Daniel Barkowitz | August 13, 2006
"The Outside Award Reward"
Hey there!!
So after my last post which was all about the new Pell Match program, I promised an update on what we at MIT have been doing for those of you who do not qualify for Pell Grants. Here ya go!
As you probably already know, when we calculate your financial aid at MIT we have two different ways that expect you to assist in your contribution. The first, your Student Summer Expectation (also called your Student Contribution) is the amount of money we expect you to contribute towards your educational expenses from a summer job. The amount of this expectation varies over the course of your four years at MIT (but is a minimum of $1500 your first year, $2200 your second year, $2500 for third year, and $2800 your fourth year).
The other form of "contribution" you make to your expense is through the borrowing or student employment you take on during the academic year through your Self Help.
OK, so far nothing new, but wait, it gets better...
Many of our students receive awards from outside providers (National Merit, the Gates Foundation, Robert C. Byrd to name a few). We have made two changes to the way we treat outside awards, and, in short, we have given you more of a reward for your outside award!!
First, we have expanded the definition of outside awards to include any outside funding for which MIT does not determine the recipients (for example, this now will include state scholarships, parents' employer benefits, ROTC scholarships, etc).
Second, we have changed the way in which we apply these scholarships. We will (as in the past) first apply these scholarships to reduce your Self Help award (up to the total amount of the Self Help). Then, we will use any excess outside awards to reduce your Student Summer Expectation before we adjust any of the MIT scholarship assistance. Once your Self Help and Student Summer Expectation have been replaced, we will need to adjust your MIT grant, and only once the MIT Grant has been replaced will be able to replace the Parent Contribution, but this change does mean that your outside awards now can be applied towards your summer work expectation!
These changes go into effect with this year's (2006-2007) awards. We anticipate this change will alleviate the summer savings burden for many students.
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Responses To This Entry:
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Hey, I need some clarification on that last statement ("...but this change does mean that your outside awards now can be applied towards your summer work expectation!"). Does this mean scholarships received now can be applied to summer earning expectations for say sophmore year or any year other than freshman year?
I also understand that you can withhold some of the credit or funds via your MIT finan. account for whichever pay period. But, can you withhold parts of it and how long can you withhold it and how long can you wait till you apply it? I read this in one of the financial pamphlets.
Posted by: Eletha on August 14, 2006 11:48 AM
Nope. They can only be applied to the summer preceeding the year in which they are received. So, if you receive 7000 as a Freshman, we will cancel your summer earnings expectation for Freshman year, but you cannot receive more this year and have it apply to future years. What you can do is ask any provider of funds to delay until a future year to give you more of a benefit.
Posted by: Daniel Barkowitz on August 14, 2006 03:53 PM
