Question for those receiving or have received financial aid over the years. We’re new to this process and S received significant aid from a northeast university. Barring significant changes to one’s financial situation, do most folks receive roughly the same amount of aid (school grants, federal loan - not including merit) in the years following freshman year? We’re trying to manage expectations because of the aid is not available me then we’ll pass on the school. Thanks!
It will vary by school. Northeastern and Boston University pledge that need based institutional aid will remain the same throughout all years.
Thanks! We’ll be visiting the school next week and I will want to setup a quick chat with their financial aid office to get an idea of what one will expect. 1/2 the schools my son got into didn’t offer any form of aid and the expectation was that we would just pay out of pocket. I suspect since this school is private, then that’s why the aid was probably high.
Some colleges have more generous need based aid than others. It’s very possible the private school just has deeper pockets.
Was this all need based aid?
Yes, make an appointment with the financial aid folks. Likely they will tell you that you need to apply again annually for need based aid, and that your aid each year will be based on the financials on the financial aid forms for that year.
Most colleges don’t do a bait and switch thing…but if your finances do change, your need based aid might as well.
@thumper1 Yes, all need based aid. It included school grant, federal subsidized loan, and a work study. No merit/scholarship.
The subsidized part of the federal loan cannot be guaranteed as you have to reapply each year and whether it is subsidized or not is based on the EFC for that year. The loan is guaranteed but the subsidized/unsubsidized breakdown is not.
How much FA have they given though, to get none vs loads is interesting? Does the COA work? Which school? I assume not NEU or BU.
@Sybylla Syracuse gave $34k in school grant plus $5500 federal student loan and $3200 work study. Numbers work for us and wasn’t looking for more. Just want to set expectations for soph thru senior years of receiving similar aid. I understand if my income fluctuates aid could change but I expect it to be similar with minor cost of living adjustments. If future aid is not around that level, then I will suggest my S look elsewhere. Don’t want to be caught up in a bait and switch where he would have to transfer out or take out massive loans.
You cost of living doesn’t matter at all in the financial aid formula…what do you mean by that anyway?
Ask Syracuse…but I have never hear of them doing a bait and switch.
@thumper1 what I mean by cost of living adjustment is that I don’t expect my salary to skyrocket. Just getting the average 2.5-3.5% yearly increases.
The cost to attend Syracuse will likely increase 2-3% a year…?
Yep, saw that. They included their projections in the FA offer letter.
So COA is >$70K. You are paying >$35K a year. What were the contenders? You had no instate options? Your sons SAT was 1290? And this is for engineering? You would be OK with that COA if he is weeded out or drops out as do many (>50%) eng kids? Would he have to leave this school if he changed majors? How many eng freshman graduate as engineers and how long does it take them? You have built in a fifth year or extra summer classes $ into your math?
@Sybylla Thanks for following up and providing some great questions to mull over. Syracuse is the latest of my son’s acceptances. He (we) have not made a final decision yet on school choice, but here are some of the takeaways:
Yes, SAT was 1290 but overall GPA is over a 4.0uw (as of February). Currently enrolled in APs, Honors and Dual Enrollment courses with all As - preCalc, Physics and chemstry (‘A’s as well).
Has been accepted to all schools he applied for direct admit into Engineering, including Penn State, Rutgers (instate), Buffalo, West Virginia (Honors College), NJIT, and Syracuse. Accepted to Maryland but because of LEP offered Arts & Science. Waitlisted at Rensselaer and Virginia Tech. Only school left is NYU which I have my own personal reservations about.
This upcoming weekend and next week having second looks at WV, Buffalo, Syracuse, and Rutgers (which is instate for us). We’re writing off Penn State because they offered 2+2 and doesn’t make sense both financial and college experience-wise to attend a PA branch school as OOS. Also, we were turned off by the way things were handled with PSU.
In terms of scholarship and aid, WV, Buffalo, and NJIT offered four year scholarships of $22k, $10k and $6k, respectively, plus federal student loans. Syracuse offered the grant plus student loan. Instate Rutgers, Maryland, and Penn State offered nothing but the federal student loan - must be a Big 10 thing.
All schools are big enough to have a fallback in the event he changed his major. One of the reasons he steered away from engineering specific institutions (or where they ranked lower on his preferred list).
You need to have him apply to Rowan engineering ASAP unless the deadline has passed
And make sure you aren’t counting on the work study to make the financials work. Your son will need to actually work the hours to get paid (just like a plain vanilla job), and he doesn’t get the cash upfront. So it’s great for work/study balance (having a job he needs to show up for), and great for paying for pizza and some books along the way- but it’s not money he’ll get up front to pay tuition. AND he needs to actually get a job once he gets to campus, and he’ll need to be able to juggle his time appropriately.
Sorry if you already know this- but I know many families in real life who expect the WS to materialize in August to help with moving expenses, a plane ticket, etc. and they don’t realize their kid doesn’t get paid until the work hours get done. Like any other job!
@blossom Thanks for the feedback. Yeah, he wouldn’t be doing the work study. We would want him focused on his academics instead. Plus, he will have a job back home that would cover more than the $3200 they offered.
@njdadjets Rowan application deadline was March 1. We had a hard time for him to just consider Rutgers and NJIT. He wants out of Jersey. Would you blame him? ???
It’s a lot easier to leave NJ with a degree in hand and little to no college debt.
We were full pay, not NJ residents, and we insisted that our engineering wannabee kid apply to Rutgers (which he did). Didn’t go there, but I think it’s one of the most underrated state schools in the country. Our kid’s GC was shocked when I took about 10 of the private engineering colleges off the list- I said “Not paying for that if he can go to Rutgers”.
You can want out of New Jersey all you want- but to pay MORE for a lower ranked engineering program when you are NJ residents??? I’d need my kid to have a bucket full of reasons why that made sense-- not just because of the dollars, but because of the rigor of the program, professional opportunities, mentoring, research, etc.