Financial Aid Estimate

<p>So I received great news yesterday: admitted to Yale Class of 2017!! The only problem: the price-tag. I applied for financial aid and received an estimate (an admittedly generous offer). But in the end, it seems that the financial aid office's definition of expected family income is a little different than our own. I just don't know if I can afford Yale. So, without rambling any further, I'm wondering if Yale ever makes higher offers. If we contact the financial aid office, is there a chance they'll be able to make it more affordable? Will they match or come close to matching estimates from other colleges? Thanks for any advice (especially from students who have been in this situation). I really hope to see some of you in New Haven next year!</p>

<p>They might review your FA package and give you more generous package if:</p>

<ol>
<li>You demonstrate some financial change or something they didn’t consider in the first analysis.</li>
</ol>

<p>or</p>

<ol>
<li>You show them a higher need based FA package from a peer school. Several years ago (before the FA policy changes in 2008), they matched H & P for us. Except for those two schools, they have been by far the most generous school the three years that I have comparisons with other schools (eg. Amherst, Brown, Dartmouth, Pomona, WUSTL). YMMV</li>
</ol>

<p>Firstly, Congrats!</p>

<p>Secondly, I agree with entomom that “they match H & P.” I believe they match very few other schools, if any others at all.</p>

<p>Thirdly, regarding “the financial aid office’s definition of expected family income is a little different than our own”, be psychologically prepared that the EFC from almost all colleges will be a little different (sometimes a lot different) than your own. Your own does not carry much weight; theirs do. Each year, there is only so much money to dole out. They look at the financial status of each family and THEY, not you, decide how much free money they are willing to give you.</p>

<p>The EFCs from FAFSA and CSS Profile are just some data points for their references in order to decide your family contribution. They do not have to use the EFC number reported by either FAFSA or CSS Profile.</p>

<p>Considering Yale IS one of the most generous institutions related to financial aid, you may find schools cheaper but I doubt you will find one that offers a higher contribution amount. Congrats on the acceptance even if you are unable to attend.</p>

<p>Congrats on your acceptance! I agree with everyone else. I currently go to Yale and they matched my financial aid from Princeton (which was $2000 higher). If a need-based school gives you higher aid (not merit-based aid from a state school), they will most likely match it, though the only schools that may potentially give higher aid would be HPS (and if so it’ll probably be by a relatively small amount). </p>

<p>Hope to see you at Bulldog Days and next year!</p>

<p>Did you guys find out your financial aid packages from online? or did it come with your admissions letter? How often does Yale give scholarships btw?</p>

<h2>@artmania: All Yale financial aid is based upon need. According to Yale’s website, 55% percent of Yale students receive a scholarship of some amount. If you submitted 2011 tax returns and W-2’s to the Yale Financial Aid Office and filled out an estimated 2012 CSS Profile, Yale Admissions will send you an estimated financial aid package with your acceptance material.</h2>

<p>@Clueless1Z: Did you and your parents run Yale’s net price calculator prior to submitting your application? <a href=“https://yale.studentaidcalculator.com/welcome.aspx[/url]”>Yale University - Net Price Calculator;

<p>If the net price calculator’s aid is substantially higher than what you received, call the financial aid office and speak with an officer. They might increase your aid to be more in line with the net price calculator.</p>

<p>Other than that, the best way to increase your aid is to wait for your other acceptances and see what other colleges offer. As others have said, if a peer institution offers better aid, Yale will match it.</p>

<p>Question on the NPC for Yale. They ask for info about your primary residence - when purchased, how much, current mortgage. It seems to me that they count your home equity as a liquid asset, like you should borrow against it, or sell it. Is that correct?</p>

<p>That is correct. See: [Financial</a> Aid for Prospective Students In-Depth | Yale College Admissions](<a href=“http://admissions.yale.edu/financial-aid-prospective-students]Financial”>Affordability: The Details | Yale College Undergraduate Admissions)</p>

<p>Understanding Expected Family Contribution (EFC)
Yale calculates EFC using its own methodology. This takes into account more variables and results in significantly lower EFCs for lower- and middle-income families when compared with those generated by the FAFSA or College Board calculator alone. The Yale formula considers factors such as:</p>

<ul>
<li>Parents’ income</li>
<li>Parents’ assets (cash, savings, home equity, other real estate and investments)</li>
<li>Family size</li>
<li>Number of children attending college</li>
<li>Student’s income</li>
<li>Student’s assets (cash, savings, trusts, and other investments)</li>
</ul>

<p>Yale also evaluates other circumstances, such as exceptional medical expenses, on a case-by-case basis.</p>

<p>So this is very different from Harvard’s EFC which (per their calculator) specifically excludes primary home equity. I had thought the policies were similar (and supposedly they match), but this is a huge difference and reduction in aid. The home equity is only of value if you can actually qualify for a loan to borrow against it, or you are willing/able to sell and move say from New York to Oklahoma where you can cash out and buy another home. And then assume you can obtain the same employment in Oklahoma.
When I ran calculators for the two schools using accurate numbers, the aid from Yale was $0; aid from Harvard was $25,000 - and primary home equity was the only difference.</p>

<p>^^ Correct. Harvard excludes home equity in your primary residence, while Yale does not.</p>

<p>However, even Harvard has their limits. For example, I doubt Harvard would give aid to a family that has a 2 million dollar home completely paid off, but no other assets. The CSS Profile that student’s and family’s fill out for Harvard every year has questions pertaining to home equity to prevent situations like that from occurring.</p>

<p>Clearly that is different from the person who has owned a home for 20 years and therefore has $400,000 equity from market appreciation, but still owes $400K and their income has not increased appreciably. Shocking I know - but the latest recession has equalized everyone a bit.<br>
In any event, this difference would make anyone think, as Yale would simply be unaffordable despite “need-based” aid. And I also wonder that no one seems to take account of the varying costs of living around the country. Or perhaps they do when actually looking at a file? Honestly the cheapest home for sale in my town is $543,000 today. It is a 950 square foot, cond.o It would require an income of about $120,000 to qualify to buy. So obviously our whole town is rich, NOT.
I know , we should move. But then we would both be unemployed!</p>

<p>No, cost of living in different regions/cities is not taken into account, probably partially because salaries also change relative to COL. I’m not saying they rise enough to meet higher COL or that it is the same for all jobs, just that that is part of the reasoning behind this policy.</p>

<p>To expect FA policies to be ‘fair’ for everyone is fruitless, better to know how FA works, run NPCs to get an idea of your personal situation, and make a realistic list of schools accordingly.</p>

<p>For instance, my kids are spaced 4 years apart, bad planning on our part ;). I could spend lots of time and energy fretting about how others that have kids overlapping in college get a FA break and that I end up paying more just of the artificial factor of when my kids are in school. But I recognize that the reason this was done is because for most families it is very difficult to support multiple kids in college at the same time, so I move on and do what I need to to get my kids viable options: IS publics, generous privates, and schools with merit awards.</p>

<p>@Rowmom: Most private colleges, Yale included, expect parents who have built up significant equity in their home over 20 years to take out a HELOC to help pay for college. Or, to take out a Direct Parent loan from the college. To get a more in-depth look at Yale Financial Aid, it may be helpful to read the brochure that Yale sends to all accepted students: <a href=“http://www.yale.edu/tuba/finaid/finaid-information/1314/1314EA_FYYE.pdf[/url]”>http://www.yale.edu/tuba/finaid/finaid-information/1314/1314EA_FYYE.pdf&lt;/a&gt;&lt;/p&gt;