Deferring and Finaid

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etlien
Posts: 131
Joined: Wed Jun 18, 2008 7:08 am

Deferring and Finaid

Postby etlien » Fri Jul 30, 2010 10:07 am

Does anyone want to share their experiences with finaid after deferring, particularly the grants part?

From my understanding of deferrals, the finaid package does not get deferred with your matriculation. Instead, you apply again for finaid. Deferring seems to be pretty similar to ED in that you are committed to going to a particular school. As such, schools have no incentive to offer you a generous package, so are you stuck paying sticker if you defer like you would if you got in ED?

thechee
Posts: 174
Joined: Tue Oct 06, 2009 8:42 am

Re: Deferring and Finaid

Postby thechee » Fri Jul 30, 2010 10:49 am

I requested a deferral from a T10 school, and specifically requested that my scholarship be deferred as well. They granted the request right away. This will vary from school to school. Some places automatically defer scholarships (Michigan), whereas other schools determine this on a case-by-case basis (Berkeley).

Financial aid, however, is different than scholarships. This is income based, and you will need to reapply for this the year before you enroll. Unless you are talking HYSC and Berkeley, there probably won't be much in the way of need-based grants. They look at your income to determine what types of loans you qualify for (interest rate, subsidized versus unsubsidized). For example, even though my scholarship will be deferred, because my 2010 income will be much higher than my 2009 income, I expect to get a much less attractive set of loans offered to me.

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vanwinkle
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Re: Deferring and Finaid

Postby vanwinkle » Fri Jul 30, 2010 10:58 am

etlien wrote:Deferring seems to be pretty similar to ED in that you are committed to going to a particular school. As such, schools have no incentive to offer you a generous package, so are you stuck paying sticker if you defer like you would if you got in ED?

The difference between deferring and ED, though, is that you've already been offered a scholarship package, presumably because your app and numbers are so good that you deserve $$ from a school of that caliber. Given that, you have leverage (refusing to defer if they don't also defer your scholarship, knowing you can likely get money at one of their peers next year). It's not like ED because you're not bargaining just to get in, you're already in and know how much money you're worth to that school, which puts you in a totally different bargaining position.

I'll also note that while many schools have historically not deferred scholarships, with things getting so competitive these days, I think it's becoming more and more likely that schools will be willing to. In fact, some schools (such as UVA and NU) have been offering money to certain applicants in order to get them to defer. The deferral is actually highly beneficial to the school, because that's one seat in next year's class already filled by a high-caliber student.

My gut feeling is that this will become more and more common practice among the top schools, at least for truly worthy applicants, to keep them from going to competitor schools. Then again, if an applicant isn't worthy of a scholarship deferral, they probably weren't worthy of the scholarship they got in the first place...

etlien
Posts: 131
Joined: Wed Jun 18, 2008 7:08 am

Re: Deferring and Finaid

Postby etlien » Fri Jul 30, 2010 1:17 pm

Thanks for the replies. Seems like deferring isn't as bad a move as thought afterall.

etlien
Posts: 131
Joined: Wed Jun 18, 2008 7:08 am

Re: Deferring and Finaid

Postby etlien » Sat Jul 31, 2010 1:02 am

anyone else have experience with this?




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