What is considered a good financial award?

[Juan Solo]

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Hi all,

My apologies if this question has been discussed a lot, I did a search and didn't really find much (or I am too lazy to do a thorough search). Anyways, what is considered a good financial award? (excluding full scholarships). Is it 25%, 50% or 75% of tuition? Or of cost of attendance?

Thanks in advance everyone, I just have no idea!
🙂

 

[Mt Kilimanjaro]

Maybe I'm slow, but any financial award is good....

 

[BuddyTheElf]

Are you referring to scholarships, loans, what?

 

[chopes31]

Hi all,

My apologies if this question has been discussed a lot, I did a search and didn't really find much (or I am too lazy to do a thorough search). Anyways, what is considered a good financial award? (excluding full scholarships). Is it 25%, 50% or 75% of tuition? Or of cost of attendance?

Thanks in advance everyone, I just have no idea!
🙂

Any dollar that doesn't accrue interest.

 

[Juan Solo]

Are you referring to scholarships, loans, what?

I am referring to school's scholarships that some offer.

 

[Juan Solo]

Any dollar that doesn't accrue interest.

yes, true. I agree.

 

[TheWeeIceMan]

I love how loans are called "awards."

 

[GopherMD]

I love how loans are called "awards."

You are "rewarded" with future debt 😀

 

[Juan Solo]

well I was hoping for a little more insight but I guess the general response is that any money is good (that I know) but I was hoping for something a little more specific.

 

[Ohyeah]

well I was hoping for a little more insight but I guess the general response is that any money is good (that I know) but I was hoping for something a little more specific.

Depends on your individual circumstances, I guess. How much you are comfortable left paying for. I suppose you could add this up and compare to the national average for school debt, and see if your scholarship leaves you with a "good" amount of less debt.

Also depends on what other awards are given. Are you getting the best award possible offered to students (e.g. 100% or 75% or so), or are you getting the lower end? May be indicative of how badly they want you..? Idk. I know some schools give stats on the range of awards offered to the previous class.

 

[The Beyonder]

well I was hoping for a little more insight but I guess the general response is that any money is good (that I know) but I was hoping for something a little more specific.

Most students pay almost the full COA, so this is a very hard question to answer. I would calculate the total amount the school is going to cost. Paying the full amount at Baylor is still better then getting a 50% scholarship at most schools.

 

[applemac123]

i think a good financial award is one that allows you to pay off all medical school costs by 2 years after residency.

 

[Girly X]

Good is only relative to what else you have on the table and the comparative COA of all your acceptances.

So you need to line them all up and crunch the numbers. As said, no scholarship at one school may be better than 75% somewhere else. If money is the only consideration, then pick the one that will leave you with the least debt.

 

[Juan Solo]

Thank you everyone with the helpful comments. Taking into account what some of you have said makes sense.

Thanks!
-cg2812

 

[earf]

Cost of attendance - awarded amount = total you need to pay out of pocket. The lower this number, the better. Both numbers change depending on which school you're talking about.

 

[prado]

Put it like this opie. If you get anything less than a full-ride scholarship, withdraw from that school since you wouldn't want to go to a school like that anyway 😎