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Use the article from Forbes to answer these questions in complete sentences. Please
change your responses to another color or bold.
http://www.forbes.com/sites/troyonink/2014/11/28/2015-guide-to-fafsa-css-profile-collegefinancial-aid-and-expected-family-contribution-efc/
Merit aid is based on the students academic, athletic music or other merits.
27.Why is merit aid so great?
Merit aid is so great because any student can receive merit aid, the scholarships and
discounts dont need to be paid back and students can be awarded merit regardless of
familys income.
28.What is important to know about merit aid at elite colleges?
Most elite colleges do not offer merit aid.
Student Gets Merit Aid But No Need-Based Aid
29.What will happen if a student qualifies for merit aid but not need-based aid?
The out of pocket price will be the higher price minus the merit aid award.
Why Merit Aid Reduces Need-Based Aid Eligibility
30.True or False: If you qualify for need based aid and merit aid, you subtract both of them from
the college cost to determine how much you will pay. False.
31.True or False: If you qualify for need based aid and earn a scholarship, you will have a lower
cost to pay than if you did not have the scholarship. False.
The Out-of-Pocket Cost of College
32.What information will be given at the end of the college admissions and aid application
process?
33.What elements are included in the financial aid award letter?
34.What factors contribute to the total cost of attendance?
35.What is the formula for out-of-pocket cost?
36.Why might the out-of-pocket cost be greater than what is calculated using that formula?
Extra Credit: At home, speak with your parents and review the chart in the article 2015 EFC
Quick Reference Table for College Aid and answer these questions.
A. Is it likely you will qualify for need-based financial aid?
B. What is the plan to pay for college?
C. Are there any colleges your parents will not let you go to? Or, are there any limits they
have for where you can go to college? (Distance, cost, 2-year or 4-year, etc.)