<p>My son is interested in Rice. The knock on ED is that you are stuck with the financial aid offer, but we make less than $60,000. Because of the new policy at Rice, does that mean he can apply ED and we wouldn't have to worry about the financial aid situation because of the new policy?</p>
<p>Does the fact that we make less than $60K and therefore would need the aid make ds look terribly unattractive?</p>
<p>Yes.</p>
<p>No.</p>
<p>(10char)</p>
<p>I'm not sure it's as simple as making less than $60,000/year. Since Rice is a Profile school, they look at everything - assets, home equity, etc. I wouldn't apply ED anywhere needing lots of aid w/o a <em>serious</em> clarifying discussion with Student Financial Aid. Rice does have a loan cap, but it's for the student, not the parent(s). This new policy is SO new that this question is hard to answer.</p>
<p>Good point, maysixxmom. On the website, it says, "If your family income is below $60,000, that loan is substituted with Rice grant aid, and the remaining cost of attendance is also met by the university."</p>
<p>But now I see the line about "your financial need is determined by weighing your and your family's income and assets against the cost of attending Rice."</p>
<p>We do have quite a bit of equity in our house (bought one and stayed in it instead of moving on up!).</p>
<p>It might help to run the Financial Aid calculator at collegeboard.com. It will give you a starting point by giving you your Expected Family Contribution.</p>
<p>Youdon'tsay - we have the same issue. Decent home equity, but not really a college funding option. We can't afford the higher house payment!</p>