<p>Hi, I was having conversations recently with parents who have children in college and they topic drifted to FA and the seemingly random results. Everyone realized that merit aid can vary and scholarships, but need-based, work study and sub loans also varied widely. </p>
<p>Is there a cutoff for certain aid? For instance some parents who make 130,000 with 3 children, (no other real assets) had very different packages. One family got workstudy or sub loans, another with similar income didn't or they said the student didn't qualify for subsidized loans, only unsubsidized. When I tried to find out myself, aid offices couldn't really answer me. Work study seemed to have the biggest differences in results with comparable salaries.
I just wondered if anyone had any hard numbers or is it not as definitive as that.
Thanks for any enlightenment here!</p>
<p>I don’t know of any cut off points at my college. The ones at my college that are doing work study also get pell and hope grant and/or hope scholarship. They are also all full-time students because at my school you can only do work study if you are full time.</p>
<p>We were told my son didn’t qualify for Work study but the following year he did…he only got unsubsidized loans but last year got a small subsidized one…our income didn’t go down. I will never figure it out, my sister made more than we did and daughter got a subsidized loan going to a state school, I don’t know how they figure it out, I just don’t assume anything and wait and see.</p>
<p>My son got a small workstudy his first year but that was it. His loans were mainly unsubsidized but our income is lower than my sisters (by quite a bit) and she told me her daughters federal loans were subsidized. When I asked about it, I was told we didn’t qualify but I never could get strict numbers. I’ve heard over the years many different cases with federal loans, I can’t fully understand it.
I know “need” is up to the school sometimes. Two full-need schools wont give the same package, you really have do have to wait and see.</p>
<p>At the colleges that don’t treat all the same (most) it’s just about how much they want thre student. The better the stats and/or talent, the better the package.</p>
<p>Every school has a different ratio of funds to students, so aid will vary widely from school to school with funds other than Stafford Loans and Pell Grants. Also different COAs (Cost of Attendance/ Budget) will mean different “need” even if students have identical EFCs.
In addition to the EFC, the date the FAFSA was submitted is important. Many schools award grants on a first-come, first-served basis (within each level of need).</p>
<p>The award you receive from a school is based upon four primary factors…
Your Expected Family Contribution (EFC)
The timeliness of your application
How appealing the student is to the school
The college’s individual financial track record</p>
<p>The EFC is a rather complex formula. If you want to know the details, get a copy of “Paying for College Without Going Broke” by Kalman Chany</p>
<p>Timeliness – always make sure your applications are in before the priority deadline for that school.</p>
<p>Student appeal – at most colleges, above average students get above average awards; average get average; below average get below average awards.</p>
<p>Financial Track Record – Not all colleges treat the financial aid system the same. Some schools are far more generous than others. This is represented by the college’s financial track record: % family need met; % in gift aid; % in self-help.</p>
<p>I was always the “early bird” with applications and forms, although sometimes the college lost them. I learned early to copy, copy, copy…you might need them again.
I also learned to ask a lot of questions, sometimes you are so happy to get an award you don’t ask if it’s every year, what would make it change, GPA requirements, etc.
One award at a Catholic college I read had duties/activities you had to do during the year, might not seem like a big deal until you have to do them.
Always ask questions, you can never ask too many.</p>