<p>If you are applying for Fall 2006, you cannot fillout the FAFSA unitl January 1, 2006.</p>
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I guess now this is a case where applying ED will help me b/c it increases my chances of admission w/ their new policy, and since they say they cover full demonstrated need, it wont be a problem since I probably cant afford paying anything according to the little graph in their web site
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<p>First of all if money is going to be an issue and you need to compare offers, you definitely should not apply ED. When you apply ED you are essentially saying that yes, this school is your first choice and if admitted you will attend regardless of the financial aid given. </p>
<p>Since Macalester is no longer need blind they can/will look at your ability to pay as a factor in admissions. If the adcoms must make a decision between you and a similiar candidate the candidates ability to pay or needing less aid can be a tip factor in admissions.</p>
<p>Meeting demonstrated need does not mean free ride as in your worda you probably cannot afford to pay anything,</p>
<p>Financial aid is calculated as follows</p>
<p>Demonstrated need = Cost of attendance - EFC (expected family contribution)</p>
<p>Your expected family contribution will be based on the income and assets of you and your parents based on information supplied on the FAFSA.</p>
<p>Your eligibility for pell will be based on your FAFSA EFC. while a "0" eFc will make you eligible for the maximum amount for a Pell Grant, it also indicates to the Adcoms that your family has no money to pay for this education (once again a factor in schools that are not need blind).</p>
<p>Your EFC will have 2 components:</p>
<p>Parent Contribution
Student Contribution (based on you getting a summer job)</p>
<p>IF you cannot meet your EFC, Macalester will not increase your grant aid because of this.</p>
<p>your demonstrated need can be met in a number of ways</p>
<p>workstudy
grants
loans</p>
<p>Since Macalester will meet your demonstrated need, there is a possibility that you could get an aid package filled with loans and the school would have still met your need.</p>
<p>As a first year student you may have a package that includes the following loans:</p>
<p>Subsidized Stafford loan -$2650 (max as a first year student)</p>
<p>Perkins Loan $4,000</p>
<p>PLUS loan (a loan that your parents may have to take out). Please be advised that your parents could be given a Plus loan equivvalent to the total amount of tuition room and board , While this may be unlikely, it is always a possiblity.</p>
<p>If your parents are not eligible for a PLUS loan , you can borrow an additional $4000 as an unsubsidized stafford loan. </p>
<p>So even with your "0" EFC, you can have 10,650 in loans your first year .</p>
<p>Your debt will increase over subsequent years because each year you are eligible to borrow more money</p>
<p>$3500- sophmore year
$5500 junior/ senior year (or until you graduate)</p>
<p>MY ulitmate suggestion to you would be to also look at schools schuch as Princeton, Harvard. Yale which may have reduced/ no loans for families earning under $40,000 /yr. Dartmouth with has no loans for families earning under $30,000 per year. Brown (under their new financial aid policies also has reduced loand for low income students) Williams. </p>
<p>Don't forget to look at schools that offer good merit money including your local state U for honor programs. If you are from florida, you should definitely include schools where you may get money for being a bright futures(?) scholar.</p>
<p>This may mean definitely having stellar SAT scores, grades , recs and essays.</p>
<p>You should also look to get outside scholarships as they will reduce the self help (work study loans) component of your financial aid package.</p>
<p>I hope that some of this helps.</p>