I was looking at a dental school's website and they listed several scholarships available to the students, the majority of these were given out based on financial need. Considering Federal loans cover not only the cost of tuition and fees but also the associated living expenses, who has a greater financial need than anyone else? Is this for people with 5+ kids who's living expenses are much higher than the estimates? Or for people who decide to buy a big house in school and now have a ridiculous mortgage? It honestly sounds like they are awarding these scholarships to people who are financially irresponsible, am I missing something?
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Financial need based scholarships?
Started by Maybe.a.dentist
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NYU told us at my interview that since all dental students are essentially in "financial need" they base their decision on whether you received Pell grants during undergrad.
I was under the impression that it had to do with the applicants family income. I'd think that if a family made 25k a year, the applicant didn't receive as much support as someone coming from a family that made 250k
This seems like the more sane explanation. Otherwise what's to stop someone from getting their loan disbursement, buying a Mercedes, living off food stamps, then paying the Mercedes off with the "needs based" scholarship then graduating with the same debt as everyone else but driving a nice car?
I probably should've mentioned that Pell grant eligibility is determined by family income.
Many schools consider parent information, especially if the school participates in the HPSL program. The neediest student would come from a family where both parents earn very little and have few assets (such as a home or business). The least needy students generally come from backgrounds where one or both parents earn a significant income and have several assets with much available equity. Living expenses are generally not considered, but it is up to each individual school how they distribute needs-based funding.
Do you apply for these financial based scholarships after you're accepted to a school, or what?
I was told to include schools you are applying into your FAFSA (open now) and then they'll see it ASAP when you accept. It's better to be early so there is more available.
Each school has its own requirements for when you can apply. Some schools will not accept paperwork from students until they have been accepted, while some encourage you to apply during the admissions process. You will need to contact each school for clarification.
