I’m thinking ahead with positive thoughts because we need to be prepared if DD gets an acceptance. I know that deposits are required, and that some mention deposits of anywhere from 1500 to 5000 dollars by April 10. We are hoping for almost full FA. SSS NAIS puts our total contribution at under 3000 dollars. What kind of deposit would we have to be prepared for?
If you are getting full FA, chances are you won’t be asked to put down a deposit or will be for a very small amount.
It is common for the deposit to be 10% of whatever the cost will be after FA.
Is there a SSS NAIS contribution calculator? Would be great to plug in the numbers and see the “possible” FA.
^ Yes. Just go to https://sssbynais.org/parents/.
To clarify, you need to create an account and compete the PFS, but you don’t have to pay the fee and submit your PFS to specific schools. You can just go through the process to see what your estimated family contribution is. You’ll receive that report as soon as you’ve completed the PFS. I hope this helps.
With experience at 3 different BS now, we’ve seen deposits handled two different ways…as a percentage of your total out of pocket for the year (after FA) as noted by cameo43 and as some relatively token amount (like $500) as a show of good faith as mentioned by panpacific.
That is good to know. DH was concerned it would be the whole amount at once, and it’s the same month our property taxes are due. Thanks!
@GoatMama - we have an account and completed PFS but I cannot figure out the family contribution. We did not get any reports…
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@babbit1 it’s at the bottom of the page and says “view family report”.
Thanks, found it! Never even thought of it being so much “in the open”. We got a bigger contribution amount, though not outrageous. They say “parent contribution for all students” (we have one in college), did they include that student too? And obviously they kicked him out of dependents (over 18?) because the report lists only one dependent. The schools, nevertheless, will be doing their own calculations, so who knows?
The report should, I believe, keep those listed by you as dependents in that category, regardless of age. There are families with over-18 y.o. kids who are dependent for reasons other than them being fulltime college students (I have a friend with a disabled 22 year old who is listed as a dependent on her report, for example). Seems odd to me that they would remove that entry you made, but, who knows…
@babbit1, you can also play with it to see how your estimated family contribution changes when you change aspects of your application (dependents, size of tuition, income, debt, assets). Every time you will generate a new report, and that will give you an idea of how the system works. I personally found this very helpful.
@cameo43, the report has 2 students in tuition-charging schools but 1 dependent. PFS has both children as dependents. Go figure…
@GoatMama, thanks for your input. And I was thinking about the same “fun game” - change the aspects and see how our EFC can change. Are there any disadvantages of not having a mortgage?
A while ago someone assumed that their kid was not accepted because they were renting (I do not think that might necessarily be true).
I am not a believer in debt but will they penalize us for living within our means? Choices, choices…
Sometimes the deposits are used to fund a student’s incidental account at school, i.e. the account at the business office they use to buy stuff from the school store or the snack bar.
Another thing to consider for all parents is to set aside money for tuition insurance. In my opinion, everyone should buy tuition insurance, because you never know what might happen. Read the policy carefully, because some things, like being expelled for drug use, are not covered.
Some schools require you to have tuition insurance unless you pay in full at the beginning of the year.
And some schools, like Choate, include tuition insurance as part of the package:
Well, if you are getting full FA, then no insurance is needed/available for you.
Does anyone know why the EFC changes on the family report by NAIS? It went up a little from several days ago. :-&