You raise a very good point about considering all four years.
I don’t see FAFSA changes having much effect on Yale’s FA formulas. I agree its a consideration at some schools. But the crazy high endowment schools are moving in the direction of more generous FA, not less. (Obviously, just a guess on my part though).
For OP, annual variation in business income is something to be aware of going forward. FA can vary a lot if reported business income is low one year and high the next, even though in practice the family income (W2 + distributions) is fairly level. The good news is that the parents should have a very good idea of 2022 income before decision time, so at least 3 of the 4 years of income will be available. If there is wide variation, and the aid package is calculated based on the low year, they should be aware aid could drop a lot.
I think back to the issue - should they apply to other schools - OP is possibly out of time so needs to make that decision - hold onto Yale / UCs…or as a just in case, unlikely to use do I throw in an app to an almost assured affordable smaller, private school?
I suppose it can go the other way and apply to an elite school - but what are the odds others will be more generous than Yale (and then get them to match)?
To me, OP is either done but if has any fear, should find a school that meets their academic needs that they know they’ll pull enough merit to make the price right.
But debating in this case doesn’t help the OP who - if they decide to apply to more (and not saying they should) is potentially up against a very tight timeline.
This is all very frustrating and while I really appreciate everyone’s help, I’m starting to regret opening this thread because now I have more variables to think about… saving money for my sister in fear of “long-term resentment”… still on the fence about applying to other ivies… tight deadlines…
It sadly feels like a lot of overwhelming pressure for an event I thought would be more celebratory. But that’s just the reality of things. I’m trying really hard to figure it out – but considering my parents are also non-English speakers AND have never attended college, crawling through the financial aid mud just gets increasingly harder.
I am perfectly fine with attending a UC, and I have faith that I will get into at least ONE of the UCs I applied to. I did spend a lot of time on those applications.
I think I am going to make the decision of applying to a handful of more IVIES … even though it’s a long shot I’d get in considering the time constraint. But hey - at the end I can say I tried. I hate to be full of regret.
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Honestly, this has taken a large mental toll on me during the past days… I’ve broken down at least 2 times, and financial aid is the only thing I can think about when I wake up. I’d love to attend Yale. It’s the school I poured my heart into for the last 4 years. But if it really comes down to it, I know I can’t pull my family into financial ruin – no matter how much they insist they can pay.
I’ll keep trying, and leaving my inbox open for tips + advice. Thank you everyone.
If you are content at a UC, you are done. Your worst case, but unlikely, is UC Merced. More likely will be a San Diego or Santa Barbara or one of the two biggies.
You are making assumptions on aid but you really don’t know. You stated up front that you ran Harvard, Princeton and Yale all came in about $65K and that your parents were ok paying sticker.
If you are going to apply to another Ivy, you should again repeat your situation as to what extras your parents have so folks who know (not me) can guide you on home equity or business - who counts what so at least you pick the right school. But it’s highly unlikely you’re going to find a better elite offer - and thus you are, in my opinion, wasting time and money, chasing a solution that likely does not exist…for a problem that you aren’t even sure exists.
If your choice is Yale at X price or say UCSD at $37,500 or unlikely but worst case UC Merced at $39K - then why apply elsewhere? Run the NPCs but I can’t imagine a Dartmouth or Cornell or Penn or Columbia are going to come in lower or materially lower. Maybe Princeton?? But you already said no.
But I would lay out your situation and let others on here who know the formulas by school help you.
The only reason to apply to another to me would be to a possible merit school that would still be fantastic - like a Kenyon or Macalester or Rice for a bigger size - but you’re not interested.
So seems to me - you should stop now - and wait for Yale.
If everything fell apart - Yale was out and the UCs fell through which seems highly unlikely, it wouldn’t be death - because there would still be fantastic publics that offer fantastic merit where you can apply all the way until May 1st and be well under the UC cost.
So take a step back, stop reading the college confidential, and await for Yale to respond.
My advice is to forget about this thread, and have some conversations with your parents. They, and they alone, know their financial picture. Not a single poster here does. If your parents can pay for Yale, they can. They clearly are smart and successful. You are a teenager, and its not on you to figure out their financial ins and outs. Please, talk to them and let them walk you through their thinking.
Logically it makes no sense to apply to other Ivies. Its unlikely any other school will be materially more generous. You already have the UCs as a back up in case Yale doesn’t work out. Stop! No need for any more angst or applications.
As another poster wrote, if you go to Yale, you can work over the summer and prioritize making money once you graduate.
But why would the OP want to apply to other elite schools?? That’s what I don’t understand. Elite schools don’t offer merit aid. The OP is already in at one of the elitest schools on the planet, which also is one of the most generous on the planet. What benefit could there be to the OP to throwing more applications at the wall?
The OP already also has cheaper options if in the unlikely event Yale ends up not being affordable.
Congratulations on your acceptance! I have not read this whole thread so forgive me if I’m missing something. You are accepted to Yale and your parents are willing to pay for your education. Double congratulations! I would be very happy, not stressed.
Hopefully you will receive some amount of financial aid. It seems like you were hoping for an acceptance “for cheap” for a lack of a more adequate expression. But your parents are able and willing to pay, even though it sounds very expensive (and is!), it is their decision how to finance their children’s education. Talk to them! Ideally you should have had this conversation, and looked at the price calculators, before applying rather than after acceptance. Better later than never, right? I would start getting excited about your freshman year and all the fabulous opportunities Yale has to offer. Good luck!
The formulas for computing need based aid vary from school to school. Within the Ivies, there are schools that use varying amounts of home equity, for example. Plus some have deeper pockets.
It’s possible that this student might get a better financial aid award from another school, and Yale would review their offer (as noted above by another poster). That would be the reason.
OTOH, Yale is generous as I noted upstream. And the student really wanted Yale, not the other elites. So…really. Applying to additional elites would not be a needed thing.
And as noted, they have the UCs as well on their application list.
What are the odds though that a) this kid gets accepted and b) gets a financial aid award that is materially different? Infinitessimal. And not worth the time and stress this kid is already feeling.
We are a full pay family that was willing to pay full freight to a university of my high stats D22’s choosing. It would have been tougher, but we could have and would have done it. She was rejected from her Ivy ED and her favorite option at the end was UCLA (we are in-state).
So, not the same situation as she wasn’t accepted, but what I can share is that she loves UCLA, we are cash flowing her tuition, and she’s
doing a month-long study abroad program
in Paris this summer (and probably a couple of other overseas programs over her time there) because we have no worries about paying for her education. We’ll dip into her 529 to pay starting next year if the market recovers at all, and she’ll have left over for grad school or we will use it for her younger brother.
Being rejected from her Ivy ED was the best gift in disguise. That said, I totally get where your parents are coming from. I would want to make Yale happen for you, too. But know that if you decide to go to a UC, you will have a lot more room in your budget for extras and that doesn’t suck.
Yale would probably pay for an international summer program though . . .these wealthy universities throw resources at kids in ways unknown at other less wealthy schools.
The UCs are a great option if the OPs parents have a change of heart. But right now, what we know is they’ve said they are willing to pay, and the OP has been accepted.
If this is causing you stress you should forget about this thread.
Get the FA info to Yale and see what details they come back with.
You’ve been admitted to one of the best schools in the world and also one of the most generous. Permit yourself to be happy.
Your parents say they can pay. Have a discussion with them so you understand the big picture, but to be honest they probably know their finances better than you do. So if the marginal cost of Yale is acceptable to them, it’s not your job to second guess them.
I agree—if parents are confident then don’t worry about it. I only offered an alternate experience in case it was a hardship and they had second thoughts. You’ll be happy at Yale, OP! Congratulations!
Maybe, maybe not. My kid was accepted to two HYPSM schools and the lower award matched the higher, which was >$5k/yr—and this was awarded after my kid had already committed to the lower award school. Were we shocked? Yes, but it happened. However, a $20k+/4yr bump may not be a significant enough difference to the OP to warrant the tens of hours necessary to write quality supplemental essays.
Let’s return focus to OP please. Discussion of the efficacy of NPC or whether Yale will match is pointless as deadlines for other colleges have passed or soon will.
My thoughts exactly. Even though you get into Yale REA chances of getting into another Ivy RD are still very small. And then what are the chances the award will be materially different. Plus how strong of an app can you put together at the last minute? You will have affordable options if Yale is not affordable.