Getting an offer of admission after being placed on the waitlist for a college or university is exciting, but what does it mean when it comes to your financial options? There are a few things you should consider and keep in mind whether you’re a waitlist hopeful or recently admitted.
Submit financial aid applications. If you haven’t already, submit your FAFSA and any other need-based aid applications and documentation required by the financial aid office. Also be sure to check your admission portal to complete any new financial aid-related requests.
Ask direct questions. You can contact your admission counselor or the financial aid office to get some questions answered, and you
do not need to wait until you’re admitted to do so. This could help you rule out a school before you wait around to find out if you’re getting in! Questions to ask your admission counselor:
- Do you offer need-based aid to students who are admitted from the waitlist?
- Will my financial aid package match what I would have received if I had been admitted before the waitlist?
- How long will it take to receive a financial aid package for students admitted off the waitlist?
Typically, schools that state they “meet 100% of demonstrated financial need for all admitted students” do exactly that, meaning they will treat a student off the waitlist the same in the financial aid review process as those admitted through early action or regular decision. If you’re unsure whether you applied to any schools with this generous policy, you can view a list of colleges that meet 100% of financial need
here.
Don’t bet on a merit scholarship. Colleges view merit scholarships as a recruitment tool to help them yield admitted students who are above average compared to their overall student body or admitted class. Most likely, if you are admitted off the waitlist, you do not fall into this category for them. The main exception to this would be colleges and universities that offer “automatic merit scholarships,” which are typically illustrated in a grid that shows a specific scholarship amount for students with a certain GPA, standardized test score, or both. All of this aside, yes, we have heard from students who were offered or negotiated for merit off the waitlist successfully – but it is rare.
Then, consider whether or not you can afford the waitlist school. After asking questions regarding need-based aid and facing the reality of extremely limited merit scholarships, you’ll likely have a better picture of what you’ll be facing financially if admitted to your waitlist school. Consider the full direct cost of the school, including tuition, fees, housing, and meals and what you may expect in need-based aid (a
net price calculator can help you with this), and determine if it meets your budget. It’s best to be prepared and aware of what your options will be and compare these scenarios to the offers you have already received (or accepted!).
