So when you’re applying ED, do you turn in some preliminary financial aid forms with your application?
Also, under what circumstances can you ‘back out’ of an ED due to financial reasons?
I used a net price calculator and found that X school was affordable and would like to apply there ED, but what happens if all of a sudden they say I have to pay like 60k a year when (if) I get accepted?
Thanks.
Yes, each college will tell you what financial info to send. If you want a timely estimate of your aid for ED you need to do that. Often they will want the CSS Profile. See the admissions pages and financial aid page for the college.
The NPC may be okay but some are more detailed and accurate than others. If your family is divorced, self employed, owns property other than primary home or owns a business the aid may not be as good. But if the offer is far off then you can withdraw. Of course keep a copy of the NPC for discussion first.
The problem with ED is that you will have to make a decision without seeing other offers from other schools. So have in mind ahead how much a deviation is tolerable. Then if you have to walk away, that school is gone for you. You will have to quickly apply to others and wait until March or so to see your offers.
Is there like a deadline for when I have to tell the ED school if I can afford it or not?
Yes, a very short window.
So let’s say I apply to this school, they give a financial aid package that is really bad and unexpected based on the calculators, and so within the short time frame, I can still ‘back out’ of the ED offer for financial reasons?
Yes
You can apply to an EA school at the same time if there are no strings attached.
If you take the ED offer you just withdraw the EA application.
You will get the financial aid package with the acceptance, assuming you are.
You have 2 - 3 weeks to make a decision. I know of several cases with my son’s friends where they got a better deal by calling and saying we need $X more to make a decision. The school has some incentive to deal because they want a yes from you.
You can also go over your results with the financial aid office before you apply just to make sure you did everything right. They won’t confirm a number but if you made a big mistake I’m sure they will mention it.
Assuming your folks are still together, they don’t own a business, farm or rental properties, the process is not difficult. Just make sure money that is in retirement accounts at the time you apply is not counted as an investment or bank account. This is a common mistake. Also don’t go crazy trying to estimate home equity.
Your family owns rental properties. The net price calculators will NOT be accurate for you.
You have significant financial need. Don’t apply ED. You need the ability to compare multiple net costs and you won’t get that with ONE ED acceptance.
Plus, on your other thread, you want to apply for merit awards at other schools. The applications for the most generous awards are prior to December 1…so you will need to complete those applications and submit anyway.
According to other threads, your family gets $6000 a month in rental income, plus your parent salary, plus there is equity in those rental properties that will be an asset. And supposedly, you parents have $500,000 in investments from a 401k withdrawal…or something…you were unclear about that.
Anyway,the NPCs are not accurate in your complicated financial family situation.