I'm trying to figure out how financial aid packages work if accepted through QuestBridge Regular Decision. Can someone explain how these packages compare to other types of aid?
When you apply through QuestBridge Regular Decision, the financial aid package you receive will typically be the same as or similar to the package you would receive applying through other non-QuestBridge Regular Decision methods. The goal of QuestBridge is to ensure students with outstanding academic ability can afford to attend highly selective colleges, regardless of financial circumstances. Much like other aid methodologies, the financial aid package you receive is typically a combination of grants, work-study, and sometimes low-interest loans, depending on the school's specific financial aid policy.
The way the aid package is assembled largely depends on your family's demonstrated financial need, as calculated using the information you provide on your FAFSA and CSS Profile. Each participating college or university has its own set of criteria that they use to determine your financial aid package. This could include your family's income, assets, size, and how many siblings you have in college.
Many of the QuestBridge partner colleges are committed to meeting 100% of demonstrated financial need, which means your financial aid package will cover the entire cost of attendance minus your family's expected contribution.
One thing to keep in mind is to be aware of the college's specific financial aid policy. Some colleges offer a "No-Loan" policy, which means your financial aid package will be made of grants and work-study, without any student loans. This makes these colleges more affordable for students with financial need.
For example: Let's say a student receives a financial aid package from a school that meets 100% of demonstrated need and offers a no-loan policy. If that school costs $55,000 a year, and the student's family is expected to pay $5,000 a year, the student would receive a $50,000 aid package made up of grants and work-study, with no loans.
Remember, reviewing your financial aid award carefully is an important part of deciding where to attend college. Also, each school's net price calculator can be a useful tool to get an estimate of your financial aid package prior to applying.
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