<p>I'm comparing financial aid from Stanford, Princeton, Caltech, and UChicago.
I think I came up with a good system, but am curious as to what other people think. I tried to use CollegeBoard comparison tool, but I don't agree with their approach. I didn't like that they calculate COA using colleges' own figures for variable things like travel and personal expenses. For example, Princeton's estimate for books and personal expenses combined is $2585, while Stanford estimates $1500 for books and $2400 for personal expenses (totaling $3900). I don't believe Princeton is so much cheaper to live than Stanford, and books should be comparable. Also, I don't want to include travel estimates because it's pretty arbitrary. For example, Caltech estimates $426 for transportation and Stanford $1005. We have to fly to both places. </p>
<p>So, what I think is a fair way to compare financial aid is to deduct grants/scholarships from billed costs (tuition, mandatory fees, room & board). This I think provides a common baseline for comparison, assuming books, personal expenses, and travel are similar. With this approach, Princeton is approximately $2000 cheaper for us than Stanford, and Caltech and Chicago are $7000 and $10000 more expensive than Stanford. The federal loans offered by Caltech and Chicago are already included in the difference. Princeton and Stanford don't include loans in their financial aid offers.</p>
<p>Am I missing something?</p>
<p>That’s pretty much what I did.</p>
<p>I took the institutional costs (tuition, fee, R&B) and subtracted need based FA (not including loans) and/or merit scholarships to figure out exactly what I’ll be paying to the college. I used standardized costs for misc. personal expenses and books but did modify travel costs somewhat (eg. IS public which is an hour away vs. 3k miles away) and added that to arrive at a total COA.</p>
<p>The one thing that I didn’t account for and has made a small difference is WS. I included it in the need based FA that is subtracted from institutional charges, but in actuality, D2s school has a relatively high WS amount and for the past 2 years she has not worked enough to earn the entire amount and so has left some money on the table, thus increasing the COA. Like I say, it’s a relatively small amount but might be something to consider, D1 had an outside scholarship that replaced part of her WS so she was always able to easily earn her full allotment.</p>
<p>Looks good to me. Take a look at sample airfares as well. For us, going to one of my kids’ school was pricey because it entailed two flights–nothing direct out of here to there and the costs were higher than for destinations farther away. But, getting from the airport to the school was cheap and easy, not the case for some school when taxi or pricey shuttle service has to come into play. The other factor to consider is the availability of cheap housing and jobs. There are some areas where there is plenty of closeby housing cheap in cost which opens up some nice options for years after freshman year. If you can find part time jobs easily, that is nice too. I don’t consider WS as financial aid because it is not guaranteed and you have to earn it. It also takes away from time one can use working towards the EFC and more, rather than towards the aid package.</p>
<p>Another factor is what the meal packages cost and what the minimum required one costs if any. </p>
<p>For us, Stanford would have the added bonus of a sibling nearby which would mean if we visit, and for any needs, there is someone we feel would host us and take one of our kids in.</p>
<p>entomom and cptofthehouse, thank you!
I agree with not including WS in comparisons. It’s similar across those colleges, and it can’t be counted on completely anyway. A really good point is to think about housing for beyond the first year. I understand the majority of Stanford students continue to live on campus where they have a big variety of housing options. I still need to read more about Eating Clubs at Princeton. Ultimately, my son will decide where he fits better, I just want to help by collecting relevant information.</p>
<p>Also ask the schools what their required student contributions are from the students. UCh has a set amount plus will insist on 25% of your student’s assets as reported on the initial filings each year, I believe, something a lot of folks do not realize. That required student contribution that nearly all schools have, goes up each year. You can ask financial aid what the history has been on that amount, if there is such a fixed amount.</p>
<p>My son doesn’t have much in assets 
I’m aware of student’s contribution, but I didn’t include it in my comparison calculations because I treated it as part of the overall contribution our family will have to make.</p>
<p>I did what you did … book just billed costs and subtracted free money. That allows you to compare apples to apples. There was a big variation between “meets need” packages for my D’s schools!</p>
<p>Here’s a handy calculator that will do some of the work for you: [FinAid</a> | Calculators | Award Letter Comparison Tool](<a href=“Your Guide for College Financial Aid - Finaid”>Award Letter Requirements - Finaid) And in the text at the top of the page, the authors do recommend using your own best figures for travel, etc. So glad this “spreadsheet phase” is long behind me! Good luck with all of the decision-making!</p>