<p>so when i look up schools on college information websites and it says that on average 100% of need is met, does that mean they will pay the difference of tuition and the efc? i have no clue about this stuff and that seems to good to be true haha.</p>
<p>I think it means they pay 100% of what the college thinks your need is. And some of that will be loans and work-study. If you haven't actually applied you need to research independent sources as well as the college website to see what type of aid is typically given.</p>
<p>Close, but not quite.</p>
<p>The school will calculate a total Cost of Attendance (COA) that includes tuition, room and board, fees, books, medical insurance, and travel.</p>
<p>COA - EFC = need.</p>
<p>Schools that meet 100% of need will come up with a financial aid package that equals the need.</p>
<p>Most commonly, this need is met through work study, loans, and grants.</p>
<p>The most generous schools don't require loans at all.</p>
<p>The next most generous schools only require a loan of about $3,000-$4,000.</p>
<p>The next most generous schools may require more significant loans.</p>
<p>Also, keep in mind that a student contribution from a summer job of about $3,000 is usually included in the EFC.</p>
<p>Example:</p>
<p>COA = $42,000
EFC = $13,000 ($10,000 from parent and student savings and earned income, $3,000 from summer job)
need = $29,000</p>
<p>Financial Aid Package:</p>
<p>Student Stafford Loan: $3,000
Work Study: $3,000
Grant: $23,000.</p>
<p>Some schools, such as Harvard and Princeton, would replace the loan with a grant. So all things being equal, their financial aid package would inlude a $3000 student loan and a $26,000 grant.</p>
<p>Also, keep in mind that each school calculates EFC differently, so this is part of how generous their financial aid policies are. For example, some schools don't consider home equity (unless it is sky high), while others consider relatively modest levels of home equity when calculating EFC.</p>
<p>Example, the last time I checked, Johns Hopkins includes home equity in EFC. So, the same student above might have an EFC of $18,000 instead of $13,000. Therefore,</p>
<p>COA - EFC = $42,000 - $18,000 = $24,000 need.</p>
<p>Financial aid package:</p>
<p>Student Stafford Loan = $3,000
Student work study = $3,000
Grant = $18,000.</p>
<p>These are all examples are generous financial aid to make college affordable for low and medium income families, just some are more generous than others.</p>
<p>^ you make it sound so easy</p>
<p>The truth is only highly ranked schools are able to give 100% need met. Most 2nd tier schools still expect parents to contribute to their child tuition. Most schools cover between 50-75% of need met. what makes you think kids who have EFC of 0 to pull out 10,000 out of nowhere? and for the kids to use every single dime of their petty summer job to pay for college. You did not even factor in the cost of living in college. Textbooks, midnight snack, weekend trip to the city.. </p>
<p>This makes me sad =\
Private school cost so much money, my empty pockets hurts. Oh, and first 2 years, professors teach out of a textbook. HOW boring is that?!!?</p>
<p>i expected professors to relate to the subject they teach but no. they write notes, read 100% exactly from a textbook and assign exams and call it a semester. American education is overrated.</p>
<p>1989DC, you misunderstood the question and my answer to that question. I suggest you go back and read both again.</p>
<p>The question is exclusively related to schools that meet 100% of need.</p>
<p>The question addresses students with a "need," not necessarily an EFC of zero. Nowhere does the question or the answer suggest a student with an EFC of zero should pay $10,000.</p>
<p>I did factor in textbooks, midnight snack, weekend trip to city when I mentioned books, board, and travel. It wasn't supposed to be an all inclusive list necessarily, just clarifying the COA includes more than tuition since the OPs question just mentioned tuition.</p>
<p>And, yes, as part of being eligible for financial aid, most schools do expect that you will apply every single dime of the petty summer job to your expenses.</p>
<p>Dacx4--I thought your response was well thought out. As a parent of a jr., just learning the ropes, it taught me a couple of things.</p>
<p>ok thanks a lot thats what i was thinking it was but i wasnt sure. i was confused cuz i always hear about people not being able to go to the great schools because they were way too expensive, when in reality if they meet 100% of need wouldnt about every private school basically cost the same for someone?</p>
<p>
[quote]
The truth is only highly ranked schools are able to give 100% need met. Most 2nd tier schools still expect parents to contribute to their child tuition.
[/quote]
</p>
<p>The truth is that pretty much every school in the country expects parents to contribute toward their child's education.</p>
<p>The EFC = Expected Family Contribution</p>
<p>EFC= (parents income + assets) + (student's income + assets)</p>
<p>Regarding the EFC, yes, the school decides the EFC and yes, some parents have to borrow the EFC.</p>
<p>Using Dadx4's example if a family has a zero EFC...</p>
<p>Johns Hopkins includes home equity in EFC. So, the same student above might have an EFC of $0 instead of $13,000. Therefore,</p>
<p>COA - EFC = $42,000 - $0 = $42,000 need.</p>
<p>Financial aid package:</p>
<p>Student Stafford Loan = $3,000
Pell grant ~ $4300
Student work study = $3,000
Grant = $31,700</p>
<p>If JHU has a low income initiative in place like some other schools (it may end up replacing the loan with increased grant aid)</p>
<p>A school like Browh increases Grant aid and eliminates work study for the frist year.</p>
<p>Schools like Amherst, Williams, Swat and most of the ivies have low income initiatives, which means they will eliminate student loans and increase grant aid.</p>
<p>No, all privates that provide 100% of need will not cost the same because of:</p>
<ol>
<li>Differences in the COA.</li>
<li>Differences in how colleges figure EFC (the Profile is not as straightforward as FAFSA).</li>
<li>Differences in HOW your need is met. Remember, Dadx4 said that workstudy, loans and grants can be used in any combination. While a select few schools may give you full need in grants, most colleges are likely to also give you workstudy and possibly extensive loans.</li>
</ol>
<p>And there's another wrinkle to keep in mind, preferential packaging. Many colleges that don't eliminate student loans from all their students' FA packages will convert loan and work study to outright grant money for the students that they most want to enroll. Depending on the school, this might include high academic admits, URM students, low-income students, or other groups.</p>
<br>
<blockquote> <p>if they meet 100% of need wouldnt about every private school basically cost the same for someone?>></p> </blockquote>
<br>
<p>Only a VERY small percentage of private schools (and even less public schools) meet full need. Most do NOT meet full need. Many very expensive private schools gap when awarding financial aid, meaning that they do NOT cover the full costs between the Cost of Attendance and your EFC.</p>
<p>42k is what you came up with?
is that even realistic?</p>
<p>its 47,000 for just tutition, Room + board</p>
<p>Bum your whole kid's life to splurge on their school. Yea, great investment.</p>
<p>After all said and done. If you have EFC of 0, expect to pay 14K+ a year for private school with room/board. And don't tell your dad that you actually use money to buy clothes, he'll freak.</p>
<p>Not all financial aid packages at every school are created equal. Many factors go into financial aid. But some schools spread out financial aid to more students but offer less per student. Some schools have really deep pockets and can afford to do things that other schools cannot do. Some schools have more kids on financial aid than other schools. </p>
<p>But nobody owes you a dime. Everyone wants to get the money necessary to attend their top choice school, but sometimes that just is not possible. How many schools offer Pell Grant money and what is the percentage of Pell Grant students do they admit? </p>
<p>And tens of thousands of students each year have to decline offers of admission at schools they simply cannot afford, and accept an offer of admission at a less expensive school, often a state institution. Its unfortunate but its reality.</p>
<p>If going to college is such a financial burden that it puts your family in financial peril, then that is clearly not a good choice for you. But I also remind you that you should consider how much money you will be making when you graduate and take that into consideration.</p>