Fin Aid Packages coming soon

Colleges and Universities A-Z Boston College
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<p>IM-Profile was designed under the auspices of College Board, and with consultations of college financial aid offices. Thus, CB’s estimator is “accurate” for Profile. But, in reality, it does not much matter since every college can and does interpret the result differently. In theory, the 568 Group, which includes BC, agree to follow the ‘Consensus Approach’ for calculating EFC. But, every college has different policies – Harvard provides need based aid up to $180k income, fore example – and every Financial Aid officer can can use professional judgement in implementing that calculated EFC, under extenuating circumstances, such as high medical bills, private school tuition for a sib, non-custodial parent, sole proprietorships, etc. </p>

<p>Note, the Consensus Approach starts with CB’s IM.</p>

<p>[Consensus</a> Methodology](<a href=“http://568group.org/methodology/index.html]Consensus”>http://568group.org/methodology/index.html)</p>

<p>Here is a great example of how FinAid officers apply Professional Judgement within the confines of their colleges’ finaid budget:</p>

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<p><a href=“http://talk.collegeconfidential.com/parents-forum/1056595-good-news-bad-news-20.html#post11900926[/url]”>http://talk.collegeconfidential.com/parents-forum/1056595-good-news-bad-news-20.html#post11900926&lt;/a&gt;&lt;/p&gt;

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<p>That’s interesting. BC’s aid award was about $25K worse than what the CB IM indicated for us, yet I’ve run the numbers through college-specific calculators for two of the other colleges listed in the 568 Group (that my son applied to) and they seem to fall in line with the CB IM calculator. However, we won’t know for a couple of months whether he is accepted and what the actual packages will be at these other colleges. I’m on edge about this, but at least we have a couple of other financial safety schools to fall back on.</p>

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<p>Hope it works out for you, midclassmom. It was my experience that BC does not come close to the 568 Group “consensus.”</p>

<p>Just an anecdote: my son’s former roomie turned down his “dream college”, Notre Dame, for a similar financial reason. He was from the midwest, a double ND legacy, and was a life-long Irish fan; applied EA. But a well-endowed college offered him a whole lot more need-based aid and he chose to go elsewhere.</p>

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<p>Anyone else still waiting on this?</p>

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<p>Very depressing! Seems we received the standard $3,500 loan and $2,400 work study. Daughter won’t be attending.</p>

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<p>sorry coffeemom… I know how it feels… We got more aid then the loans… but right now still not enough… we will see after the 2010 taxes are reviewed. But, after talking to FA person I do realize how difficult it really is to get aid with them…</p>

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<p>2nd offer more the double the first… We are thrilled… they came in with just enough that he can put it back in play …</p>

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<p>Congratulations on the increased aid , How did that happen ?</p>

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<p>I applied to four ea action schools and I am extremely pleased with the aid I received to BC compared to the other three schools. I received 36,000 a year. 29,000 of which is a scholarship/grant that I don’t have to pay back. I am really happy with boston college.</p>

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<p>Congratulations! What are your stats?</p>

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<p>GoGiantsfan I’d love to know how you received increased aid.</p>

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<p>HI Nuclear… we own a small business… and I think that brings a lot of gray areas that needed some explaining. Then our 2010 taxes were sent which were a little lower then 2009. I think the first number was really off and the 2nd number is more in par of what I thought the aid would look like.</p>

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<p>NewYYo5 - Could you give us some insight about your stats, your need??? That is an amazing package.</p>

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<p>Ah alright thanks!</p>