claiming financial necessity

Paying for College
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<p>Hey...I'm thinking of applying ED to Duke (to maximize my chances of getting accepted) and because i feel it is a great fit. However, I'm still unsure about how to pay for my education and since ED is binding I don't know how much trouble ill face if i don't qualify for any need based aid. Anyone know the process of claiming financial necessity after getting accepted through ED???</p>

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<p>If you already know that finances might be a problem, I wouldn't apply ED, if I were you. It is risky because you may not get the aid you think you need. The wisdom is that you should apply ED if ALL aspects of going to the school are exactly right. Then, if your FA is low, as a real exception and as a no-way-out situation, a school MAY let you out of the ED binding contract. But going into it with this big question makes the ED process iffy, IMHO.</p>

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<p>What is financial "necessity"? Duke has a formula to determine the institutional financial aid (need based) that you will be awarded. There is also a formula (income limit) for federal funding for things like Pell grants the like. Your family will either qualify for these of they won't.</p>

<p>Re: Duke...Duke requires the FAFSA and the PROFILE to award aid. For ED applicants, there is a priority deadline that looks like it's mid-November for the Profile (you need to check the website yourself). </p>

<p>There are financial aid calculators at finaid.org. Use the institutitional methodology and that will give you a ball park figure. Remember though, that schools can use any formula they want to use to award need based institutional funds...it's their money.</p>

<p>As a ballpark...your family's EFC (expected family contribution) will be somewhere between 1/4 and 1/3 of your families income from 2008...depending on your assets, number of family members, etc.</p>

<p>Most important...you need to have a serious discussion with your family about the amount of money they are willing to contribute to your college education each year. If they are giving you $10,000 a year, and Duke comes up short (but your EFC is much higher), how will you make up the difference? You need to have a better plan that "wondering".</p>

<p>If you're thinking you can become an independent student for financial aid purposes...unlikely.</p>

<p>If you're wondering about some sort of "special circumstance" that would reduce your EFC...think job loss, high medical costs, some other catastrophic financial issue.</p>

<p>If Duke doesn't award you what you think they should award you...that won't matter at all.</p>

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<p>Duke is a school that meets 100% of need. You can talk to the fin aid office, fill out their institutional PROFILE and get an idea of what you will get. However, it is an estimate only, and though should come close, it is not the actual award. You cannot compare packages and it is difficult to negotiate when you are going ED. Schools like Duke do want their ED kids to stay in contract, so they will not short shrift you, but nor will they give extra. Getting out of ED is one big pain in the neck and can hurt your prospects at other selective schools.</p>