<p>I understand some schools which use the CSS Profile to determine family contribution cap the amount of home equity at a certain amount according to parental income. Can anyone share knowledge of specific schools and their policies regarding this? I'm particularly curious about Santa Clara, USC, and Washington University in St. Louis. Thanks for any help you can give!</p>
<p>BUMP… I’d also like to know about Rice. We are low income, but have a lot of home equity. Any ideas?</p>
<p>For USC, I have found no published information or assurance about whether they cap home equity. Anecdotally though, in looking at the USC-determined-need using the CSS/Profile compared to the FAFSA EFC of a few College Confidential posters, it seems USC does cap home equity at about twice the income (or even a bit lower).</p>
<p>Again, I have found no USC-source to confirm this, and the sample on College Confidential was very small, so please have financial safeties on your (or your child’s) list in case you are expected to contribute more.</p>
<p>Please bear in mind that if you have assets protected on the FAFSA by the Simplified Needs Test, those assets will be reported on the CSS/Profile and assessed for financial aid purposes at USC.</p>
<p>*I’d also like to know about Rice. We are low income, but have a lot of home equity. Any ideas? *</p>
<p>Do both parents have a low income? </p>
<p>You might try emailing each school’s FA office and asking.</p>
<p>What school’s will be your child’s financial safety schools?</p>
<p>Santa Clara was one of the schools that gave me an “it depends” answer two years ago when I made this exact inquiry. Generally students in our community, which has rather high property values compared with what families paid to buy houses fifteen or twenty years ago, have seen offers from Santa Clara that expected $8-15K more per year in parental contribution than what was forecast with the FAFSAforecaster. (And I understand that the FAFSA is only a federal methodology, but I am using it as a point of comparison.) I recall that a few of the boys seemed to get somewhat better offers; perhaps they’re trying to grow male enrollment preferentially.</p>
<p>Thanks, that helps. Our financial safeties are instate where S will get the State Need Grant along with the Pell Grant. A directional U 2 hours away will likely give him merit money. A local Jesuit school will likely give him merit money, but I don’t know if they will gap him. He could commute there from home if necessary and also to our state flagship, but he would prefer to live on campus. He would also like to go somewhere warm. :)</p>
<p>I have read the book “How to Pay For College Without Going Broke” and figured our EFC with both the federal and institutional methodologies. With FAFSA we qualify for the Simplified Needs Test. After taking into account the protection allowances it is really our home equity that seems to make the difference with the IM.</p>
<p>Well, if your son’s stats are high enough, there may be some other schools that will give him good merit.</p>
<p>Also, is he a likely National Merit Finalist? How did he do on the PSAT? (and the SAT or ACT)?</p>
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<p>Yes, it seems that many schools are reluctant to reveal their formulas/caps. My theory is because these formulas are somewhat fluid. The software that they use to develop financial aid packages is fairly sophisticated and they can tweak a few variables to stay within their fin aid budget. I have a feeling treatment of home equity is one of those variables, especially when home values have taken a huge hit in many parts of the country. Another reason they say “it depends” is that they want the flexibility in future years to to change the formula/caps. If you don’t make a commitment, you can’t renege on it.</p>
<p>"Well, if your son’s stats are high enough, there may be some other schools that will give him good merit.</p>
<p>Also, is he a likely National Merit Finalist? How did he do on the PSAT? (and the SAT or ACT)?"</p>
<p>His stats are good, but not ivy level. He’ll likely be a National Merit Commended. He’s got a 3.89. His only B’s are in 2 semester electives and AP Calc. His school doesn’t weight or rank. Some electives he had to do independent study so his school gives him credit, but it doesn’t help his GPA.</p>
<p>He scored 740 CR 690 M 680 W.
Will take ACT in Sept. and SAT IIs in Oct., too late for Questbridge.</p>
<p>He has taken 3 APs: APUSH 5 ENG LANG 5 CALC AB 2 (ouch!) He will take 2 more senior year.</p>
<p>Probably his biggest weakness for top schools is a lack of outstanding ECs. He’s a pretty typical kid who likes to procrastinate (that’s how he earned the B’s) and hasn’t ever had to work too hard to pull good grades. We’ve been targeting schools where he is in the top 25%, but I’m not sure if he can get into any of the schools that don’t give loans to low income kids.</p>
<p>I believe Rice caps home equity. And our experience with their financial aid has been that our expected contribution has been the same as our FAFSA EFC , even though they are a Profile school. But YMMV, and it would be a good idea to call them and ask directly. This might be a good time, as they have finished the rush to get financial aid issues worked out with this crop of freshmen.</p>