Of the $62K tuition, room & board, we were offered approx. $24K, consisting of $11,835 CWRU grant each semester, and an assumption of the following loans that the student is responsible for providing each Fall and Spring semester: $1K work/study (can also be summer job), $1,750 for Federal Direct subsidized loan, $1,000 Federal Direct unsubsidized loan. What’s left is a Student contribution (code for non-loan) of $440 each year, and parental contribution of $24,146. I’m in the financial sector and have worked in mortgage/auto/credit industries, so I asked them if their calculations considered debt to income levels…and of course, they don’t. Apparently the government subsidized parent loans (PLUS) only consider whether or not you have derogatory records in your credit history, and will offer (in our case) loans of $25K each year, for the next 4 years, even if it represents 1/3 of our total income. That’s kind of troubling to think that we could possibly have 125-135% debt to income, even after we exclude outstanding and growing credit card debt. How many families do you think truly understand the financial hole they’re digging for themselves? Well, I know better, so we’re saving our money and lines of credit for our 2 other kids, and will have a bit more for their grad studies, as well.
The really financially savvy parents never apply to such an unaffordable school in the first place without looking at as a lottery if they are hoping for FA/merit. It is kind of troubling to me that the adults in the room don't get that. CW is an expensive private school that might offer decent merit, or not. If you are in the financial sector, you of all people would understand that this is a product for sale, you understand financial products like loans are part of the business end of education, buyer beware.
Case’s financial aid policies are identical to other colleges. The only schools that are more generous are Princeton, Harvard, Vanderbilt and maybe MIT. Possibly Yale, too, not familiar. Its well known in the Ivies for Princeton and Harvard to be the most generous. Even west coast schools are not better for Aid that Case Western by and large . Case is in the “norma range” l for financial aid, and above average for merit based awards. There are also plenty of additional scholarships available at Case Western after a student has two years under their belt. The alumni have competitive scholarships, with some being based on “need”, but some also based on merit, so the Case Western grades come into play to win the additional scholarships. My son was able to win one, he has a 4.0 at Case.