<p>We were very lucky. D rec’d a generous financial aid package from Barnard. It is still going to be difficult, and we are still crunching the numbers to see if it will be workable (for this year and the next 3 years). Does anyone know if we can ask FA to add the unsub loan ($2K) into the FA package? Thanks.</p>
<p>So my FAFSA EFC was approximately 10,000.</p>
<p>I was accepted to Barnard.</p>
<p>They “cannot offer me any grants at this time.”</p>
<p>What the hell?</p>
<p>Susancani, I don’t think you need to have an unsubsidized loan added to the “package” – I think your d. can simply ask to take out the loan and then apply it to the EFC. (If it were part of the “package”, then it would reduce grant amount – and that’s probably not what you want). Just ask the financial aid staff what the procedure is for adding in an unsubsidized loan.</p>
<p>ydacanwahs, Barnard does not meet FAFSA EFC. It meets “need” as determined with reference to all information it seeks from financial aid applicants, including information from the CSS Profile, noncustodial parent info, and info that might show up on the Barnard-specific financial aid application. So the likely explanation in your case is that your family has assets and income that are not counted against federal aid eligibility for FAFSA purposes, but which leads Barnard to conclude that your family has the means to pay close to the full COA.</p>
<p>I would just like to add the following to the home equity issue. My daughter is very interested in applying to Barnard next year and I am concerned that their treatment of home equity, our only significant asset, will, assuming she is accepted, prevent her from attending. I emailed 15-20 colleges late last year regarding their treatment of home equity and of those that responded Barnard was clearly the most adamant about including uncapped home equity in computing financial aid. In response to my email Barnard stated that home equity will be fully considered unless there is some unusual situation such as a prolonged unemployment period that is still in affect or if one parent is very ill.</p>
<p>Calmom - thanks. I have learned so much from your posts! You are exactly right that I would prefer not to have the grant money reduced and would like to use it for our EFC. I will call the financial aid office tomorrow.
We went to the accepted students days and both D and I felt that Barnard would be a good fit for her. However, it means turning down a guaranteed full tuition (not room and board) to another school. For the first year, the costs for us at either school would be pretty much the same. It is the next 3 years I am worried about. There are no guarantees that Barnard’s FA package will remain the same.</p>
<p>I have considerable home equity, an income, and we received a generous FA package from Barnard. Out of the eight schools that offered FA, Barnard’s was the second highest, surpassed only by Mount Holyoke. I think the offers were within 1 or 2 thousand of each other, not enough to deny my girl the school of her dreams.</p>
<p>The aid held steady, and when I had two in school, significantly improved, as we would expect.</p>
<p>So, perhaps it won’t work for you, but even with home equity, it might.</p>
<p>mythmom - that is encouraging that the financial aid was steady. I too will have another in college in two years, so would hope the aid would at least remain the same. Thanks for the info!</p>
<p>
If your income and assets don’t change materially, then the basic FA package will be the same, with the exception of a slight increase in self-help amount (subsidized stafford & work study) and in the amount of money expected from student earnings. This probably is already explained in your financial aid packet, but if not they can give you very specific answers and numbers in that area. </p>
<p>If your financial situation fluctuates – or if there is a noncustodial parent in the picture with potential changes in income and assets – then of course the financial aid will change as well. </p>
<p>I guess the real question is (1) how does the academics and overall fit factor of the full-tuition college compare with Barnard, and (2) is your d. the type of person who you feel is going to take advantage of what Barnard offers academically over whatever is available at the other school. I learned through my own experience with my son that sending an immature kid off to an expensive college can be a costly learning experience for the parent. But my d. definitely made the most of her college years, and there is no question in my mind that it was worth the extra cost – even though we both had to take on loans to make it work. </p>
<p>When your 2nd kid goes off to college, Barnard will definitely increase your d’s grant – they will want to see the actual COA of the other college, however. My son was in college my d’s first year, at an in-state college, and Barnard essentially paid his full tuition with the increase in my d’s grant. (Of course the public school tuition was substantially less than Barnard’s tuition, so it was not a huge amount overall). </p>
<p>As I’ve noted above, Barnard’s financial aid to me does not make sense if they considered full home equity. Somewhere along the line they cut me a break – if it wasn’t by capping home equity, it was by giving me a larger asset protection allowance than FAFSA calls for, or through some other means.</p>
<p>I’d note that Barnard calculates home value using the federal housing index multiplier – in my case, that worked in my favor at the time my d. was attending college. Since my home value has decreased under current market conditions, it probably wouldn’t make much difference these days.</p>
<p>Just an update - I emailed Financial Aid and received a reply within fifteen minutes to all of my six questions! You were right, calmom, about the unsubsidized loan. D only needs to request it and it will not be included in Financial Aid offer. This will make Barnard the least expensive of her school choices.
D is a mature kid and I am confident she will adapt in any college she chooses. We just feel that there is so much more opportunity for internships and growth at Barnard, coupled with the smaller size of the school, this seems like the more ideal fit. D is also not at all sure what she wants to major in, and the nine ways of knowing really appealed to her.</p>
<p>Once again thanks for the information and perspectives!</p>