<p>My son's top fave school where I think he will have success, just does not look to be giving enough financial aid when I go to the financial aid calculator. Should we give up now? Or should we go through the process of applying and all and see what happens in the end? (he has some special needs so this whole picking a college thing has taken on a whole different aspect than it would normally, not like every college would be great).</p>
<p>They are there to give you an estimate and nothing more than that. I would still apply knowing that it might not be affordable. You really never know what they will offer until you get your letter. Maybe there is something about your son they really like and give him a good merit award, etc. Are there private scholarships he might earn at that school, etc.</p>
<p>On average, they are accurate, but that doesn’t mean they aren’t way off on an individual basis. It also depends on whether you have some unusual situation at hand that are not addressed by the estimators.</p>
<p>SInce a number of them are coming out that you aren’t entitled to much aid, however, and if your FAFSA EFC is also up there, I think you had better looks for some low ticket priced schools as well to add in your mix. Yes, your student could get more than indicated, but he can also get less and you want some non lottery ticket schools on his list. That means not only will the school most certainly accept him, but that you certainly can afford it as well. That might be whatever is local and where he can commute.</p>
<p>We haven’t found them accurate- IF you are self employed.
If you have straight forward salary/taxes then the calculators are more likely accurate.</p>
<p>Most people who find them inaccurate (when their real financial aid packages are received) are surprised by how they OVERESTIMATE aid, not underestimate it. So, if this college already looks too expensive through the calculator, it is unlikely to be affordable.</p>
<p>However, as others have stated, you just never really know until you actually apply. Financial aid at most schools is no where close to transparent and who the heck knows what may happen for any one applicant.</p>
<p>Need based financial aid is largely based on parents’ incomes, with assets being tapped as well beyond the asset protection allowed. </p>
<p>If your income is in the $100,000 a year range… Your family contribution will be between $25,000 and $33,000 a year as an estimate…AT LEAST since most colleges do not meet full need, this is the minimum family contribution.</p>
<p>The Net Price Calculators on each college website will give you an estimate of your financial aid. If your income is straight forward… Not self employed, no second home, no rental properties, no non custodial parent, etc…they are sort of accurate. But they are only as good and accurate as the info you input.</p>
<p>Having spent some time discussing this with admissions deans, you should realize that each school applies its own filters to data. They may rank students within the pool. They may adjust for factors they consider important. They can’t simply tote up numbers and issue money to those they admit; they have to consider their yield and who might come. We see this, for example, in schools intentionally not admitting kids they think will go elsewhere. Imagine if they applied financial aid without thinking of that: much of the money would be allocated to kids using the school as a backup.</p>