Drop all need-only colleges?

<p>(This topic originally came up on a thread I had in the Parents subforum; a poster suggested I start a new thread here for additional insight.)</p>

<p>My parents have given me a $25k/yr budget for college expenses and have encouraged me to have realistic matches/safeties as well as a few reaches. My stats are excellent (GPA 4.0/4.15, 2390 SAT) but many of the possible reaches are need-only schools. Right now, I'm interested in Princeton, Dartmouth, Williams, and possibly Claremont McKenna or U Chicago (minimal merit aid) for reaches. Princeton's FA calculator pegs our EFC at around $50k/yr.</p>

<p>My question: since the FA from these schools will almost certainly be insufficient to meet my budget, should I cut all the need-only schools from my list? I've contemplated keeping one or two on the list "just to see," but am hesitant about the financial prudence of this decision.</p>

<p>Princeton’s FA calculator pegs our EFC at around $50k/yr.</p>

<p>Since P (and HYS) give “super aid,” then that means that your parents’ income is quite high and your EFC would be much higher at other need based schools.</p>

<p>Go ahead and keep a couple of need-only schools just to see. That’s fine!</p>

<p>You might also include a couple of top schools that give merit…Vandy, Rice, WashU, USC, etc.</p>

<p>And also a couple of schools that FOR SURE will give you enough merit so that the rest will be covered by your parents’ money.</p>

<p>What is your major and career goal?</p>

<p>For all need-only schools, try the net price calculators… if the net prices are far above what your AFC + ASC will be, there really is no point in applying, unless your family financial situation is such that you believe that there is a chance that the net price calculators significantly underestimate the grants.</p>

<p>(AFC = actual family contribution of $25,000, ASC = actual student contribution of whatever Direct/Stafford loans and work earnings you are able and willing to do)</p>

<p>CMC gives merit, but apply early for consideration (not ED, but earlier than regular deadline). I second Rice as a good choice.</p>

<p>We found that the aid was better at non- Ivy schools, interestingly enough. I think it depends on where you fall in financial brackets. (Efc at Yale was around $30k, for example, and under $10k
elsewhere.)</p>

<p>Your stats put you in contention for some nice merit awards at some schools (like the ones Mom2 mentioned). No guarantees, but possible. </p>

<p>You can certainly apply to a couple of those schools that provide only need based aid…as long as you fully understand that unless the money is there, you will not be able to attend. </p>

<p>Will your parents complete the necessary financial aid application forms…FAFSA and CSS Profile? Princeton uses the FAFSA and their own form.</p>

<p>Thanks for the advice. I would like to apply to one or two Ivy-level reaches, even though I probably won’t get in and probably won’t be able to afford them… my parents are fine with a few extra applications and I’m definitely NOT putting my eggs in the reach basket :)</p>

<p>Is it unwise to apply to out-of-reach need-only schools when I could be applying to additional merit reaches?</p>

<p>mom2collegekids-- most of my plans are up in the air at this point. I’m interested in a handful of fields (statistics, economics, chemistry, public health, and medicine) but nothing concrete yet. I’m hoping to keep any student debt to a minimum so as to keep my options for grad school, etc. wide open.</p>

<p>thumper-- my parents are willing to complete the necessary FA forms.</p>

<p>Are your parents limiting the number of schools to which you apply? If not, just add a couple of schools with either very good or guaranteed merit prospects.</p>

<p>Your Profile indicates you are from Los Angeles. If this is true, I sure hope you have some of the very fine UCs on your application list. UCLA, UCB are both nationally recognized excellent universities.</p>

<p>Also, will you have NMF status, because if you do, USC should be added too.</p>

<p>On another thread, you state that your parents WANT you to apply to some reaches both academically and financially. In fact, you started a whole thread about looking for reach schools. Why would your parents want you to apply to these financial reaches when they only intend to pay $25,000 a year. That makes NO sense.</p>

<p>thumper1-- My parents aren’t limiting my applications, though I’m hoping to keep them to a reasonable number (~12 or less). </p>

<p>I will probably end up applying to UCLA and UCSD, though their sheer size is rather intimidating… definitely prefer LACs. I am considering USC for merit purposes (and will be a NMF) but it still felt quite large when we visited.</p>

<p>Your last question is a good one. My parents basically want me to apply to financial reaches just in case FA lightening strikes, and to see if I can get in. Not to sound vain or stuck-up, but I’ve worked very hard the past four years and it would be nice to have some validation (especially for my mom who has homeschooled me for several years). I think it’s a some strange form of Proud Parent Syndrome ;)</p>

<p>On the flip side, we are very aware of the financial realities after running NPCs. The financial reaches will be limited to maybe two. I’m focusing most of my attention on several wonderful merit matches and safeties.</p>

<p>Thanks so much for your help!</p>

<p>I think you are wasting your time with need only schools. It defies logic. If your must, save those applications for last and spend your time on the schools who where you have a chance at a merit award.</p>

<p>I don’t know your parents, so I can’t predict how this will all play out . . . . but it’s certainly not beyond the realm of possibility that if you get into High Prestige School that your parents will expect you to take out private loans to cover the cost. And if they cosign, chances are that you’d be able to do that . . . with the potential for devastating financial consequences down the road - for you and your parents! So, if there’s any chance they might pressure you into attending a school you can’t afford, I’d proceed very carefully if I were you.</p>

<p>If your parents want you to apply to high reach schools, then aim for the schools with highly competitive merit scholarships. Only the absolute “cream of the crop” are awarded those scholarships at some schools . . . and that’s what you can (safely) aim for.</p>

<p>dodgersmom-- just to be clear, my parents wouldn’t ever make me attend a college I wouldn’t want to attend OR pressure me into taking out an unreasonable amount of loans. Graduating with minimal debt is important to me, and they encourage that. I will definitely have a long talk with them about replacing need-only schools with moon-shot-merit schools.</p>

<p>BrownParent-- thanks for your input. If I do decide to apply to any need-only schools, it will probably be via RD. I am applying to most of my matches/safeties EA and will hopefully have at least two acceptances in hand before I make a final decision.</p>

<p>You might take a look at the University of Pittsburgh. It has the things you are interested in and it gives merit money.</p>

<p>^ Pitt gives more money to earlier applicants, so it would be beneficial to apply NOW.</p>

<p>My daughter applied to 8 colleges last year: 4 of them were need-only, 4 with strong merit aid. Surprisingly, 2 of the need based colleges matched 2 of the highest merit-based college packages which shocked us. I’d apply to the need based colleges if you’re in the top 20% of their class profiles. My daughter ended up going to the college I never thought we could afford, so you never know.</p>

<p>One thing to consider is that it is not only a lot of work to apply to a lot of schools, but the FA application process is a pain in the neck at a large number of schools – and your parents will likely be doing a lot of that work! It seems like every college has different expectations for what tax forms they want, different ways they want them sent, different due dates, and often their own forms to fill out as well. Plus, your expense to apply is not only the application fee – you have to send test scores, and there is also a fee for the CSS Profile as well. It adds up when you apply to a lot of schools. So taking a flyer to see if you get into schools you know you can’t afford isn’t “free” – there is cost and work involved, and it can take away from the time you should be spending on applications to schools you can afford. Pick a couple academic & financial reaches, and save the rest of your application effort for schools that you can probably afford.</p>