Are financial aid net price calculators that accurate?

<p>Hi, I ran a few net price calculators with a few colleges, and noticed that for many of them, I only got a couple thousand dollars in aid. Is that supposed to be usual with net price calculators? Anyone want to share their experiences with net price calculators and actual net prices for attending college once admitted?</p>

<p>Income: about $160K, family expected to contribute about $20K a year</p>

<p>Stats: 1910 SAT (480 CR, 710 M, 720 W), 32 ACT (will retake in fall to get score up a point or two), 650 SAT II Physics (retaking in fall), and 760 SAT II Math II, 3.63 UW GPA (out of 4.0) and 4.18 W GPA (out of 5.0)</p>

<p>Schools: Georgia Tech, Carnegie Mellon, NYU, SUNY Stony Brook, SUNY Binghamton, SUNY New Paltz, Vanderbilt University, Boston University, Northeastern University, Tufts University, University of Pittsburgh</p>

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<p>^Are you in-state to New York? Is your major STEM-related? If yes & yes, see <a href=“https://www.governor.ny.gov/press/05062014-scholarship-stem-careers”>https://www.governor.ny.gov/press/05062014-scholarship-stem-careers&lt;/a&gt;.&lt;/p&gt;

<p>Have you run your family numbers through an EFC estimator? The FAFSA EFC is pretty much the minimum you are expected to pay before getting aid. Until you pay that amount, you are not eligible for federal aid which includes subsidized loans and work study. That number, the FAFSA EFC, usually is lower than what schools that use PROFILE and other financial aid forms in addition to the FAFSA because federal methodology excludes things like primary home value and sibling assets, as examples. </p>

<p>Given your family income level, I would not expect you to get much financial aid. As one gets into the six figure range of income, the aid drops sharply for each increment of additional income. You are starting to reach the point of getting no aid at all.</p>

<p>Also, the only schools in your list that guarantee to meet full need are Tufts and Vanderbilt. The Tufts calculator is probably the most accurate as it is a school that does meet full need as they define it, and does not give out merit money. The calculators tend to go by averages, and the numbers will be so skewed in those cases where there are outside factors. </p>

<p>Are you a female thinking of being a STEM major? That is something that might help you along with any other situations that could put you into a special pool, such as legacy, URM, first generation to go to college. </p>

<p>It looks like you are a NYer with the SUNY schools in the mix. If so, do research the offer of free SUNY tuiton for STEM majors. <a href=“Free SUNY, CUNY Tuition to STEM Students in Top 10% of HS Class - Financial Aid and Scholarships - College Confidential Forums”>Free SUNY, CUNY Tuition to STEM Students in Top 10% of HS Class - Financial Aid and Scholarships - College Confidential Forums; I would also include U Buffalo in the mix, as you might qualify for their Honors College and a $2500 merit award regardless of major. Your family makes too much money for you to qualify for TAP, and SUNY schools tend to guarantee to meet full need only up to tuition and fess, so you will not be getting financial aid from there. </p>

<p>So unless you qualify for scholarships, it seems to me that your NPC results are accurate. Feel free to still give it a go, but make sure you have some financial safeties on your list. I suggest checking out University of Denver as a possibility, University of Alabama, Tulsa, and some Catholic colleges for merit money.</p>

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<p>With that income, most colleges will expect your family to pay ALL costs.</p>

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<p>Your question of whether that is usual cant really be answered because it isnt usual to have that high of an income. The income is very high, so most schools will expect your family to pay all or nearly all costs.</p>

<p>If parents have said that they will only pay $20k, then you have an unaffordable EFC. Even the schools that give the best aid would likely expect your family to contribute more than $20k. </p>

<p>So, when looking for schools that give merit, you need to find schools that will give you FULL tuition or VERY close to full tuition (3/4 or more). The $20k from your parents would pay for room, board, fees, books, travel, and misc…and maybe up to 5 thousand towards tuition. </p>

<p>By the way… I wouldn’t show that SAT score around. Math looks good, of course, but the CR is really really not a score you want to have seen. Use the ACT and don’t send the SAT.</p>

<p>@intparent‌ I am using the ACT, not the SAT with that bad CR score</p>

<p>:) Good plan. And I think @mom2collegekids is right about aid, you would likely not get any need based aid anyplace with your family income. When you say “family expected to contribute about $20K/year”, do you mean that is what they want to pay? Because the schools don’t care what they WANT to pay…</p>

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<p>A number of your schools wont likely be affordable…Tufts, Vandy, Carnegie Mellon, GT, BU, NEU, UPitt.</p>

<p>Are you instate for PA or NY?</p>

<p>@intparent‌ yes we talked last night and they said they would try to save $100,000 for me for 4 years as well as the same amount for 2 younger siblings</p>

<p>@mom2collegekids‌ instate NY, so I have the SUNY’s incase I can’t afford any of my other schools</p>

<p>So that say that they are committing $25K/year for you, and you need to come up with any additional money yourself via loans and/or merit scholarships (need based financial aid really isn’t going to happen for you).</p>

<p>@RacquetSmasher76‌ </p>

<p>I would then include 2-3 schools that will give you large assured merit for your stats…just ask back ups. Ask your parents to begin the savings routine now…$25k per year, is a little over $2000 a month. See if that is even possible for them to sustain month after month after money. By the time spring comes around, you all will know whether that goal is likely.</p>

<p>In the meantime, apply to some schools that will give you assured huge merit. </p>

<p>Yes, I was just thinking, saying you will “save $100,000” for college (future tense) when your kid is a junior… maybe they have already started saving (hope so, as it sounds like there are 2 younger siblings).</p>

<p>Um…your family income is $160,000 a year? How much financial aid did you expect to receive? Your FAFSA EFC is somewhere around $48,000 a year.</p>

<p>How much younger are the younger sibs? Will any of them be in college when you in college? </p>

<p>I realize that your parents are trying to help (good for them!), but they really need to let the next few months be a reality check to see if they can set aside 2000+ per month…month after month after month. </p>

<p>And if the family will have two in college at the same time, can they set aside $4000 a month for those years?</p>

<p>@mom2collegekids‌ Won’t specify ages, but assuming I finish college in four years, they won’t be in the same college as I am</p>

<p>So they are at least 4 years younger? Good.</p>

<p>Will your parents start setting aside money now each month to see if their plan is possible? </p>

<p>Good…maybe. But this means that these parents will be dedicating $2000 a month to college costs for MANY years. Do they have the income to support that for an extended period of time? </p>

<p>OP can get FREE tuition at SUNYs most likely. Even if not, SUNY full cost is only a few thousand more than what parents are willing to pay. Direct Loans, a summer or part time job could cover that Student already has the gravy. Want’s another entree, he can give it a go. Not gonna get much financial aid unless there is more to the picture than we have been given, but merit at some schools is possible.</p>

<p>^^^
Excellent point.</p>

<p>The reason I am suggesting that the parents start saving NOW is because they need to feel it. They need to see if they can sustain the month after month dedication of 2k per month towards college. </p>

<p>Every parent knows that a household usually has a few unexpected BIG expenses come up every year…major appliance replacement, dental work, major car repair, major home repair, uncovered medical expense, emergency travel, and the list goes on and on. (our own household just had an AC replacement, emergency air travel to see very-ill MIL, H’s dental work, and big car repair…ugh! the hits just kept on coming.)</p>

<p>If by Thanksgiving, your parents realize that they can’t sustain that kind of savings level, then y’all will know that a different strategy is needed.</p>

<p>It is July, if they start NOW, then by Thanksgiving they will have a few months to determine whether typical household emergencies will prevent them from doing that level of college savings. </p>

<p>Unless there has recently been a new influx of income (new job, inheritance, etc) it is doubtful that a family who hasnt been saving like that (other than retirement and other basic saving) to suddenly be able to set aside $2k a month for long periods of time. </p>

<p>Dont ignore the fact that even if your parents are able to come up with $2k per month towards college, you still have an unaffordable EFC because your EFC is likely around $50k or more. </p>

<p>Dont be caught with no choices. You need to start identifying schools that will give you HUGE merit for your stats… at a minimum, you need to identify schools that will give you about full tuition, so that your family’s contribution can pay the rest. </p>

<p>So, come up with a list of schools that have:</p>

<p>Competitive full tuition awards - these will be your reaches
Assured full tuition awards - these will be your safeties.</p>

<p>You can also apply to a few big names to see if a miracle happens with aid, but dont count on it. </p>