<p>My son is being recruited by a college coach to play a division III sport. The Coach wants my son to go ED. I don't know if I can afford this college. My questions:</p>
<p>How do I find out before deciding on ED how much we are likely to get from the school in financial aid? (I have done the FAFSA4CASTER and that doesn't get me a number I can work with). So, is there any way to get the college to give me a reliable estimate of our aid package in advance of sending in the ED application? ( This particular school reportedly meets 99% of need)</p>
<p>Is it true that an ED application limits your ability to get the best financial aid package because the school knows you are committed? Is it better to go regular decision and see if we can negotiate/appeal the financial aid offer?</p>
<p>Can my son backout of an ED commitment because we can't afford the school (Aid package is not sufficient)?</p>
<p>if your son is a recruit the school should be able to provide a likely letter from admissions (so you do not waste your ED application) as well as a pre-read from financial aid (an estimate of your aid package that should be very close to the actual award in the spring) … this should put you in good position to commit (or not) to an ED application.</p>
<p>The answer to the last question is ‘yes’, you can get out of an ED agreement is the financial aid is not sufficient.</p>
<p>My son applied ED with (a lot of) financial need, and there was an athletic component in his application (although I wouldn’t describe it as “recruited” exactly, he wasn’t top of the pack in his sport, but good enough the coach was interested in him being on the team).</p>
<p>Sometimes you can ask the financial aid office at the school to give you an early estimate on the financial aid award you’re likely to get. Especially in the case of a recruited athlete, I think they would be willing to do this. That is your first step, call the FA aid office and ask.</p>
<p>“Likely letters” are only applicable at a few schools. Yours may not be one. My son’s school was not either.</p>
<p>Also, D3 coaches expecting recruits to apply ED is near universal. At some schools the only time the coach really has sway with admissions is during the ED cycle, so give it serious thought if this is your son’s clear 1st choice college. The boost he’d get from the coach is likely to all but vanish in RD.</p>
<p>My daughter is in the same position. However most coaches have offered–and provided forms–for a financial aid pre-read. I would definitely ask about this if the coach hasn’t mentioned it.</p>
<p>Can your son get into the school without assistance from the coach? Your alternative is to ask whether, if your son waits and applies regular decision, he will still have a spot on the team.</p>
<p>*how much we are likely to get from the school in financial aid? *</p>
<p>You may get no free money at all. A lot will depend on your EFC, the school’s COA, and its FA policies.</p>
<p>If you have a highish EFC and therefore have a small amount of “need,” then your “need” may be covered with a student loan, work-study, and maybe a small grant.</p>
<p>What do you mean by that? Are you saying that FAFSA4Caster is giving you an unaffordable high number?</p>
<p>If so, that could be a big problem at this school. For instance, if you’re getting a number like - $30k - and you can’t pay close to that, then that school will likely be unaffordable because the aid package will already have a student loan in it, so your child can’t borrow to make up the shortfall… </p>
<p>Aid isn’t based on what you feel you can afford; aid is based on the number from formulas. </p>
<p>You need to talk to the FA office and tell them what your likely EFC is and ask what you can expect. </p>
<p>What number are you getting from FAFSA4Caster? </p>
<p>Is this a FAFSA-only school or does it require CSS profile as well?</p>
<p>Remember, just because a school meets 99% of need, it doesn’t necessarily mean that you’ll get a lot of aid. Those with high EFCs often do not get the aid that they would like to get.</p>
<p>The amount from the FAFSA4CASTER is around $39,000 and the school in question is Union College in NY. I don’t see how I can swing that. I don’t think I could do much better than low 30’s. I understand that they use a formula but several college financial officers have indicated they do offer more that the difference between the FAFSA EFC and the total cost. Thanks for your post.</p>
<p>Really? Many families if not most have a higher EFC at Profile schools given that most count home equity and take a harder look at inome and assets. HYPS are the exceptions. At Union, I’d definitely ask for a written early read.</p>
<p>*I understand that they use a formula but several college financial officers have indicated they do offer more that the difference between the FAFSA EFC and the total cost. Thanks for your post. *</p>
<p>That is not typically the case. I would make sure of that. You need to determine what you can pay. If it’s only a little bit less than your EFC, then schools sometimes will add a thousand or two. But, if your EFC is $40k, then it’s doubtful they’re going to give you a huge amount in financial aid to reduce it to - say $30k.</p>
<p>Usually, to essentially reduce one’s EFC, the student has to get a merit scholarship that is larger than need.</p>
<p>For example.</p>
<p>COA = $50k</p>
<p>EFC = $30k</p>
<p>then need = $20k</p>
<p>But, if the school gives such a student a full-tuition merit scholarship of$32k per year, then the family would pay $18k…which is $12k less than EFC. </p>
<p>There was a family who went thru a similar situation last ED application season. The student signed the LOI and then got an unaffordable aid package. The student had to request permission to be released from LOI so she could have eligibility at another school.</p>
<p>Here’s one of the threads referred to above - a cautionary tail regarding signing an LOI without having an early read on financial aid. Everything worked out for the student in the end, but it sounded like a terrible experience to go through.</p>
<p>Be aware, that this school met full need, which is important. I am not sure about Union. And you would need to know how much will be in loans. Some DIII schools, like Colby are no loan schools that meet full need. </p>
<p>At DIII schools you can ask the coach for a Financial Aid pre read. Just let him know you are really interested, but want to be realistic about what you can afford. Most will be happy to help as they dont want to offer a spot to someone who cannot or chooses not to afford it.</p>
<p>Also, you can get out of an ED commitment if you cant afford it… but you are then precluded from going to another similar school, as the financial aid offer will be similar. You can get out of the commitment, but you cant then jump to another school for a similar offer, however you would be able to go to a less expensive school</p>
<p>My EFC calculation using the collegeboard.com site is very different than what I get using Finaid.org. Using the finaid.org calculator I found the the institutional EFC isa little higher than the federal methodology EFC whereas using the collegeboard calculator the federal methodology EFC was similar to the finaid.org # but the institutional EFC is almost $10K lower. This doesn’t make sense.</p>
<p>Recruiting: your student should check with coach about where he stands–Is the coach planning on using a slot for him, or just a letter of support…the level of support with determine alot at Admissions.</p>
<p>Finances: You can have the schools FinAid office do a pre-read for you. You will need to submit copies of your taxes from last yr and estimates of this yr etc for an estimate. It does not mean that your pre-read will match the offer in the spring–however hopefully it gets you in the ballpark. Family circumstances and institution policy changes–which changes outcome. Not all schools fill ALL need–Gaps can make things more than sticky. </p>
<p>Likely Letters: are an admissions tool for the ivy league…has nothing to do with finances.</p>
<p>Federal methodology vs institutional --will always be different. Some institutions tap your home equity etc.</p>
<p>You may also find more helpful info under the athletic recruiting/admissions here at CC-- search that section of forums. </p>
<p>Yeah, “institutional methodology” is a generic term the CollegeBoard, Finaid, etc. use. It doesn’t mean too much because different institutions have different formulas for how they calculate aid. Many use the information provided on the CSS Profile, for example, but they don’t all use that information in the same way. Basically, they are giving away their own money (institutional scholarship funds) so they can base the decision on how allocate it in whatever way they want. The generic online calculators can only provide an estimate.</p>
<p>Federal methodology is different. It is based on the specific questions asked in the FAFSA, and calculated based on specific federal aid policy, so it will be more accurate and should be the same from one calculator to the next. It is typical for institutional “EFC” to be higher than the federal EFC, but of course there are exceptions to that.</p>
<p>You need to find out what Union considers “aid.” </p>
<p>I have been shocked to learn that some schools that are claiming to meet full need or near full need are including Parent Plus loans in their packages. </p>
<p>Of course, student loans are considered to be “aid,” but I don’t consider covering a gap with a Parent Plus loan as being “aid.” Many parents can’t/won’t take out Plus loans because they can’t afford to pay them back, they have other children to put thru college and can’t do loans for each, or they may only qualify for one or two years and get rejected for junior and senior year loans.</p>
<p>Frankly, I have concerns about Div III schools. Conditioning/practices/travel to games, etc can be huge time demands and if “free money” isn’t covering much of the costs, the time demands may not be worth it if another school may give more money without the sports requirements (and perhaps with an intramural or club opportunity that isn’t time demanding.)</p>
<p>My nephew is a freshman Div III athlete for Tufts. They didn’t get aid. However, my sister says that if his grades are the least bit negatively affected by his sport, he’s dropping it like a hot potato. They’re not paying all that money to have his grades negatively affected.</p>
<p>We know that Div III isn’t as crazy time demanding like Div I, but there’s still a time demand for practices and conditioning…and of course, games.</p>
<p>P.S. Does your child LOVE the school even without the sports opportunity? If not, I don’t think the school may be the best choice. However, if he would have chosen the school even without the sports aspect, then great!</p>
<p>*My EFC calculation using the collegeboard.com site is very different than what I get using Finaid.org. *</p>
<p>That happens…and besides…institutional calculations are going to have a wide range simply because each institution takes the info and does their OWN calculations. With the same info…College A may say that your family contribution should be $30k, while College B may say that your family contribution should be $40k. </p>
<p>And…some schools expect a few thousand dollars in “student contribution” from summer earnings.</p>
<p>People on CC report actual FA packages that can range $20k in what each CSS Profile school claims the family contribution should be. </p>
<p>*
Using the finaid.org calculator I found the the institutional EFC is a little higher than the federal methodology EFC *</p>
<p>That’s not unusual. A Cornell mom reported that their FAFSA EFC was $35k, but their Cornell family contribution was set at $44k.</p>
<p>*whereas using the collegeboard calculator the federal methodology EFC was similar to the finaid.org # but the institutional EFC is almost $10K lower. This doesn’t make sense. *</p>
<p>Maybe you made a mistake. Except for HYPS, institutional family contribution is often close or higher than FAFSA EFC. It’s not usually $10k lower. </p>
<p>(The numbers are usually close when the family doesn’t have much assets/savings/investments/equity and/or when income isn’t very high.)</p>