<p>Assuming that unmet need is defined by COA - EFC, will colleges satisfy unmet need, or does that depend on the college?</p>
<p>I assume that HOW each college addresses unmet need definitely varies by college. That is, the composition of the Fa pkg (how much for loans, work study, grants, and scholarships)</p>
<p>No they do not have to meet all unmet need. One thing they usually put forth if parent plus loans. Well I guess I don't think of parents borrowing money over their efc as meeting unmet need.</p>
<p>Only schools that say they meet "100% of demonstrated need" will give you the difference between COA and EFC -- and there aren't that many of those.</p>
<p>And also remember that "demonstrated need" is how the SCHOOL defines it!</p>
<p>worried, what is meant by demonstrated need?</p>
<p>Here is another question: how does each college derive the EFC?</p>
<p>from FAFSA?
or by its own methods?</p>
<p>I take it that regardless of what the FAFSA says is my EFC, the real EFC is whatever a college says it is, correct? Further, EFC can vary from each college, correct? vive le diference!</p>
<p>Do colleges usually post whether they meet 100 pct of need or do you have to pull it out of the FAO?</p>
<p>By way of google:</p>
<p>The Connecticut Student Loan Foundation (whatever they are) has compiled a list of colleges that they claim will meet 100% of documented need. This list, which includes both universities and liberal arts colleges, is a lot longer than any others I have seen. Even so, most colleges in the U.S. are not on the list.</p>
<p>FAFSA determines a student's eligibility for federal grant and loan programs. Many colleges offer institutional aid in addition, and those schools usually require you to fill out the CSS Profile in addition to the FAFSA (and possibly an additional school form, if I am not mistaken.) And yes, the real EFC is whatever the college calculates it to be; there can be great variation, depending on how they view certain types of assets, siblings, etc.</p>
<p>BTW, just noticed: event though the web page is dated 2008, the list is excerpted from a book published in 2004. This is a topic that is changing rapidly, so I wouldn't be too surprised if some of the schools listed are not still 100% of need schools.</p>
<p>Some schools use just FAFSA to determine your EFC (primarily state universities), but most private schools use the Institutional Methodology (IM) that requires you to fill out the CSS Profile, which takes into account some assets not looked at by FAFSA. The EFC using IM is almost always higher than the EFC from FAFSA. And to further complicate matters, each school has its own special way of "adjusting" the IM, which is why the bottom line is -- you got it: your EFC is what the school says it is!</p>
<p>Schools that meet 100% of a student's demonstrated need always make a big point of that (although they are coy about coming right out and telling you that they are the ones to determine the "need") so you can usually get that information right off the school's website or other publications.</p>
<p>Sure, a school will "meet 100% of your need." They'll just give you $50,000 in unsubsidized loans. That's "meeting your need" according to them, but to me, thats just saying pay me back, but in 4 years with lots of accrued interests.</p>
<p>I am amazed that it takes until senior year of HS for so many parents to start understanding the EFC/FAFSA/Profile situation. </p>
<p>With the advent of the internet, there is really no excuse for being so surprised. </p>
<p>Bottom line, schools don't care if you are poor, spent all your $$ on a new kitchen or otherwise can't pay. </p>
<p>Yes, there are Pell grants, Stafford and perkins loans, but that total for freshman is only about 12K or so if you get the max federal aid. And then add in the max of whatever state grants you get. </p>
<p>Private College is expensive. Unless your student gets amazing scholarship $$, it's going to cost you more than anything you have ever bought (except the house). Or your kid can go to a cheaper instate school</p>
<p>Either you have to be rich, a diligent frugal saver for many years, or be fortunate enough to get scholarships or have your students attend school that matches full need. </p>
<p>Sad but true.</p>
<p>I'm not being cocky, I plan on spending my modest life savings over the next 3+ years. I drive a 17 yo car. No pair of shoes has ever cost more than $20. Winter coat is 10 years old, haircuts are <$20. Maybe $1000 spent on vacations in the past 5 years (didn't take any vacation for the 10 years before that).</p>
<p>Sacrifice sucks.</p>
<p>
[quote]
Sure, a school will "meet 100% of your need." They'll just give you $50,000 in unsubsidized loans. That's "meeting your need" according to them, but to me, thats just saying pay me back, but in 4 years with lots of accrued interests.
[/quote]
</p>
<p>I'm not sure that's true. My S attends a 100% need school, and it offered a combination of subsidized Stafford, workstudy, and mostly grant to meet the demonstrated need. Then, after that, they also offered a Parent Plus Loan if we wanted that to cover our EFC. But that's separate; the "need" really was covered first.</p>
<p>Edit: I do think, though, that only a small minority of schools pledge to meet need 100%, but I think those that do, do so legitimately.</p>
<p>My personal experience with two students at a 100% need institution is that need was met with generous grants, work study, and only subisdized loans ($3500-5500 per year).</p>
<p>"Meeting need" with a pile of unsubsidized loans and minimal grants is really kind of fraudulent, if the school is marketed as one that meets 100% of need.</p>
<p>
[quote]
Sacrifice sucks.
[/quote]
</p>
<p>you got it. well said. it gets old too. I have had a kid in college since 2001 and 4 years to go. next year will have 3 in college and will probably have to get another job.</p>
<p>My kids have loans, don't go to Cancun for spring break and work. it is just the way it is. hopefully someday they will appreciate the sacrifice.
I do have one rule - they get 4 years and only 4 years. so far that is working.</p>
<p>sacrifice - *apropos * to today, Ash Wednesday, the beginning of Lent.</p>
<p>Socarates said--
The only thing I know is that I know nothing.</p>
<p>I make little or no assumptions on this college search process. I'm like a sponge sopping up all this great info that you cc folks, the guide books, and all the rest provide. I guess I could also be called SpongeDad.</p>
<p>Another image comes to mind: for me, the college search process is the elephant, and I am one of the blind men trying to figure out what this thing is that is in the room. recall from the story that one blinf man thought the elephant was a rope when touching its tail, and one thought it was a wall when touching its massive side.</p>
<p>...</p>
<p>all these philosophical quotes and metaphors are well and good, but we are also talking ($40,000 x 4) x 3 kids, a half million dollars in a parade of sacrifice. $40k is a round number reflecting coa inflation over the next decade, lest anyone think we are looking at $40k schools.</p>
<p>Hey I just did the math, my 95 car I guess would be 18 years old, with 170k miles on it. on our way to a college this last saturday the heat shield fell off the cat converter. afterwards, mechanic says it is not needed anyway. Egsellent</p>
<p>poster said--
"Meeting need" with a pile of unsubsidized loans and minimal grants is really kind of fraudulent, if the school is marketed as one that meets 100% of need.</p>
<p>agree totally. hey, "there should be a law" proscribing this kind of advertisement. </p>
<p>It is salutory that some colleges are removing loans from the FA pkgs. Unfortunately, it is the elites with the biggest endowments doing it, so it might be just another way of distinguishing their brand, in a mkting sense, vs a good faith attempt at having a clear msg about true affordability.</p>