<p>Just wanted to wish the best for all the EA kids here. Rejoice if you’re accepted, keep your head up if your luck isn’t as fortunate. Life could be much, much worse.</p>
<p>Dear askjeeves : Sound advice all around. </p>
<p>As I have said for several years here on College Confidential, this is an exceptionally good weekend to finish any final items needed for your other regular decision applications. There is nothing worse than filing “other applications” if you were EA deferred or rejected from Boston College so complete those applications while you are still lazer focused on the process. </p>
<p>Spend some time with your family this weekend to come up with a realistic estimate of what your family can afford to pay for college. Trust me when I report this : the next biggest thread after the EA/RD discussion annually is “What does it mean to meet 100% of demonstrated need?” When you come down to it, the live-away bill at Boston College is now north of $50,000 per year and that is real money that your family needs to discuss in terms of cash outlays, grants, scholarships, and financial aid. Answer the question now : “What can we afford?” That will make your selection/acceptance process from the schools to which you are accepted that much easier. Effectively, take the emotion out of the process as much as possible. </p>
<p>If your regular decision applications have all been filed and you have a grip on your financials, volunteer this weekend in the name of supporting the Sandy victims or other causes close to your heart.</p>
<p>Good luck to everyone as results from the EA round unfold.</p>
<p>@scottj: Does Boston College generally provide a package generous enough for each particular family to afford? Or does it change by situation? I guess what I’m trying to say is, is Boston College and obtainable price for every student as 100% need would seem to indicate? Not trying to make this a FA thread, just curious.</p>
<p>Dear Damond3 : Over the years, I have used the following baseline for families to consider. If you have $150,000 in annual income, $100,000 in cash (non retirement) savings/investments, and own your home with some equity, you will be beyond any level of financial aid. (These numbers were derived from the Ivy League calculators using some Boston College details.)</p>
<p>Many folks will take that 100%-need promise as meaning, “I’ll be covered financially” which is completely the wrong assumption. Your definition of need and that of the university can and will differ. Remember also that Boston College does take into account your housing equity which does not factor into the standard EFC (effective family contribution) and FAFSA calculations.</p>
<p>In summary, the only way for you to know at this point if Boston College is attainable is to assume that you will be paying the $50,000 annual bill and I do not say this as a joke. Many families in the New York/Boston corridor are indeed making in excess of the numbers mentioned earlier.</p>
<p>There was discussion last year of an emerging barbell effect wherein only those needing great aid and those needing none are accepting Boston College bids with the “middle” being squeezed. While I am not sure that this is completely true, there is a sense that the “middle” is not getting its due - we will see how the 2013 financial aid spread addresses this gap.</p>
<p>In closing, there will be many accepted applicants - in both the EA and RD rounds - who will misinterpret the 100%-need concept thinking that they will not need to make major contributions to the bill. As a result, they will claim that Boston College misled them through the process. Stay tuned.</p>