Financial Aid?

Colleges and Universities A-Z University of Pennsylvania
1

<p>Hi Everyone.</p>

<p>As you probably all know, Penn has a higher admit rate ED then RD. That being said, I heard that they give less money financially. </p>

<p>I would love any bonus into getting into Penn and would love to apply ED, but I heard that if you want Financial Aid you should wait for RD? </p>

<p>I'd love to hear anyone's comments regarding this debacle. On one hand, you have a higher admit rate, but less money (?), on the other hand, you can compare offers (RD) but the chance of getting in is lower. </p>

<p>Thanks for your help!</p>

<p>Hardworking21</p>

2

<p>I also have a similar question for those out there. Applying RD around Nov 1 doesnt put me at a disadvantage to those who applied RD around August does it? </p>

<p>I have to retake the SATIIs and I get those scores back at the beginning of November and I’m worried that thats a little late.</p>

3

<p>No, as long as your application gets there by the deadline, it is considered the same way as everyone else’s. Admissions are rolling for some schools (many state schools) but for schools that have a set deadline, there is really no advantage by submitting it early. However, if you do submit it 10-20 days early (only if you are ready!) you may have a better chance of getting an interview. But that also depends on the interviewers available in your area. Submitting too early can be as bad as submitting too close to the deadline, you want to make sure everything has been proofread and is your best work.</p>

4

<p>Not to sound rude, but that doesn’t answer my question. Is it better to apply RD (specifically, to Penn) and wait and compare other school’s financial aid? Or, should I apply to Penn ED to make sure I get in since the admit rate is higher?</p>

5

<p>i dont think anybody will be able to help with your question. you seem to know the pros and cons of both and its just up to you and how much money you really need. Im in the same position as you and have chosen to apply RD to compare my Financial Aid packages</p>

6

<p>the OP is not asking what s/he should do, s/he is asking if it’s true.</p>

7

<p>Everything changes based on your nationality…

  1. Don’t read too much into higher admit rate. You’re talking about a pool with athletes, legacy, children of staff, etc.
  2. If you are a big time standout (i.e. will be snatched up by HYP), they will give you the money.
  3. There’s always option of backing out of ED agreement (not recommended) if money is troublesome.</p>
8

<p>That’s the thing, I think I’m a borderline candidate to any Ivy/top school. Penn’s website say that if Penn is one’s top choice, then they should pick it for ED. Basically, what if I would make it ED with a greater admit rate but not RD because of the sheer greater competition?</p>

9

<p>hardworking21, there are two schools of thought when it comes to applying ED or RD when you are a student who is in need of financial aid:

  1. don’t apply ED to any school and compare packages and pick the school that is the best fit academically/socially/financially after getting the financial aid packages.</p>

<ol>
<li>research what financial aid is likely to be offered by your first choice school, and if it is really your first choice school, apply ED and “trust” that their financial aid package will be substantially similar to what you researched. This is fairly easy with schools such as Penn that fully meet financial need. It’s more difficult with schools that don’t meet full financial need or that throw merit based scholarships into the mix and it’s difficult to predict the outcome ahead of time.</li>
</ol>

<p>I subscribe to 2 above. I had a daughter who just graduated from Columbia and a son about to be a freshman at Penn and both needed financial aid to make it work. </p>

<p>Both applied ED to those schools and had good experiences with the financial aid packages offered…this is because we researched what to expect, and both schools came up with financial aid packages that closely resembled what we expected.</p>

<p>We researched the likely financial aid they would offer and it was acceptable to us. We did this by filling out varous financial aid calculators including FAFSA. We understood the expected family contribution and that Penn basically subtracts EFC from the academic year budget to calculate the grant they provide. A typical financial aid package looks like this:</p>

<p>Total Academic Year Budget = $55,250</p>

<p>Subtract from $55,250 the following:</p>

<p>Student summer earnings (about $3000) -
Student work study (about $3000) -
Expected Family Contribution (TBD by FAFSA/FA calculator)</p>

<p>= Financial Aid Grant</p>

<p>The higher your EFC, the lower your grant. It’s that simple. If your EFC exceeds about $49,000, then your financial aid grant will be zero.</p>

<p>Using the example above, if your EFC is $15,000, then that student can expect a financial aid grant of about $34,250.</p>

<p>If your EFC if $30,000, then that student can expect a financial aid grant of about $19,250.</p>

<p>This is all +/- $2000 or so.</p>

<p>If you think your family can swing the student contributions and EFC and Penn is your first choice, then there is no harm in applying ED with the understanding the financial aid package offered by Penn will closely mirror your EFC as calculated by FAFSA.</p>

<p>If you don’t think your family is prepared to meet the student contributions and EFC and/or you want to see what kind of merit and need based aid other schools will offer, then it’s probably best to not apply ED.</p>

<p>I suggest starting by contacting the financial aid office and asking them what calculator to use that will most closely resemble the way the financial aid office will calculate your EFC.</p>

10

<p>Dadx4, that’s awesome advice. Do you happen to know what the financial aid is like for Canadians? On the website, it says that Canadian applicants are treated the same way as American applicants in terms of need-blind admissions, but how would I calculate my EFC since I won’t be filling out a FAFSA form? </p>

<p>Do you have any stories/experiences of Canadian applicants being offered less than American applicants?</p>

11

<p>I have no experience with Canadian or other int’l students.</p>

<p>You should probably contact the financial aid office and explain you are considering applying ED but want to understand the likely EFC.</p>

<p>Keep in mind, the only legitimate reason to back out of an ED acceptance is if the university doesn’t provide the level of financial aid you can reasonably expect. So the key is to know what you can reasonably expect.</p>

<p>PS, I know a student who was a top candidate at a number of top schools including several Ivys this past year. He also needed financial aid. He didn’t apply ED anywhere, I think in part because of the financial aid issue and his desire to compare packages, but also I believe his top choice did not offer an ED option.</p>

<p>He was accepted to several top schools including several Ivys and says the financial aid packages, even at schools that meet full financial need, were significantly different. I didn’t ask for numbers, but his parents made it sound as if it was very significant…I took that to mean more than $5000 per year, but I can’t say for sure. So there can be benefits to not applying ED especially if $5,000 or so one way or the other would factor into your decision. But in the end, I think the major consideration has to be to identify your top choice school, figure out if they offer ED, and if they do, educate yourself on the financial aid package they are likely to offer as they have to come very close to meeting this. If not, you can legitimately back out of an ED acceptance.</p>

<p>We were pleased with the Columbia and Penn financial aid packages…both schools are very generous and it makes it possible for families of modest or even average means to afford to go to top quality schools. This was not possible 30 or 20 years ago before the major shift in meeting full financial need occurred.</p>