<p>Just a heads up; don’t trust the financial aid on-line calculator on the Amherst site. While it may work (key word: “may”) it also may not. If it works for you, great. However, if you fill in every answer legitimately you may still end up with significantly erroneous results. This is particularly true if you have dared to save for retirement, have lived a financially responsible life and are “middle class” and definitely NOT wealthy. You are screwed. 4 years = $260,000 cash, out of pocket. Make VERY sure you know the financial consequences before accepting at Amherst and, certainly, before rejecting alternatives.</p>
<p>It sounds like the results on Amherst’s online calculator differed significantly from the actual financial aid package? Is there another online financial aid calculator that you found to be more accurate?</p>
<p>While the calculator may not have been accurate for the OP, there have been several parent posters on this site that have said the they found the Amherst online calculator to be quite accurate.</p>
<p>Could you give us more specific info? My understanding has been that Amherst’s financial aid is first rate and that their calculator were accurate. The quality and accuracy of the estimate is based directly on the quality and accuracy of the information you provided. Are assets in a qualified plan, or just designated for retirement?</p>
<p>This is a reason why anyone needing a certain level of financial aid should not apply ED. Until the actual numbers are submitted you do not have a true award.</p>
<p>For instance, former presidential hopeful John McCain had identified as “middle class” those families whose incomes fell below 5 million dollars.</p>
<p>In the United States, the median household income is ~45,000 dollars, and the mean household income is ~60,000 dollars. If your household income exceeds those amounts by two, three, four, or five times, if you are wealthier than 85, 90, 95 percent of your fellow Americans, you can’t seriously expect sympathy.</p>
<p>If you don’t believe Amherst is worth however much you’re paying for it, then send your kids somewhere, anywhere else. If your kids have creativity, talent, and charisma, they will succeed everywhere they go.</p>
<p>Don’t blame Amherst or play the victim, though.</p>
<p>Well, kwu, I suppose one can always expect one smart mouth know-it-all who takes the pompous road. My income is very close to the “mean household income” by YOUR definition. Beyond that, you rhetoric doesn’t amount to much. Your arrogance, however, is showing. If the financial calculator is not within 35% of accuracy when due diligence is applied to all inputs then, yes, as my original post stated, don’t depend on it being accurate. Whether you “like” that or not is irrelevant to me. If I want your opinion I will give it to you.</p>
<p>Goodness, hope that your child didn’t enroll at Amherst. It would be terrible for you both to have to suffer a school that has “screwed” you or to put up with these kind parents that you find pompous or arrogant. We are very satisfied with the Amherst community and with the very responsive and understanding Financial Aid Office. We have a moderate income but have always saved for college. We were astounded when we found that only $10,000 of of our $200,000 of savings/inheritance were expected to be spent on our son’s Amherst education each year…good news since we have 2 in school now and 2 more children coming up!</p>
<p>From what we saw, Amherst provides a great many disclaimers in the calculator section of their website. We were told that their financial aid decisions are not just a result of pushing a button but they actually read financial aid applications. Who wants a calculator when there are real and concerned people at Amherst’s office?</p>
<p>In kwu’s defense, “middle class” is a pretty broad range. There are plenty of families that are middle class that can afford to send their kids to expensive schools and yet apply for financial aid when they don’t really need it. So if you were indeed earning twice the average income, kwu makes some really valid points.</p>
<p>However, if you’re anywhere near the mean income, which you are, sequoia, it’s simply unrealistic for a family to send one of their kids to a place like Amherst without a generous financial aid package. Perhaps there are merit-based aid packages you could qualify for? If not directly from Amherst, then perhaps through them? I know Amherst cares a lot about its students and their families. I would give them a call and brainstorm some ideas.</p>
<p>I talked with the financial aid office at Amherst. I was surprised that the allowance for a 4 member family living in Chicago suburb is $24,000 per year. It is even less than that in the Federal financial Aid formula. If your income is over $100,000, you will not get significant amount of FA. Only Harvard gives more generous amount of FA. Other need base colleges are all similar.</p>
<p>My family’s income is close to Kwu’s quoted figure for mean income… I guess that means we’re middle class. I found the Amherst online calculator to be extremely accurate.</p>
<p>Unfortunately getting in is only the first hurdle in going to these pricey elite schools. It is necessary to plan wisely if you or your child has such ambitions. You cannot expect Amherst or any other college to make it easy for you to attend - with luck - they make it possible for you to attend but that does not mean you can expect it to be easy or without some sacrifice. It helps to be rich enough or poor enough but for those of us in the middle - you either save enough or learn enough to maximize your eligibility for financial aid.</p>