<p>We have relatively high annual income, $200,000, but our net asset is
-$100,000. We had no equity in our house, then it crashed by $100,000,
which is left as credit card debts. I dont know whether we are eligible
to receive FA due to our high income.
Im also wondering if FA hurts my Ds admission chance.
If it does, Id rather consider private loan because we can manage another loan.</p>
<p>Any advice?</p>
<p>It depends what schools your daughter is applying to. Most top schools have a need-blind admissions policy, where they make financial decisions and acceptance decisions separate.</p>
<p>except for very few schools (maybe 2) seeking financial need does negatively effect your possibilities for admission. It puts the student in a much more competitive pool for admissions.</p>
<p>Have you checked out your EFC using one of the college estimators? It comes close to what your EFC would be for boarding school -- so it might give you an idea. <a href="http://www.finaid.org/calculators/finaidestimate.phtml%5B/url%5D">http://www.finaid.org/calculators/finaidestimate.phtml</a> use the institutional methodology.</p>
<p>In general, a family with an income of $200,000 won't qualify for any FA (or possibly a small grant or loans). Credit card debt isn't usually taken into account since it is considered a lifestyle choice by schools. </p>
<p>If you have debt from unusual medical expenses or unemployment or student loans, they will generally take that into consideration -- otherwise, they generally don't.</p>
<p>If you can afford to have your D apply without asking for FA, it would be better. You can choose to have her apply for FA at a few schools and not at others, also.</p>
<p>One thing -- if you are talking about applications for this year, it is too late at many schools. Most had deadlines of January 15th for FA applications</p>
<p>If you think of admission as being the combination of "Acceptance" and "Adequate Financial Aid Award," then it obviously affects your chances. You need to clear two hurdles at one school.</p>
<p>Even in the blindest of "need blind" schools, at a place where admission decisions are made without ANY knowledge as to whether an applicant has requested financial aid, you're still facing an uphill battle. Note that they don't say that financial aid is "admission blind." The people who get the money will be evaluated in terms of need as well as what the applicant offers the school. The more an applicant delivers qualities that are in demand by the admission office, the better his or her chances of receiving a slice of the limited financial aid pie.</p>
<p>So that means that financial aid applicants will need to be all the more impressive to get in -- meaning get both tickets stamped.</p>
<p>"One thing -- if you are talking about applications for this year, it is too late at many schools. Most had deadlines of January 15th for FA applications"</p>
<p>Exeter's deadline for FA is January 31, but that's still a tight squeeze. :(</p>
<p>Exeter's FA deadline may be 1/31 but isn't their application deadline 1/15?
In any case, many of the "second tier" schools have deadlines for both application and FA as 2/1, but that is a cutting it close if you haven't started the process</p>
<p>Yes, their application deadline was January 15. Sorry. :(</p>
<p>The only thing is that if you are applying to financial aid it does not hurt your chances but, it doesnt help. You shouldn't stress it because you can't change it.</p>
<p>capriatifan -- we have been told by several schools that it does hurt your chances, no question about it. Some schools even have language like "places you in a more competitive pool for admissions", etc in their viewbook and on their website.</p>
<p>It all depends on the school -- they also want to protect their yield, so they don't want to admit someone without FA if they think they won't come without it.</p>
<p>after last year's application season was over, the kids and parents posted advice for this year's applicants. Some of the advice:</p>
<p>"If financial aid is necessary, pick schools where you will be in the top 25% of the applicants. It does factor into decisions."</p>
<p>I think it really depends on the school -- that is why for some you may want to apply for FA and for others, you might not want to.</p>
<p>So, for example No FA can be a hook?</p>
<p>not a hook -- but it can be a tip, depending on the applicant pool and the school.</p>
<p>I can only speak for my school - We do not take need in to consideration when determining acceptances. We will accept the students who we believe can benefit from our school and be a benefit to the school. We will then look at financial aid applicants and try, to the best of our ability, to meet all need. Of course, if there is more demonstrated need among the admitted pool than there is aid to be given, there may be a decision not to "invest" as much in a student who doesn't offer as much to the school. This is also the point at which a family with credit card debt may not be given as much compassion as a single-parent household or a family who has been dealing with high medical expenses.</p>
<p>I thought most of the schools were need-blind.
I thought it won't effect your admission meant what it means.
I thought people say "you got admitted, but no FA is going to be given to you".</p>
<p>URGH............:(</p>
<p>Is 4500 dollars a month considered for FA?
I have a little brother, I am Korean, I live in Korea, we have a house debt which is a lot..
I am applying to schools where said that "we offer financial aids to all of our students, including international students" and another one that said "we offer financial aids to international students in some cases".</p>
<p>I am guessing I have more chance for the first school than other but still...</p>
<p>HI Everyone--new to this site. Dyer Maker, you seem to be "in the know" about alot of admission stuff. What's your opinion on the chances for admission to Andover with a 96% on the SSAt? From a public school (all A's, some sports, all sci/math clubs, heavy reader) entering as a sophomore. How bad or disadvantaged I'll be. Also, I'm bummed about the financial aid disadvantage too. We sent in our application info. with the fin. aid info at the same time like requested. Is it true if they really want you, they'll accept you first then worry about paying later.</p>
<p>financial does not affect admissions process, that is a separate process.</p>
<p>It totally depends on the school. Many schools do not have need blind and FA is indeed part of the admissions process.</p>
<p>Both schools our son was accepted to inquired before the decisions were sent whether or not we’d be able to accept an offer of admission without financial aid as, based on their calculations, we didn’t qualify. We said yes, and both schools offered admission. We were very surprised that we didn’t qualify for FA, but were able to find alternate sources of funding. Our experience seems to indicate that some schools will inquire and give you a chance to decide instead of blindly rejecting based on their inability to offer aid. So, for schools with this policy, applying for FA does not hurt you.</p>
<p>Andover and St. Andrews are the only need blind schools.</p>
<p>A need blind school accepts students regardless of their financial status; it also commits to provide 100% of a student’s demonstrated financial need. By contrast, a need aware school reserves the right to consider a student’s financial status when making admission decisions; it may also award less than 100% of a student’s demonstrated financial need.</p>
<p>The fact that some schools may give financial aid applicants the option to become full pay students is scant solace to applicants who cannot afford to attend a prep school unless they receive financial aid.</p>
<p>What are the admit rates of FA and FP applicants at Andover?</p>