than the application / acceptance process, if you can believe that.

One would think that a school scholarship would be a bargaining chip that schools offer to candidates to entice them. Yet schools will also offer scholarships in July a few weeks before orientation when the student is pretty well committed.

 

[mvenus929]

Based on what I know, for any financial aid that is not a scholarship, ie. loans, it's not very helpful to applicants since they can simply go to banks for the same or a similar loan.

A number of schools have their own subsidized loans at low interest rates. While I know the economy sucks right now, it's unlikely that you'll find a private student loan at the government rate or at the rate most schools have. Possible, but unlikely. Also, private student loans actually look at your credit history, and some may require a cosigner. If you're coming straight out of undergrad, you probably have no credit history to speak of, so that's really not going to do you any good.

 

[ClotBuster]

I have a question regarding accepting financial aid packages.

Hypothetically, if I accept a financial aid package from school A but get in off the waitlist at school B (top choice) n withdraw from school A does that nullify accepting the award?

Probably a stupid question but im just trying to make sure.

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[NickNaylor]

I have a question regarding accepting financial aid packages.

Hypothetically, if I accept a financial aid package from school A but get in off the waitlist at school B (top choice) n withdraw from school A does that nullify accepting the award?

Probably a stupid question but im just trying to make sure.

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I wouldn't worry about it. You likely won't receive any money prior to getting accepted to school B, and even if you did you should be able to return it without any problems. You should accept the aid though in the event you end up attending there. Not accepting it might cause the school to distribute it to others.

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[ClotBuster]

Thanks! That's what I thought, just wanted to make sure

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