question about your scholarship

[peezyweezy]

This question is for those who received merit scholarships when they were admitted to med school. When a school gives you merit scholarship how is it administered? Do they calculate your need and then use that merit scholarship to reduce whatever loan amount you would need or
do they deduct your merit scholarship from the total budget and then determine your need based on whatevers left for you to pay?

any responses would be appreciated

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[Doctor Bagel]

This question is for those who received merit scholarships when they were admitted to med school. When a school gives you merit scholarship how is it administered? Do they calculate your need and then use that merit scholarship to reduce whatever loan amount you would need or
do they deduct your merit scholarship from the total budget and then determine your need based on whatevers left for you to pay?

any responses would be appreciated

Umm, it seems like both questions would lead to the same results. Your school sets a cost of attendance, which includes tuition, fees, living expenses, etc. You are allowed to borrow up to this amount less any scholarships or grants. So basically scholarships plus loans add up to the cost of attendance.

 

[Droopy Snoopy]

This question is for those who received merit scholarships when they were admitted to med school. When a school gives you merit scholarship how is it administered? Do they calculate your need and then use that merit scholarship to reduce whatever loan amount you would need or
do they deduct your merit scholarship from the total budget and then determine your need based on whatevers left for you to pay?

any responses would be appreciated

I wasn't lucky enough to receive one of these, but I'm on an HPSP scholarship that probably works the same way. Merit scholarships are achievement-based and given in set amounts that have nothing to do with your financial need. You're still eligible for Stafford loans like anybody else, only the total you can take is less the cost of the scholarship. If the scholarship only covers partial tuition and your EFC is low enough, you'll still be eligible for need-based aid. This latter scenario does require submitting parental tax documents, though.

 

[Critical Mass]

I wasn't lucky enough to receive one of these, but I'm on an HPSP scholarship that probably works the same way. Merit scholarships are achievement-based and given in set amounts that have nothing to do with your financial need. You're still eligible for Stafford loans like anybody else, only the total you can take is less the cost of the scholarship. If the scholarship only covers partial tuition and your EFC is low enough, you'll still be eligible for need-based aid. This latter scenario does require submitting parental tax documents, though.

They consider scholarships to be part of the financial aid package that is applied to your need/budget.

 

[Doctor Bagel]

I wasn't lucky enough to receive one of these, but I'm on an HPSP scholarship that probably works the same way. Merit scholarships are achievement-based and given in set amounts that have nothing to do with your financial need. You're still eligible for Stafford loans like anybody else, only the total you can take is less the cost of the scholarship. If the scholarship only covers partial tuition and your EFC is low enough, you'll still be eligible for need-based aid. This latter scenario does require submitting parental tax documents, though.

The parental info depends on your school. For the federal need based aid, which is pretty much just the measly $8500 subsidized staffords, you do not need to submit parental info. Most schools require parental info for any institutional need based aid -- institutional need based aid is a big deal at some schools but not at others. Generally, prestigious private schools have a lot of it, and state schools don't have so much.

As for the staffords, depending on the scholarship and the coa, you might still be able to take out the full amount. If your school costs $60k/year, and you get a $20k scholarship, you can still get the full stafford amount. The unfortunate reality for lots of us is that scholarships just cut into what you have to borrow in private or GradPlus loans.

 

[anon-y-mouse]

This question is for those who received merit scholarships when they were admitted to med school. When a school gives you merit scholarship how is it administered? Do they calculate your need and then use that merit scholarship to reduce whatever loan amount you would need or
do they deduct your merit scholarship from the total budget and then determine your need based on whatevers left for you to pay?

any responses would be appreciated

I did not apply for financial aid, but received a merit scholarship. When I was admitted, I received a letter saying that the cost of my tuition would be covered by xyz scholarship. I received a bursar credit for that amount.

 

[johno83]

But I just get a letter in my mailbox around the time tuition is due showing my bill being covered. I am still able to take subsidized Stafford loans to make up the other costs. No school covers the full cost of attendance (at least as far as I know) with scholarships. I think whatever is left is then maybe eligible for need based aid, but most schools consider all future physicians able to take on a certain amount for loans (some schools call it the unit loan) and may be as high as 30K. So if you get full tuition or sometimes even half, you will have to make up the rest with loans unless it is more than that schools unit loan (or whatever that particular school uses).

 

[SupergreenMnM]

My scholarship was for full tuition, my aid package then included need based (and other if needed) loans to cover living expenses, books, etc. I did not need the fafsa in for the former but did before I got the actual numbers for the later.

 

[njbmd]

This question is for those who received merit scholarships when they were admitted to med school. When a school gives you merit scholarship how is it administered? Do they calculate your need and then use that merit scholarship to reduce whatever loan amount you would need or
do they deduct your merit scholarship from the total budget and then determine your need based on whatevers left for you to pay?

any responses would be appreciated

My scholarship covered tuition and books. I borrowed (Feds) for living expenses. The max that you can borrow from Feds in budgeted by the school. My scholarship money was subtracted from that total. Anything above that comes from private sources. In the end, over four years I borrowed a total of about $40K (1998-2002 dollars). Anything above what I was budgeted, I either earned during the summer or my family provided. The exception to this was an paid fellowship that I did during the summer between my second and third year. This money was not subtracted from the school budgeted amount.

Both my loan money and scholarship money were dispersed by the school. I would sign the checks (in financial aid) and the money would be directly deposited to my checking account a day later.