<p>In preparing for my oldest D applying to college and for FA next year, I went through online calculators for the CSS Profile and for several schools (including Carleton, Princeton and MIT). I really appreciate schools that offer transparency and tools to assess costs, though the final EFCs had a variance of over $18K.</p>
<p>My question is what have been others' experiences in FA offers from schools as compared to the results of pre-application CSS Profile and school calculators, adjusted for changes in circumstances?</p>
<p>Some people have reported variances of “CSS EFCs” of up to $20k (or more). </p>
<p>It seems that some CSS schools use equity, car values, NCP income, etc, and some do not. And, each school has their own definition of “need.”</p>
<p>Some have reported that their FAFSA EFCs and their CSS EFCs are similar and some have reported big swings. The differences seems to be related to assets or non-custodial parent income.</p>
<p>Keep in mind that an EFC is meaningless if the school doesn’t meet need with small or no loans. What’s the point of being told that an EFC is $20k if the school has no funds to give and costs $50k?</p>
<p>It sounds like some of the calculators are giving you big “CSS EFCs”…is that right? If so, don’t expect to get much (if anything) from those schools. Often with a high CSS EFC the school will meet the small need with a loan and work-study (not free money).</p>
<p>Also, some CSS schools do not “split” family contribution when a second child goes to school.</p>
<p>You are always helpful and gracious, mom2collegekids.</p>
<p>I am trying to put all of the disparate pieces together to give me as much advance visibility to how this process with work and trying to figure which schools are most likely to provide meaningful financial help to our family and are well aware that those that will are exceptionally challenging admissions-wise. I previously posted my oldest D’s stats and she is competitive for just about any school, though we understand that is no assurance of admissions.</p>
<p>As you suggested, with the three schools mentioned, we had an EFC variance of $18K, which is a lot of money for anyone. </p>
<p>What I am hoping to get from this thread are people sharing their experiences in actual aid in comparison to the online calculators individual schools make available to applicants.</p>
<p>When D1 applied I think only P had their own FA calculator, likely because they used their own FA forms, not the Profile. So, my experience doesn’t relate exactly to your question, but I think it maybe relevant to your situation.</p>
<p>When she applied as a fr, it was the year before the top schools changed their FA policies for upper-middle income families. We had a 15k spread; HYP offered us about 10-15k/yr in grants & WS, while Amherst, Brown, WUSTL & Rice gave us zero, although Rice did give merit aid.</p>
<p>When she applied the following year as a transfer, it was under the new policies. Y offered us 25k/yr in grants & WS, while A, B & Dartmouth offered us nothing.</p>
<p>IMO, HYPS (I’m not familiar with MIT) offer substantially more FA to families in the 100-200k/yr income level (and maybe lower too) than do all other 100% need colleges. I know that many top schools boast about their generous FA, but for upper income families, I think there’s a distinct line between HYPS and the others.</p>
<p>Also be aware of other FA factors such as assets. While our income was around 100k, we have higher than ‘customary’ assets (as defined by the college) and so pay more than the 1-10% of income that the basic policy outlines. However, they’re still extremely generous, so that’s not a complaint.</p>
<p>*with the three schools mentioned, we had an EFC variance of $18K, which is a lot of money for anyone. *</p>
<p>Yes, that is a lot of money - especially if the lowest EFC is at the affordable mark. </p>
<p>However, to be honest, Princeton is one of 2 or 3 schools that is “extra, extra generous” and has a rare generous formula, so if that’s the school that is giving the lowest projected EFC, then consider that an oddball. If the other 2 schools’ EFCs are more similar (and high), those will likely be your EFC if your D goes to a CSS school that meets 100% of need other than Harvard, Yale or Princeton. </p>
<p>So, if Princeton is giving you an EFC of - say $15k - and the others’ EFCs are more like $32k, then consider $32k as your likely EFC unless your D gets into Princeton. </p>
<p>If those higher EFCs are not doable, then your D needs to also apply to some schools where she’d likely get some BIG merit money (such as USC -Calif) and/or some schools where she would get some assured BIG merit money for her financial safety schools. </p>
<p>Remember, for merit scholarships to reduce your EFC, then the scholarship has to be big enough to reduce COA to an amount that is lower than your EFC. Otherwise, the scholarship will just reduce “need.”</p>
<p>Some CSS schools do not split in half “family contribution” when the next child goes to school.</p>
<p>A Cornell mom was told that if her second child goes to Cornell, then she should not expect much of a decrease in her first child’s family contribution. I guess some privates think that families should expect to be paying our more annually when they have 2 or more in school. I guess they figure that each child should have had money set aside, and therefore when child #2 goes, the money set aside for the child #2 is now available. </p>
<p>I’m not saying that there won’t be a reduction at all for child #1 when child #2 goes to college, but don’t count on it being split in half. However, in the case of the Cornell mom, she was told not to expect a reduction if child #2 goes to Cornell as well, even though her “CSS family contribution” for child #1 was in the $40k range. </p>
<p>Needless to say, she is shocked and now has to figure out how college expenses for child #2 will get paid since they had counted on splitting the family contribution. They certainly cannot afford anywhere close to $70k-80k per year for two in school at the same time. </p>
<p>Some schools give a generous reduction when the second child goes; some don’t.</p>
<p>At the end of the day, the best bet is to apply to a variety of schools including having financial safeties. </p>
<p>I believe that the EFC is very misleading term. Even if the EFC is right and there are lots of loans in the package, then to me the EFC is wrong. </p>
<p>This is the crucial mistake that many make. EFC is generally the amount that college expects the parents will pay, the remaining amount being made up by grants, loans and work study. EFC is not the maximum amount that the parents and/or student pays, rather, it is the minimum amount. For example, if the student does not get a work study job, the parents or students are still expected to make up the difference. A PLUS loan is, in my small mind, nothing but parental contribution but it is not included in the EFC,</p>
<p>Loans have to be paid back and hence EFC in itself is meaningless. You need to know how the college structures the package, how much of it is grants, how much of the remaining are you able to borrow etc. So while the on line calculators will give you an idea, be prepared that the remaining is not all grants. Hence, have options. The three schools mentioned are not financial safeties, and MIT/Princeton a reach for almost everyone.</p>
<p>I used the Amherst online FA calculator before my son applied there. The award we ultimately got from them was virtually identical to what the online calculator predicted. If I recall there was a difference of less than $20 between what the calculator came up and the final award. (And that $20 was in our favor.) It was(is) always almost exactly the same as our FAFSA EFC. (This will of course vary depending on each family’s particulars and the school’s policies… just saying that for us that’s how it’s worked out.)</p>
<p>FAFSA EFC is rather meaningless because schools are under no obligation to do anything with that except to see what federal aid you qualify for. </p>
<p>For a low/moderate income family who gets a small Pell grant and no other free money, expecting them to take out (and qualify for) multiple years of Plus loans is ridiculous - especially if the family has 2+ kids. </p>
<p>CSS Profile Family Contribution can vary widely since each school has its own formula and may not meet need anyway. And, some use loans to “meet need.”</p>
<p>OP, I believe you’ll always get a more accurate estimate if the school has its own calculator online using the school’s own methods. The generic CSS Profile calculators will probably be less accurate just because of the differences in the ways the schools use the information on the Profile (how they treat home equity, other assets, etc.)</p>
<p>The problem I have is that gives you the EFC for that college, it tells you nothing on how the package is structured, which you will only know when you get the FA package. Some schools have low loans etc or give an indication how much of the package can be loans, others don’t. Even if the EFC matches, the package may not meet your expectations.</p>
<p>Yes, that’s true, mazewanderer. Being very wary of loans, we only looked at schools that either did not package loans with their FA or else had published loan caps that seemed reasonable.</p>
<p>OP the advice I would provide is in addition to the EFC, also look at the schools stated polices towards loan caps or do reserach on CC elsewhere as to how much loans the schools typically tack on. That should give you a better idea than just the EFC.</p>
<p>I have been diligent in reviewing the FA and loan policies of each of the schools my daughter is interested in and ran calculators both at CSS Profile and at those schools that have calculators available, and thought they were useful both in terms of producing a gross EFC number, but also at providing a breakdown as to the expected contributions and how they would meet the gap. Not surprisingly, the only schools that I have seen with institutional calculators are those that commit to meet full need. </p>
<p>I am heartened by rentof2’s experience in Amherst’s calculator and am curious as to whether anyone had experience with the Carleton, MIT and Princeton calculators. Two were very close and provided for FA grants and one was on the other side of the COA line.</p>
<p>I appreciate all the concern and general support. We have a couple of financial safeties and plan to ask plenty of questions as to financial aid and multiple siblings in the out years during and after the admissions process.</p>