the Better Your Score, the Better the Money! – Financial Aid and the SATs-ACTs
It’s that time of year, students are furiously studying for the SATs and/or the ACTs (if you’re not, you should be!). Not only are these scores important in getting noticed in the admissions office and getting in at the colleges, they become even more critical when it comes to deciding how much money you get in the financial aid office.
Although grades and classes carry the most weight in the admissions office, standardized test scores, in the form of either the SAT or the ACT, are also important. However, once you’re admitted and the financial aid office is determining your financial aid package, your SAT or ACT score takes on a much greater significance.
This grant is geared to help low-income families get a college education in just a few years. Another excellent grant that is now available is through the Obama administration which allows mothers to go to school and receive several thousand more dollars to earn their college degree. Here are a few ways that you can qualify for either of these two programs.
I’ve seen this play out with my clients again and again. However, the best example of better standardized test scores getting better money occurred a couple of years ago when I worked with two young ladies who attended the same private prep school. (They were best friends, planning on applying to and attending the same colleges — these two were like sisters and absolutely delightful!)
At any rate, young lady number one had a 3.5 GPA and an 1150 Reading/Math score on the SAT.
Young lady number two had a 3.58 GPA and a 1200 Reading/Math score on the SAT.
When the financial aid awards arrived from the colleges, the results were telling:
Young lady number one was awarded a $5000 merit scholarship.
Young lady number two was awarded a $9000 merit scholarship from the same school.
The cost of attendance at this particular college is $20,000 and both Jamie and Sarah’s families, according to the financial aid formulas, have an expected family contribution of $5000. They both have a financial aid need of $15,000. Here’s how the two girls’ financial aid offers ultimately stack up:
Sarah’s financial aid award is a $3500 student loan. That leaves the family with an unmet need of $11,500. If they want Sarah to attend this particular school, the family will have to pay $16,500.
Jamie’s financial aid award, on the other hand, is a $3500 student loan AND a $6500 need-based scholarship, leaving Jamie’s family with an unmet need of $5000. If they want Jamie to attend this particular school, the family will have to pay $10,000.
Jamie, the stronger student, was offered a better financial aid offer. Why? Because the college WANTED her to come and was motivated to make it happen. Sarah, on the other hand, is competitive enough to get in, but, the college isn’t motivated to move heaven and earth to make it happen. They’re happy to “allow” her to come if she’s willing to pay. If she doesn’t want to pay, she doesn’t have to go. And the college appears to be okay with that.
Regardless of your situation — no need, some need, all need — the better the student looks at a particular school, the easier it is for him or her to get in and the better the financial aid package. Period
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