what qualifies as "significant resources"?

Discuss various money matters here. Loans (federal and private), scholarships, lottery winnings, or other school finance related information and queries.
michiganlady222
Posts: 14
Joined: Sun Aug 18, 2013 6:32 pm

what qualifies as "significant resources"?

Postby michiganlady222 » Tue Nov 19, 2013 2:53 am

schools say anyone except people with significant resources should apply for a mix of merit and need-based aid. what counts as significant? they said everyone underestimates what is meant by significant, and often people would get more money if they applied for need-based as well, but I still think that's kinda vague...

arklaw13
Posts: 1704
Joined: Wed Jun 06, 2012 2:36 pm

Re: what qualifies as "significant resources"?

Postby arklaw13 » Tue Nov 19, 2013 6:55 pm

michiganlady222 wrote:schools say anyone except people with significant resources should apply for a mix of merit and need-based aid. what counts as significant? they said everyone underestimates what is meant by significant, and often people would get more money if they applied for need-based as well, but I still think that's kinda vague...


Unless your parents are millionaires and it would be ridiculous for you to be awarded need-based aid, go ahead and apply for it. No reason to possibly leave money on the table.

User avatar
grungy89
Posts: 106
Joined: Sat Jul 13, 2013 1:05 pm

Re: what qualifies as "significant resources"?

Postby grungy89 » Tue Nov 19, 2013 10:04 pm

based on what you quoted the school as saying it sounds like "significant resources" means you wouldn't have any need and probably wouldn't even think to look for aid.. Also, need based aid usually requires documentation of need, and you had best believe that they will let you know if you don't qualify.

User avatar
Tiago Splitter
Posts: 15487
Joined: Tue Jun 28, 2011 1:20 am

Re: what qualifies as "significant resources"?

Postby Tiago Splitter » Tue Nov 19, 2013 10:10 pm

Many schools require you to apply for need based aid to be eligible for merit aid. Just apply for whatever you can get and see what happens.

cway
Posts: 114
Joined: Fri Aug 09, 2013 9:42 pm

Re: what qualifies as "significant resources"?

Postby cway » Wed Jan 08, 2014 8:19 pm

michiganlady222 wrote:schools say anyone except people with significant resources should apply for a mix of merit and need-based aid. what counts as significant? they said everyone underestimates what is meant by significant, and often people would get more money if they applied for need-based as well, but I still think that's kinda vague...


Harvard's cut-off is around $180k cumulative income - both parents, you, household assets. That doesn't seem anywhere near millionaire status to me, and that's a ton of paperwork that could be avoided...

http://www.law.harvard.edu/current/sfs/ ... ytype.html




Return to “Financial Aid”

Who is online

Users browsing this forum: No registered users and 1 guest