<p>First, I apologize that the following is probably greatly oversimplified, but I am feeling simpleminded today . . .</p>
<p>As I understand it, admissions yield means that a school which has space for 100 students (and has a recent history of having only 2/3 of their offers accepted) will admit 150 in anticipation that 50 will say "no." If 50 say no, all's well and the process ends. If 51 say no, they pull one candidate from the waiting list. And if only 49 say no, they squeeze in an extra bed somewhere.</p>
<p>Alright, so let's posit the same scenario for financial aid. School X has 100 magic gold coins allocated for financial aid, as well as a recent history of having only 2/3 of their offers accepted. Do they extend gold coin offers to 150 students and hope for the best - or do they restrict their offers to the 100 gold coins they actually have, with expectations that they will be pulling from the waitlist to use up all the coins? In the former scenario, they are fine if either 50 or more students reject their offers, but if only 49 students reject their offers, what do they do - go hunting for donations?</p>
<p>I am guessing that they leave a bit of a cushion in their budget "just in case" . . . but still, if their calculations are very far off, it's a lot harder to come up with extra gold coins than to turn a few single rooms into doubles!</p>
<p>If this has already been asked and answered, sorry . . .</p>
<p>My understand: I don’t think they have a mandate to “use up all the coins”. If A LOT more FA offers are turned down than expected, then I guess they’d try to find some candiates from the WL pool who need FA so they can still maintain a school characterized by socialeconomic diversity, otherwise it wouldn’t that they save a few bucks for this year. On the other hand, if more FA acceptances than expected, you are right they should’ve left some “cushion” alrady, but it may affect next year’s FA, which means fewer FA applicants will be accepted next year if the additional buget this year poses a burden on the school.</p>
I doubt they can afford sticking their heads out like that. This is also why I don’t believe PA or SAS’s 100% need-blind is for real - PA has a pre-set FA budget remember?</p>
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I tend to agree this is the case, except I doubt there exists a requirement that they have to use up all the coins.</p>
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The cushion has to be there as all FA offers are tentative pending final review and there are always adjustments.</p>
<p>I asked that exact question and one school told me that schools do it both ways.</p>
<p>The school I talked to (you can PM me for school name if you wish) said they award EXACTLY the dollar amount that they have available. They then put others on a FA wait list. IF/When students who were offered FA turn it down, they award those dollars to someone on the FA wait list. This is why it is important to let schools know of your decisions when you make them (don’t wait until April 10 if you have decided on April 5th). </p>
<p>This admissions officer then went on to tell me at the school they previously worked at (again, I know that name, so PM me) does it the other way. They figure on a FA yeild, as they do with their admissions.</p>
<p>Linda S - Without naming names, did you get the impression that the school’s methodology is in any way determined by school size/budget? In other words, is the larger school more willing to take chances and does the smaller school adopt the more conservative approach?</p>
<p>pulsar15 - No I do not, I simply do not want to state the school on the board.</p>
<p>dodgersmom - The two schools I know for sure about are about the same size and neither has a multi-million $ endowment. My initial thought was that the schools with the schools with less money probably give out exactly the amount they have and then wait and the ones with more can afford a less conservative approach. But then I learned of the second school so that theory was shot.</p>
<p>Great information so far. Let’s complicate matters a little further…Where does an admitted family who is able to make a valid, convincing argument for the need for additional funds, fit into the gold-coin equation? In other words, does the additional need for an admitted student trump the overall need of a wait-listed student in the same way manner that a Flush trumps a Straight? For simplicity, assume both families need the same dollar amount. </p>
<p>I know someone whose child was admitted but the family is holding their breath to see what’s available after 4/10.</p>
IMO, if the wait-listed student is on FA wait list who has been otherwise admitted, s/he will have equal chance as the student requiring additional funds. The school will decide how it wants to distribute the funds. However if the wait-list means WL as in admission, I would think the student already in has priority.</p>
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How can they hold the breath after 4/10? Isn’t 4/10 the date by which they either take it or lose it?</p>
<p>hootoo, returning students have a later re-enrollment date. April 10th would be when they would know if they could expect an increase in aid due to new FA awards being turned down.</p>
<p>Neato-
At both my children’s schools re-enrollment contracts were due March 1st. I believe this is standard at schools with a March 10th admissions notification date.</p>
<p>Really?? <em>goes to check copy of my son’s contract which I returned when I brought him back after break</em></p>
<p>I’m wrong. My son’s was due today.</p>
<p>Sorry hootoo, I don’t know what I was thinking about. I do know that we haven’t received an award letter for next year yet. Maybe that’s what I’m thinking of?</p>
<p>Hootoo – yes you’re right…technically, the family will need to either commit or decline on or before 4/10. But it’s a delicate dance when the student’s ability to attend is contingent upon the decisions of others. Who knows how many adequately funded students are still on the fence about matriculating and will wait until 4/10? Okay, the admissions folks probably have a good idea but the family I mentioned is currently in a holding pattern. It’s not a matter of seeing if the school will up the offer and if not, reluctantly sending in a deposit. If there’s no increase, this kid can’t go. This is why I strongly suggested they attend the upcoming revisit for admitted students. Its one thing to make a call or send an email but attending the event is up-close, personal and a true demonstration of their interest. There may even be an opportunity to pull the FA person to the side momentarily to drive the point home. Also, dressing the entire family in the school’s colors wouldn’t hurt either.</p>
<p>neato - no problem. So contracts for returning students on FA are due today (4/1)? If so, existing students should have no impact on the rest of the school’s FA picture by and after 4/10.</p>
<p>nylecoj007 -for the said family, they would have to first get the school’s permission to turn in their contract after 4/10, and also have the school’s blessing that extra funds would be granted when they become available? I am in a similar but no less difficult position - one school gave me a fine FA package so I can go there already, but the other school came quite short but is willing to be flexible if funds are available. I am not sure I should wait beyond 4/10 even if the second school allows me, as that virtually says no to the first school when extra funds from the second school might not be available. Good thing is both schools are very fine schools, but what’s not so good is that for now at least I kind of lean towards the second school.</p>
<p>hootoo - I don’t know about other schools. My son is at Exeter. I looked at the cover letter for the contract and it didn’t say anything about FA on it so I assume it’s the date for all returning students.</p>
<p>I’m confused. Not all schools ask returning parents to reply by April 1st. We haven’t received our paperwork yet. So I wonder if it varies by school. When we were communicating with another school last year - the “reply” date was later than that for newly admitted students.</p>
<p>If my understanding is right. For Exeter. Returning students signed the contract and sent deposit by April 1. Returning FA students will know actual aid amount of next student year at June. If family does not satisfy the aid school give for that student, they can withdraw and get full deposit refunded.</p>
<p>I have also spoken to FA people at 2 schools. 1 gives out FA based on yield so FA off the waitlist is rare (this school as a large amount of FA) The other school gives out only what it has so there is more chance of getting FA of the waitlist (this school has a moderate amount of FA).
On the side of contracts, a friend of ours whose financial aid situation had deteriorated from the year before sent in their contract after April 10th. School told them there was nothing they could do because they had already allocated all their funds so they would have to pay what they had the year before.</p>