I agree that the award is pretty good if it’s a school that doesn’t meet need. However, if the student gets a few thousand in outside awards, and that OP stated amount is not COA, then that can go towards the gap and any aid shouldn’t disappear since need was not met.
The OP would need to get the college to,add the other costs into the cost of attendance in order for need to be NOT fully met.
Maybe the college will do this…and maybe they won’t.
Ask the college.
^^^
Very true IF the school is saying that COA is $44k. At this point, the OP has not been clear as to whether the school says that is the COA. The OP may be doing what many folks do, and that is just add up direct costs.
If the OP were to name the school, then we would know if that is the COA or not. I believe it’s a small private LAC.
While “need met” may not always have a consistent definition, the common data set definition of “need met” (section H2(h)) includes use of all types of financial aid except “PLUS loans, unsubsidized loans, and private alternative loans” (which H2(i)-(m) indicate are loans used to replace EFC).
So federal direct loans (at least the subsidized ones) and work study eligibility can be counted as financial aid to “meet need”, rather than being part of EFC (FAFSA or school defined).
In any case, as noted elsewhere, schools that claim to “meet need” have widely varying levels of financial aid generosity. For admitted students, the net price on the actual financial aid offer is what matters; for students making college application lists, the net price calculator result is typically much more useful information than a “meet need” claim.
If the school’s list price is $44,350, it is likely claiming to “meet need”. If the school’s list price L is greater than $44,350, then there is “unmet need” U = L - $44,350.
Net price is EFC + directloans + workstudy + U = $22,750 + U. That is the bottom line cost to you and your student (which you and your student may distribute among parent contribution, direct loans, and student work differently from the school’s assumptions). Of course, if U is not $0, then the affordability of the school becomes more questionable, since you said that the EFC is already a stretch.
^^^
I still wish the OP would name the school or at least copy/paste the school’s reported full COA. I believe this is a private LAC and if so, likely does not only list “direct costs” as COA.
I’d rather not name the school, but it is a private LAC that is a good fit for my D, more so than the two state schools that accepted her with no merit aid and is only a few thousand more than them. My main question at this point is if it’s worth trying to ask for more money. We have money in a 529 that will cover costs for several years, but will need the direct loans and likely some sort of parent loan/HELOC to get through all four years.
Here’s what the school’s website says:
Cost of Attendance
The tuition, fees, room, and board costs for the 2015-2016 school year total $44,345 (assumes a residential student, who selects the base meal-plan and lives in a traditional residence hall).
Your cost of attendance includes the direct charges listed for undergraduate students or direct charges listed for graduate students.
In addition, you should allow for the following expenditures:
Residential dependent student
Books $1,000
Other (personal, transportation) $1,700
So the COA total is $47,045
So you can see why Mom2 asked the question. Just as some schools package loans and pat themselves on the back, this one left $2700 out of the fuller potential COA.
47045 - 28850 = 18195
Now, books don’t always cost 1000, you can rent or buy used. Transpo depends. (If she’s near, you’re driving. If she’s further, you can book cheap flights.) Many kids spend little on personal. The school may have omitted the 2700 from its costs because it is so variable. Or they may be trying to be cagey, we don’t know. But I also agree there is often a line, “student contribution from summer earnings,” (in my experience, around 2k,) which then covers books and some personal, etc.
So does the parent ask for a little more? It’s a toss up because, if the school doesn’t meet full need, this seems like a good package.
So if you count the books and other costs as part of the “true” COA, then the amount of that ($2,700) would be the “unmet need”.
What it really means is that your net price is $25,450 = $15,500 + $5,500 + $1,750 + $1,000 + $1,700. Of course, the actual may differ due to different costs for books and other versus the estimates.
One thing I have really noticed from S1’s ap season in 2007 is none of D’s 10 schools included books, transportation and personal expenses in the COA shown on the award letter, and all of his 10 did. 4 of those schools were the same. If shown at all on the award letter now, it’s labeled “direct costs” and includes only tuition and r/b. Some of the award letters don’t even indicate the amount of direct costs. It feels sort of dirty and disingenuous to me.
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So the COA total is $47,045
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So, the school didn’t meet need. You can ask for a review, but it may not result in more money.
I am asking for a review because I figure it never hurts to ask. My original point in posting was trying to anticipate if they would counter with the claim that they have met full need, even though I know that’s not something the school guarantees, although it is known for being generous with financial aid.
The SCHOOL sets the cost of attendance. If they don’t include books and transportation, then at that school…it’s not part of what they consider to be the cost of attendance.
@barbalot When you call, first ask them what their total cost of attendance is based on what parents can borrow via Plus (I’m not suggesting that you do Plus). From their answer, you’ll know what their determined COA is.
That’s a great package. To have a school actually meet your federal EFC without parent loans is awesome.