<p>My son got accepted early action in the first round. He is happy and feels his work on the college application front is done, because he is sure this is where he wants to go.</p>
<p>I however was disappointed by the lack of financial aid offered - loans of $5,000. We are what I consider solidly middle class - both parents work - net income $120,000. Savings $150,000. No debt - paid off the house last year, so net worth (including $300,000 401K) - $850,000. </p>
<p>At this point I don't know if we would qualify elsewhere for more aid. Does any one have any experience with CC and their aid packages?</p>
<p>I guess we should get our other applications submitted to see if we can expect more or to try to put us in a bargaining position (if there is such a thing).</p>
<p>As far as income goes, it’s your adjusted gross income that is normally the basis of need-based aid. With a net of 120K I’m assuming your AGI is higher by a respectable margin.</p>
<p>Harvard and Yale offer some need-based aid for families with AGIs up to 180K, but they are exceptional in this. No other college that I have heard of gives need-based aid at this level of income.</p>
<p>If you need more aid you need to be looking at aid that is merit-based. This will most likely come from schools where your sons stats put him in the top 10-25% of the admitted students. Not all schools offer merit-based aid, but many do. I’m not sure about Colorado College.</p>
<p>What’s your FAFSA EFC? With you income I’m guessing its over $30K. Almost all schools that promise to meet full need will also consider the value of your home, which appears to be around $400K, which pushes your expected contribution up to around $42K or so. </p>
<p>Colorado College doesn’t promise to meet full need and they do require the CSS Profile-- their COA is around $50K – my guess is that they have calculated a $42K contribution from you, and expect the rest to come from the loan they offered and your son’s potential earnings. </p>
<p>Your family is very fortunate. With your house fully paid off, you don’t have to make any mortgage payments, so the amount that you would typically pay for a mortgage can be redirected toward your son’s education, if you so choose. A good plan for you, if you want to allow your son to attend his chosen college, might be to pay about half the annual costs out of pocket, and then either take a PLUS loan or re-fi your house for the balance. </p>
<p>On the other hand, if you have expenses you haven’t mentioned, or were hoping to retire soon, or simply don’t think your son’s school is worth your paying out $45+ every year – then you need to look at more affordable alternatives. Your son may qualify for merit aid at other schools or a public U. might be more affordable – but you are running up against application deadlines at this point.</p>
<p>After posting, I went to the Colorado College website and more closely review their financial aid calculation information, and the package he was offered appears to be computed correctly and should meet his needs. I guess I was just hoping for more.</p>
<p>While some colleges will negotiate, the end result is typically a small increase if any. We are watching the state U’s gain popularity because private schools like CC are uncomfortably expensive for the solid middle class.</p>