FA and ED

[chamomile]

<p>Whew, thanks for the clarification regarding that 25%. I just read that part without going to the actual Swarthmore site and panicked when I saw the 25% thinking it pertained to parent assets.</p>

[alamemom]

<p>Another quote from Swarthmore that suggests the FAFSA EFC is not a good indicator of aid:

If after reviewing your family’s financial statements, we find that there is, based on our policies, a gap between what we cost and what you and your parents have the capacity to pay, we will make up the difference with an award of scholarship and a campus job.
**Family income is not the only determining factor **when eligibility for College support is assessed. Thus, there is no income ceiling above which as is denied. Asset strength, family size, standard family living costs, and other financial circumstances all influence your family’s ability to meet Swarthmore costs. As a result, some families with incomes in excess $100,000 receive our support but some families with incomes below $60,000 may not.

[Swarthmore</a> College :: Financial Aid :: For Prospective Students](<a href=“http://www.swarthmore.edu/x10157.xml]Swarthmore”>http://www.swarthmore.edu/x10157.xml)</p>

<p>Have you used an “Insitutional Method” financial aid calculator? That is usually more accurate for CSS/Profile schools. They can be found on The College Board website and here on College Confidential.</p>

[vonlost]

<p>“When someone has financial need, but will have an unknown, but sizable “expected contribution” from the school, it’s not a good idea to apply ED because sometimes a CSS school can expect a lot more than what FAFSA EFC is…”</p>

<p>This is true if you want to compare FA offers from various schools, but is irrelevant if your son has one dream school above all others. In the latter case, the FA offer is either affordable or it is not, and if not, your son (sadly) says thanks but no thanks, and applies RD elsewhere. Sometimes a CSS school’s EFC is less than the FAFSA amount.</p>

<p>“There are only so many spots to be had at schools which meet full need without loans.”</p>

<p>And few schools that meet full need without loans, but a good number of schools limit loans (in the student’s name) to the federal amounts, roughly 10% of the total cost of attendance, generally considered to be manageable by graduates. Loans for paying the EFC (in the parents’ name) are a separate issue, and not legitimately considered part of financial aid (although some schools reportedly offer them in the FA package).</p>

<p>“Before College Confidential, where did parents turn for help?”</p>

<p>Good question! The Internet has “democratized” (if that’s the right word) so many aspects of life. :)</p>

[_rentof2]

<p>Our expected parental contribution at a college that is a peer to Swarthmore (with similar FA policies) is virtually identical to our FAFSA EFC. We have no investments other than our home. We have about 200K in equity in the house, but that doesn’t seem to change our aid award at the college from the FAFSA EFC figure.</p>

<p>One thing that is different, is these meet-full-need with low/no loans colleges will normally expect a student contribution from summer earnings that FAFSA does not consider. So in that sense the total family contribution is higher than our FAFSA EFC, but the parent contribution is very similar. I have no qualms about expecting my son to work over the summer to earn that expected student contribution. It’s his stake in his education, in lieu of loans.</p>