<p>What does an EFC of $60, 000 mean... I should not consider financial aid or I am on the bottom of the pile?</p>
<p>With one child in boarding school, I would guess that you will probably not get any need-based FA. If your number were closer to $40K, you might get a thousand or two, if they reallly like your child.</p>
<p>I guess you find this number higher than you anticipated?</p>
<p>I think the better question for you may be whether to withdraw your request for financial aid altogether in order to increase the possibilities for admission.</p>
<p>I really think they are two independent processes, but yes I' m thinking of withdrawing financial aid.</p>
<p>Well if you cant afford boarding school without it then you shouldn't apply for FA.</p>
<p>Yes, it means you will not get aid. Personally, I would withdraw the aid application. Few schools are truly need blind. After much research my parents didn't apply for aid for my brother who will be going into 9th grade but had the 2 of us attending college next year apply as we are more sure of the need blindness at the colleges we are attending.</p>
<p>How does one find out what your EFC is?</p>
<p>It should tell you if you fill out the FA applications. Mine was also a little higher than we expected, and we are most certainly hoping for more. Will the more richly endowed schools be able to pay more than what is predicted in these things?</p>
<p>I have never heard of anyone, in high school or college, getting more than their EFC unless it was a merit scholarship. I've also known few that weren't surprised by how high their EFC was. I suppose if a BS really wants you, say you're the best quarterback around, they can make things happen.</p>
<p>The mechanics of how to find out your EFC (your parents probably didn't tell you that they got this) is pay an extra $16 and SSS will send you the numbers that they send the school.</p>
<p>On the Financial Aid and Scholarships forum EFC = Every Friggin' Cent</p>
<p>The killer is that if I boost my income in order to pay my EFC, then my EFC goes up the next year. 4 years of that and then 4 more years of that in college and I might kill myself!</p>
<p>Second, in order to help pay the EFC, I'll have to draw down the modest college savings for my S...which means that prep school will make him academically prepared for most anything, but financially ill-equipped to go to anything but state schools.</p>
<p>I had sent a PM to kirmum a couple days ago spouting off my reasons for optimism upon receiving my EFC info from SSS despite it being well above what I had anticipated. This thread now has me in a dark place. (Called Reality?)</p>
<p>To the person who asked about how some of us know the EFC number...that's a BONUS Catch-22: When you fill out the PFS, you can pay an extra $13 to receive a copy of the reports sent to the schools. But if you're so free with your money, should you even be applying for FA? I suspect that they raise your EFC by $5,000 just for checking that box.</p>
<p>The other (well there are many others..so ONE other) unsettling quirk about the EFC figure is that the SSS report was postmarked the day that I sent the report...meaning no human eyes looked it over or considered the notes and explanations. And if it's true that schools don't reduce the EFC, then those notes and explanations are a waste. Maybe next time I make the adjustment up front on the PFC and then provide a note/explanation why my PFS numbers are lower (or in some cases higher) than what my 1040, etc. indicate. THAT'LL show 'em! (j/k)</p>
<p>You are absolutely correct about the EFC being a figure not looked at by human eyes until the school gets it. Those explanations are entirely for the school to look at. I would highly suggest an additional separate letter explaining any unusual family circumstances (special needs siblings, medical issues (including debts), etc.).</p>
<p>And then it comes down to the need-based part -- how much THEY need you. I've always advised those in need of FA to be in the top quartile, if not the top decile of the admitted class if you want any leverage in negotiating FA. When you have something that improves their school's standing (academically, athletically, artistically), they are likely to take the time to review your particular circumstance and make adjustments to their standard policy (often not even matching EFC if you can believe that!). </p>
<p>Even with that leverage, schools that never have a problem filling their seats (AESCHD, etc.) may still look askance at requests for more generous FA. It is best to use that leverage at schools where they do use FA to fill the last seats with quality kids who improve their programs.</p>
<p>And quite frankly, if your child is in the top quartile or decile of students, s/he will benefit more from the college placement effort from the school, as they are usually more likely to use their influence for the top students at schools that make their matric lists look better. So in the end, it is probably better to be the huge fish in the lesser pond.</p>
<p>Over on the College side, they like to say learn to love your financial safety school. It applies here as well.</p>
<p>Went down this road last year and learned a couple things along the way. Our EFC came in at a figure that we felt was more than we could comfortably deal with but then we were given verbal quotes by two schools of a slightly lower (and basically the same from both schools) amount which gave us the idea that this would be doable. With one in private college, we knew having both in tuition paying schools would require loans because we're already in a financial 'lockdown' situation. Child was waitlisted at both schools and ultimately not admitted to either. It was clear that aid was the issue. There was a moment in speaking to the schools where I felt I could have had a discussion about withdrawing the request for aid but I could not bring myself to do it. I have a personal aversion to high debt (that may sound laughable - who doesn't?) I also know, having been through both the college and prep school processes, that there are many, many more choices in colleges and ways to finance them. </p>
<p>To the poster who said something about child's college fund being spent on secondary school, if that then puts you in a position to qualify for aid in college AND your child is a candidate for one of the 40 schools that are need-blind and guarantee to meet demonstrated need (EFC), I don't see how it matters whether you spend the money for secondary or college tuition. Maybe I'm missing something. </p>
<p>Our financial safety is the local high school. We only considered boarding schools we thought were worth the cost and separation, so the list was tiny. I was prepared for outright rejection, or that the cost would be so high that we couldn't consider it. I was not prepared for how things played out, and am telling this before the decisions come out to remind other parents that you may think you've anticipated every possible outcome but you might be surprised by something new. It is not the same as college admissions. The other thing - it was a disappointment at the time but I'm thrilled not to be making those tuition payments and there are other ways to feed your child's curiosity and meet their needs. Everything has its pros and cons and if someone else is making the decision for you, give it your best shot and learn to live with it. (One aside - a local student did receive generous aid to a Ten Schools member and was back at the local school by October. If your child is accepted with aid that is a wonderful opportunity; if not - it's not the end of the world.)</p>
<p>Thanks lefthandofdog. I have a feeling that I'll return to re-read your post on or about March 15.</p>
<p>On the Catch-22. It was mostly tongue-in-cheek. But it's grounded in reality because the colleges won't increase the EFC dollar-for-dollar by the amount paid from the college account to secondary schools. But mostly the point is that meeting the EFC will not simply be a matter of belt-tightening and avoiding the urge to buy a flat-screen HDTV and a pimped out Escalade.</p>
<p>By the same token, your point about alternatives is well taken. If it's not affordable, it's not affordable. I have less objection with a school saying "Sorry, we're just not going to give you money so you can do this" versus SSS sending me (and the schools) a letter saying that I can afford to pay an amount that will radically alter our lives. </p>
<p>The difference is like (a) going to the grocery store and finding out that there are no coupons available for the items you're shopping for and (b) having a store greeter tear up your coupons and insist that you walk to the store next time if you want to use coupons (but only some of them).</p>
<p>I have no sense of entitlement to any money from any school. At the same time, when the SSS computer decides that I can dig deep and pay far more than I ever imagined being able to pay, I don't think a "What the...?!?!" reaction is hypocritical.</p>
<p>There are much worse things in life than not spending more than we can afford on BS while having our child live under our roof for another 4 years as he attends the magnet school he's been accepted to. And, frankly, if the decision becomes as clear-cut as some here are suggesting it might become, that's not so bad either. The difficult part is when you decide that a school is just a couple thousand more than you think your outside limit is. Or, frankly, even if it's right at or near that limit.</p>
<p>Then all I have to do is sit up and think of all the ways I've failed to accumulate wealth over the years...and maybe become more of a hoarder and more aggressive so I won't have the same regret come retirement time. Sigh.</p>
<p>You're right, D'yer, it stings to realize your kid has done all the right things to get them to the door of a fabulous private school, but that you, the parents, forgot your wallet and can't buy the ticket in. On the other hand, we did give her the genes to get her there, she'll be 'wearing' those for life and they're barely broken in with a lot of miles left.</p>
<p>Hey D'yer -</p>
<p>And if nothing else comes of this adventure with FA for prep school (and your child ends up at the Magnet school - not a bad thing), it should serve as a warning of what will come in a couple of years with College FA. Personally, I've run my numbers through the College FA calculators available here and elsewhere and have found the EFC to be very similar. It is probably time to start allocating your assets in a way that makes your situation look better for both FAFSA and Profile (load up your retirement accounts now and get rid of excess home equity over 2.5x AGI for Profile). You will probably need to stop 401k/IRA contributions once College starts because those count in the "available" income.</p>
<p>Well I was sure naive about how aid works for boarding schools. My own daughter was in the fortunate position of being a high stats, full payer URM. </p>
<p>As I've talked to the schools this year helping other kids, I'm understanding the schools use their money very strategically. To fill seats at places having a hard time filling them with high stats kids (by giving say $10K), working with long established programs like ABC, to get great athletes, mathletes and so on. </p>
<p>Is there really money for the bright well rounded non hooked candidate? I just don't think there's much. I'm curious lefthand of dog, what's your daughter's profile?</p>
<p>I was reently talking to an adcom about all of this. They are facing not only record numbers of apps, but also record numbers asking for aid. Unlike for colleges, this is not the reasult of the babyboomlet, is something else completely.</p>
<p>The information age: just google best American high schools. Books: Prep, Charlotte Simmons and a couple in Asia set at American preps. Intense international interest. New money wanting what old money has always had and the middle class wanting what new money has. So we get an explosion in interest in prep schools, especially the top of the heap.</p>
<p>Just look at this site, I'd have to say the majority of the posters are seeking aid. They are not legacies and very few are athletes. This is the new face of the boarding school applicant.</p>
<p>It will be very interesting to examine results in March.</p>
<p>I'll pm you, Kirmum.</p>
<p>Some theories: I think "No Child Left Behind" has broadened the interest of people in private schools - there's a feeling that resources of the public schools are being focussed on the students who struggle to pass the necessary exams. Coupled with the increased college admissions competition, people feel they need to do things differently to enable their kids to succeed. Another possible reason - any parent of an engaged public high school student can tell you how crazy after school schedules have gotten with competitions on Sundays and late at night on school nights. This doesn't happen at private schools (at least the ones we looked at) - the academics may be extremely rigorous, but looked at wholistically I think the schedule made more sense than what we sometimes experience here. There's often less travel time for boarding school students who participate in e.c.s - half their meets/games/concerts are a short walk away and games are scheduled on days with a shortened academic schedule. Parents who went away to college, as many of this generation did, expect their kids will do the same; when they see what boarding schools offer, and perhaps know of a family taking that option, they look into it and see it has advantages. They've already pictured their child going away - b.s. just moves the date up.</p>