<p>for current students/alums, how much of your package consisted of loans vs grants? i know that reed supposedly helps students a lot with the financials...assuming you have need. i was wondering how it actually worked out and how much you're now taking on in loans? also, i believe that reed uses FAFSA, PROFILE, and another method? how much does this skew from EFC on the FAFSA or PROFILE?</p>
<p>See [Reed</a> College 2010-11 Common Data Set, H. FINANCIAL AID](<a href=“http://web.reed.edu/ir/cds/cds1011/cdssech201011.html]Reed”>Reed College 2010-11 Common Data Set SecH - Institutional Research - Reed College) which includes
for a (most?) recent graduating class. There is no single PROFILE number to compare to, and schools generally don’t disclose the PROFILE formula they use. You won’t get enough responses here from which conclusions should be drawn. Comparing schools’ CDSes is probably the best (only?) valid method.</p>
<p>yeah i had looked at that. i believe that my father has grown increasingly anxious/upset because the average the STUDENT takes out in loans differs from how much the PARENTS take out. so if the aid package were to say that the difference in net cost were to be carried out through plus loans, then we would not be in a good position. my parents’ cap off in plus loans are about $7k/year due to the interest rate and they also refuse to cosign any private loans with me. our EFC according to FAFSA/college board formula is also all of it, which is insane. ah well. i am getting way hung up on financials and have ended up focusing more on that than the admissions process. trying to go about this intelligently etc and am ending up in a huge amount of stress. type A is not good. i guess i can’t really do anything until after i get a package back.</p>
<p>Also try this: <a href=“Net Price Calculator”>Net Price Calculator;
<p>I might be wrong, but it was my understanding that Reed only includes subsidized federal loans for dependent students in the financial aid award, which totals $16,000 over four years ($2500 freshman year, $3500 sophomore, $4500 junior, $5500 senior). Even independent students who qualify for larger loan amounts are not expected to take them out as a part of their financial aid package. Qualifying students can also take out unsubsidized federal loans if they choose, but it is not calculated into the financial aid package.</p>
<p>So to my understanding, Parent PLUS or private loans are not an expectation that the financial aid office has of families, and it seems like they would only be necessary if the expected family contribution (which is calculated through FAFSA and PROFILE) was more than the family could actually afford. (For instance, for your freshman year, Reed determines your family can afford $15,000 per year in out-of-pocket tuition and awards you a financial aid package for $35,000 which includes $2500 of federal subsidized loans, maybe some work-study money, and the rest as federal or Reed grants. Your parents say they can only afford $10,000 per year so they make up the difference with outside loans).</p>
<p>I guess the idea with need-based aid and all these methodologies for figuring that out is that there wouldn’t BE a difference between net cost and what you could afford. But of course families don’t always agree that the EFC is an accurate reflection of what they can pay. </p>
<p>I think the collegeboard EFC calculators (using FAFSA and institutional methodology) will get you in the ballpark of what Reed will expect your family’s contribution to be, but of course you won’t know for certain until you apply, get in, and see what your financial aid award is. You should let FA know if there are any special circumstances that would lower the amount your parents could reasonably contribute towards your education.</p>
<p>correct. i am aware of all of this. my EFC is to pay for the total, even though my family can only reasonably afford $15k/year max. so, even if accepted i probably will not be able to afford most schools…including reed. i was unsure if their institutional method of calculating EFC differed very much from FAFSA/PROFILE, but i am probably not that lucky.</p>
<p>I think their institutional method is a combination of FAFSA and PROFILE, not some separate thing. So if all the calculators are saying you can afford the $50k price tag, I doubt any magic wands would be waved (or magic formulas used) to make it only $15k… the discrepancy would probably be closer to +/- $5k.</p>
<p>Other schools offer merit-based scholarships/ aid, Reed is pretty unique in ONLY offering need-based aid and then covering 100% of the demonstrated need. Other schools are also cheaper.
If your heart is set on Reed, you could pursue outside scholarships. You could add up how much you could take out in unsubsidized loans or make through summer work, etc to cover the difference before reverting to parent loans. However, $35k is a pretty steep difference and I really do not recommend going into massive amounts of debt just to attend a dream school. There are loads of great schools out there and loads of financial aid/merit aid/scholarships/grants, too… so just keep your options open and try not to stress about it too much until admissions and financial aid decisions come back. </p>
<p>If all else fails, several Canadian universities are under $15k/year, even for international students.</p>
<p>yeah. i talked to my parents more…my EFC is about $30k. so i can afford half my EFC. i also have “extenuating circumstances” or whatever. so who knows what’s going to happen. it’s $30k without the circumstances included. i have no idea how much it would differ.</p>
<p>Is your FAFSA EFC $30k? I doubt Reed will lower it- since they don’t offer merit, I don’t think they can go below what the federal formula shows.</p>
<p>While my oldest did get her FAFSA EFC met with subsidized loans and grants, we also know several people who were unable to attend because the aid package was not enough.</p>
<p>Reed uses the PROFILE as well as their own forms & while additional information can be shown on PROFILE, my impression is that it is used more to clarify assets and monies that can be accessed to pay tuition, rather than as a way to make the student eligible for * more* aid.</p>
<p>“Reed uses the PROFILE as well as their own forms & while additional information can be shown on PROFILE, my impression is that it is used more to clarify assets and monies that can be accessed to pay tuition, rather than as a way to make the student eligible for more aid.”
—I agree. I was in a unique situation last year where my FAFSA EFC was actually higher than my PROFILE EFC (which rarely happens because PROFILE really is a way of uncovering hidden money) and they told me that they would use whichever one was higher.</p>
<p>So actually your best bet is probably the “Special circumstances” form with a good reason and good supporting documentation— I would submit it along with all the other FA forms and by the same deadline, so if you are accepted they can determine your aid based on your actual circumstances now and not the incomes of years past. If you wait until you’re accepted and an award is offered to suddenly change your circumstances/petition for more FA, more money may no longer be available. </p>
<p>It may also be worthwhile to consider whether one year of bad FA because of old data might be outweighed by subsequent years of really good FA (assuming the special circumstances/ your family income remains the same and that greatly reduces your EFC). Also keep in mind that Reed’s FA covers all relevant educational expenses, not just tuition, room, and board at Reed but also books, travel, etc so sometimes the grand total can be more than your actual expenses. If you live off campus (after freshman year), they still factor in off-campus living expenses into your total expenses and FA package.</p>