<p>First a disclosure .. we need FA ... maybe a half.</p>
<p>From a school's perspective though, I want to know if/why the school feels the need to use up its full FA budget. Even for a truly need-blind school like Andover, it is very likely that it can build out its classes with quality applicants without topping out its FA budget, as many students are FP or can contribute a substantial amount. Other schools can even side step FA applicants unless they are especially worthy. Does a BS have to use up all its FA budget?</p>
<p>Secondly, how does a BS give out the FA package? Do they follow a certain order, like the rank of their selections till the budget runs out, then come around to make tweaks? </p>
<p>We haven't made up our mind yet even if my D is accepted, FA or not. If she does go, I will support her 100%. But I am curious how a financially extended family would handle those fund raising drives from the school.</p>
<p>The fundraising drives are important in parent participation. What a lot of parents dont realize is that even a $5-25 donation is great because it 1. shows that every parent is happy with the school 2. there are many foundations that give massive grants that look at parent participation as a large factor of to fund or not to fund 3. there are in many instances an old alum or three that will donate major funds also if they see high current parent participation, no matter what the amount of that participation is.<br>
In terms of why they would take FA kids - its generally in the mission statement of the schools that it is interested in broadening its horizons and affording a chance at great education to those that cant afford it on their own. All schools are interested in having a socio economic mix of students, and have for a number of years. So giving out FA is a matter of policy for the schools. Of course with the current economy and endowments taking a dive recently, some schools have been much more cautious about the FA since some have lost a goodly amount of money.</p>
<p>I would consider myself a middle-upper-upper on the income scale. But with all the assaults on American middle class, all I have left is begging when it comes to my kids’ education. </p>
<p>Nice to notice that many schools are providing free ride for folks within income less than 75k. Bad news is we are too “rich” to qualify. On the other hand, were we to pay tuition in full, we would end up in a much worse situation than the family of a free rider. This country is very wrong, but just right if you are either very poor or super rich, which will be another story for another time.</p>
<p>I am so used to be on the giving end. That’s why I am becoming a little concerned to extend myself and find myself on the “cheap” side had I have to face the school’s fundraising drives. Thanks mhmm for explaining why even little amount matters.</p>
<p>The school doesn’t “have to” use up its FA budget, but the budge is usually set pretty late, when all applications are in and they have a clear idea how many applicants are applying for FA. Based on past experience, they’d calculate an adequent and fairly accurate FA budge for the year. Depending on the actual FA need, they may be a bit more generous or a little more stringent. It is not uncommon that some cases can be revisited and tweaked on when there happens to be money left in the end of the process.</p>
<p>WBJC2BS, the $75-80K income is not a threshold where financial aid drops from full to zero. It actually tapers off to zero going all the way up to incomes of $300K.</p>
<p>I don’t think I would consider a family with an income between 50 and 75K to be “very poor.” Over course, politicians like to say that people with an income of over 100K are “rich.” I don’t buy that either.</p>
<p>I think it would depend on the geographical location of the family (especially housing costs in their area), the number of family members and the family’s budget.
I sit on a scholarship board here in Northern California and we have found financial need in families with more than 100K in income where there are multiple dependents and high expenses (significant medical expenses, current unemployment).</p>
<p>yes - I would second that. Full rides don’t drop at $75,000 they taper off slowly but swing up and down depending on number of siblings at home, siblings in college, other expenses. Really - more people in upper brackets get aid than you would suspect. It’s not discussed, but I do see Exeter’s stat sheets each year on how financial aid breaks out by income and it’s encouraging. I think a lot of other schools follow suit.</p>
<p>But we cut back on a lot to squeeze in tuition and all the things that go with it. We don’t think of it as a sacrifice. Finances are sometimes very tight, but what our daughter is gaining is worth so much more.</p>
<p>We also pledged money to the parent fundraising drive at my D’s school. We saw that many people give as little as $1. For some families, even that $1 came at a sacrifice. We can do more than that, but I so respect those families who can’t for pitching in what they can. And no “distinction” is made between who gave $1 and who gave $100K.</p>
<p>Sometimes there are alum that match funds based on participation rates which is why giving something - even a small amount - is important. We’ve noted that the parent drive is the only time the school has hits us up for funding - and the appeal came from other parents. The funds are a separate pool. And it’s great bragging rights for schools to compete on percent (versus dollar amount). When I realized the true cost of education was closer to $65,000 per student it made it easier to give. </p>
<p>And when I was a student - some alum, somewhere, donated so that my tuition could be affordable. That put it in perspective. That the FA is there for students who need it because alum and alum parents are making a sacrifice to make continued donations long after they’ve left school.</p>