<p>Haha, when my parents and I were talking about paying for college last spring, we almost seriously considered sending a large portion of our funds to an overseas bank (Grand Cayman?) and we're not even particularly rich! Its just that things get really tight when my brother is already in college, I'm just starting college, and my younger brother is starting in 2 years. </p>
<p>Talk about the perfect storm. Yeesh.</p>
<p>We ended up just sucking it up and I'm taking out a loan after this year.</p>
<p>"We ended up just sucking it up and I'm taking out a loan after this year."</p>
<p>That's kind of how if works with us! Although we are still sending those $'s to the 401k.</p>
<p>To the OP:
Are you working now? Do you have summer job lined up? I agree with you that, for some kids, some schools are worth the extra cost. Looking for scholarships is great - but don't neglect the income aspect of it. If you were to work a couple of jobs over the summer and take a student job at school, you could probably sock away a fair amount. It has also been my experience that if you actively work for your education (within reason, anyway), you appreciate it more.</p>
<p>Also, remind your folks that their costs may decrease when you are away. </p>
<p>Its just that things get really tight when my brother is already in college, I'm just starting college, and my younger brother is starting in 2 years</p>
<p>Actually that was great planning on your parents part- as with more than one student in college, your EFC will be shared between them- or should I say- colleges will be more likely to recognize your additional expenses and adjust the aid package.</p>
<p>What we did by contrast was to have our kids 8 years apart, virtually guarenteeing that they wouldn't be in college at same time, so that we would end up paying out the most we could pay-
oh well, for years we thought it was a good thing they were spread out-
ignorance is bliss ;)</p>
<p>King, that is not true. Both Wash U and Cornell have given awards to those with EFCs over $30K. There are situations when they will even give awards to those with EFCs (as calculated by their institution's method not FAFSA) over COA if there are circumstances to warrent it. Since they are PROFILE schools, they have a lot of leeway in defining need. An EFC of $92 K would be a tough one for getting aid, and I would agree thata you are very unlikely to get a dime, but $30K does have good possibilities.</p>
<p>I'm a reporter for The Daily Princetonian covering an interesting story. (Please see last paragraph for info on contacting me about this.)</p>
<p>Two Yale students recently gave speeches at their high school about what they called "financial aid leveraging." This process involves getting into a school that is known for generous financial aid, like Princeton, and then using that offer to then get the other schools where you were accepted to match the package.</p>
<p>This has evidently worked for several students at Yale, who had taken their Princeton financial aid documentation from their acceptance letter and got an equivalent offer from Yale, often amounting to a savings of $15,000-20,000 over four years.</p>
<p>My question to everyone on College Confidential is, is this something that you would consider doing, and is it the right thing to do to get better financial aid?</p>
<p>Is this unfair to other people applying to financial aid at say, Yale, who don't have an offer from Princeton and can't get the Yale financial aid office to lower their amount?</p>
<p>If this causes students who would have loved to attend Princeton to lose out to someone with better stats who is using Princeton solely to get better aid somewhere else, is that right?</p>
<p>If you are interested in giving us responses to appear in an article in tomorrow's issue of The Daily Princetonian, please e-mail <a href="mailto:news@dailyprincetonian.com">news@dailyprincetonian.com</a> with your contact information and a reporter will get in touch with you shortly.</p>
<p>Leveraging has been a negotiation tool for years. Some schools like CMU invite it. I don't think it is unfair. If you want the tool, you gotta go through the process to get it which maay mean added expense in apps, and more factors in putting your list of choices together. Many CC threads and posts have advised putting like colleges on your list to expand negotiation opportunities. An adcom at competing college A just might match competing college B if the 2 schools are rivals for students, if the student swears he would go to the college if the offer is matched. At very least the financial aid office would review the competing college's aid offer to see where the differences might be. Doesn't always work though. I've known a number of kids who got a merit within aid award at a school that the competing school just would not match even when told that they would lose the student over the issue.</p>
<p>Are there really that many students who have the leverage/desireablity to 'use' a school of Princeton's calibre? Guess they must be out there...</p>
<p>We had no idea how generous Princeton aid was until S. received a mailing from them a month or so ago (he was accepted ED elsewhere). We were shocked when we saw the average grant figures.</p>
<p>FWIW, I just now asked S. what he thought of this leveraging, and he feels it's wrong. However, I agree with the previous poster in that it's been done for a long time. Most families compare FA packages when making their final decisions. When families who might not have qualified for ANY aid elsewhere realize what might be had, am sure there are many who would take advantage of the opportunity.</p>
<p>Yes, it does seem unfair that the student who desperately wants to go to Princeton could lose his spot to someone just using it for FA leverage. Do many waitlisted students get in once kids matriculate elsewhere? This wouldn't happen with ED, I guess.</p>
<p>To the two posters above, if you are willing to have your comments published in The Daily Princetonian, please e-mail <a href="mailto:news@dailyprincetonian.com">news@dailyprincetonian.com</a> as soon as possible with your contact information so that we can verify your identity and obtain your permission for publication.</p>
<p>I was using the college board's EFC calculator and found my parents contribution, alone, to be around 4500 dollars. Yet, I'm from a family of 6, with my sister in college and a gross income just barely above 30K. How is it that my parents are expected to contribute so much. I know that this is just an estimation of the college board, but will this be the case for private colleges that meet full demonstrate need?</p>
<p>It can't be that high just based on $30,000 income. Do you have assets or income in your name? Students income is hit at 50% of anything over $3000 and 20% of assets. Parents assets are hit at 5.6%. Could that be the reason ? If not perhaps there is an error in the figures entered?</p>
<p>Lspf, the idea of someone merely applying to Princeton for financial aid leveraging is a bit absurd. Considering getting into P, or its competitors is so very small that you apply to a number of those colleges, usually just to increase the possibility of getting into even one. No one can even count on that. If you are accepted to colleges that offer more money than your first choice, I see nothing unfair about letting Number 1 Choice know the situation. For some kids, even a few thousand dollars, or a lower loan burden makes a big difference over 4 years in cost, and can sway the decision, especially if the schools are alike, and the preference for one is not for a compelling reason. A financial aid director just might come up with some changes if a kid the school really wants presents this issue, especially if the competing package is from a like school, and the amounts are not that substantial. You just don't see huge discrepancies in need packages from like schools. And if you get the brass ring merit award at a school, it is highly unlikely that even its competitor is even going to try to match that one if the amount is huge. Ivies don't give merit money, and tend to give 100% of need, so I can't see how there would be a huge difference in amounts, though packaging may be an issue.</p>
<p>cpt--
That's exactly what I meant by the question posed in my first sentence. I agree, there are probably very few out there! Perhaps the second sentence should have been worded differently...</p>
<p>Of course families will compare aid packages, that's understandable. Would we take it a step further and present one school's FA offer to the other and ask them to match or beat it? I honestly don't know.</p>
<p>Sure, why not? I would be curious why Gettysburg did not offer as much or as much in grants as Muhlenberg or Dickenson did, and if my kid's first choice were Gettysburg, you had better believe I would call financial aid and present them with the info and let them know that the kid wanted to go to their school, but there is a hang up with the aid. It behooves the school to adjust the package, because now they have a sure bird in hand doing so, at the time they are worrying about yield, particularly about losses to rival schools. If it is not a huge difference, they may well make the adjustment. Tens of thousands, I think not. But $2500 in loans vs grants, might be changed.</p>
<p>Let's start a survey: Let me ask those of you who don't live in NJ what it would cost to send a student to an instate school (and having them live there). Because if you send your kid to an instate school in NJ, the cost (Tuition, room and Board) at Stockton State (picked at Random, but I'm sure it represents what the other state schools cost,
Rutgers, Ramapo, TCNJ, Rowan, etc, etc. )....is $17,800.</p>
<p>So, let the survey begin. Who wants to jump in and tell us what it would cost to send your student to an instate university?</p>
<p>momwithquestions, I think it would be better to start a new thread about this (one NJ parent to another), but am I missing somthing? Here might be the info that you are seeking:</p>
<p>Penn State Univ Park is about $22K all-in, on the higher side for public colleges around the nation, particularly relative to southern state schools.</p>