Hey guys, hope you're doing well. I'm starting to realize how expensive college can be and it's stressing me out a little bit, not gonna lie. Basically, I need to find colleges that are generous with their financial aid. I'm talking scholarships, grants, work-study, anything really. I'm casting a wide net, too, so any and all suggestions are welcome! Thanks in advance!
When discussing scholarships and financial aid, there's a distinction between merit-based aid, which is awarded based on academic or talent achievements, and need-based aid, which is determined by your family's financial situation.
If you're particularly strong academically, you might want to look at schools known for their merit aid, which you could qualify for through your grades, test scores, or in some cases, extracurricular achievements. Schools like the University of Southern California (USC), Tulane University, and Boston University offer some of the most generous merit aid programs in the country.
However, top-tier schools like Harvard, Princeton, Stanford, and Yale, often grant generous financial aid packages based on need. For example, at Harvard, families earning less than $85,000 per year pay nothing towards the cost of attendance and families earning between $85,000 and $150,000 per year will pay between 0 and 10% of their annual income. Other top-tier colleges, like the University of Chicago, also offer comprehensive need-based aid packages.
Public universities like The University of North Carolina at Chapel Hill and the University of Virginia are reputed to have generous need-based financial aid programs as well.
It might also be worth a look into colleges that meet 100% of demonstrated financial need, meaning they aim to fill the gap between what your family can pay and the total cost of attendance without resorting to loans. Schools like Bowdoin College, Amherst College, and Pomona College follow this practice, among others.
Remember to thoroughly research each school's financial aid policy and use the net price calculator on their websites to estimate your potential aid package.
Lastly, don't forget to fill out the FAFSA as soon as you're able to, as this will make you eligible for federal grants, work-study programs, and loans. Remember that while taking on debt isn't optimal, low-interest federal loans can help you afford your education if necessary!
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