<p>It’s not just preferential packaging…schools giving INSTITUTIONAL money (their own money) can use any formula they choose to to compute the family contribution and your financial need.</p>
<p>Exactly - and I know that is one thing I did not understand at all when going through this process the first time. I did not understand that with the same EFC one could get very different FA pkgs from different colleges. Frankly - I find the FA process more confusing than the actual admissions process. So - I sympathize with the OP - it’s really easy to find yourself in their situation if you don’t do a lot of reading and research beforehand.</p>
<p>Don’t feel bad, I think many statistically mid to upper middleclass families can save and eek out 20 grand a year for a few kids even given several major economic downturns since we entered the workforce, but the privates seems to settle in on 30-40 grand as the magic number. We saw that last year but weren’t dealing with an ED situation. My sincere wishes for a good outcome for your student.</p>
<p>Labelness – If you’re in the south (and I assume that you might be if your H was working on the gulf oil spill) then you should certainly explore some of the public options where your D might get substantial merit aid – a number of the schools have calculators that will let you see rather specifically how her SAT score/gpa can combine to yield a certain automatic merit scholarship.</p>
<p>At the same time, pursuing the question with the FA office seems reasonable, as would double checking all the entries you made on the Profile form. If you haven’t already gotten the Paying for College without Going Broke, consider getting it and reading it. I know time is getting a little tight on some of the other application deadlines for your daughter. Thinking good thoughts…</p>
<p>Thanks, thanks, thanks for the input. I no longer have a stress headacche and my puffy eyes are getting back to normal. I guess I should tell you that the school my daughter got in was Rice but that she has already applied to A&M and UT (now known to me as flagship schools). I did not want to go into these specifics but maybe knowing that will allow you to provide me with more helpful suggestions. Why do I feel like I am being spied on by folks from admissions…</p>
<p>Does she have other acceptances at this point? How is the FA on those. I guess you are in-state in Texas - so A & M and UT would be much less expensive, right? Perhaps she could attend a less expensive school for 1-2 years and then transfer to Rice? That would save money and she would still have a degree from Rice in the end. </p>
<p>And don’t worry - you are not being spied upon by folks from admissions! Most people on CC are bright enough to pick a screen name that is pretty vague - it’s only fools like me who pick something so obvious that people know who I am! :)</p>
<p>Label…if your husband REALLY is retired and he took this one job this last year but really is retired otherwise, you should discuss this with the Rice finaid folks. If this is not the case, just ignore this advice. </p>
<p>UT Austin is a great school…that is your state’s flagship university. Congratulations. The costs there will be more modest as you will be paying instate costs. Did your daughter get any scholarships from UT? That will also bring down the costs as you know. She has an excellent option in this school.</p>
<p>And as a proud graduate of Texas A&M I can tell you that your D will receive an outstanding education if she decides to become an Aggie. (I live in Austin and know that UT is a great school as well.)</p>
<p>labelness, We live in Texas as well and I cannot tell you the number of heartbreaking stories I’ve heard about lack of merit aid for Texas students from Rice. I’m convinced they give more generously to out of state students. </p>
<p>If she got into Rice, then I’m thinking she’s probably ranked high enough to get into UT and Texas A&M and that is very good news. We are lucky here in Texas to have two excellent state schools. Beyond those we have UT Dallas and Texas A & M Galveston and many more choices.</p>
<p>I am sorry if I missed this, but are you willing to pay full price for Texas A & M if she chooses to go there? Unless one is a minority or National Merit (I think you said she is not National Merit) there are very few scholarships at Texas A and M. </p>
<p>I don’t think you should worry about changing course on Rice. The college financial situation is not clearly spelled out and is easy to misunderstand (putting it tactfully). You appeared to have done the best you could with the info. you had at the beginning of this process.</p>
<p>Labelness, you have recieved great advice from this thread, and I don’t have too much to add. But, if your income is as “high” as you say it is, the financial package from Rice seems in line with what most schools would offer. I would meet with the financial aid folks and discuss whether your the aid will change from year to year depending on a change of income. </p>
<p>If you were expecting merit aid, what is the risk of applying RD so that you can compare financial aid packages? Any student who would be eligible for merit aid should be able to get in RD.</p>
<p>The problem is the actual expected ‘output’ in any one year. Folks can talk all they want about savings vs. current income vs. loans, but the true question is "How much does the college expect from you each year - PERIOD (regardless of source). </p>
<p>And this is where the great disconnect between private schools and actual middle class families breaks down. An average middle class family should reasonably expect an ‘output’ of 20k a year - 20-30k in our case - for a private college and even some state schools (from whatever combination of sources). But our S received a small merit package from his top choice private school, leaving us looking at 40k a year. I’m sorry, I plan very well, but that’s just not doable for 4 years. I’m a consultant with varying income levels each year. I can project us handling a touch over 3 years at 20-30k, but only just about 2 years at 40k. do we have our S go for 2 years and then say ‘sorry, we’re tapped’ - is that fair or correct? </p>
<p>And given the volatility in this job market, being a consultant is even more of an income roller coaster - because of in-demand skills, we’ll never starve, but covering that kind of yearly cost every year may be beyond any mere belt-tightening.</p>
<p>His first choice is a great school, it’s a great fit for him, he’s engineering/math oriented…really, he couldn’t be happier and we love the choice too. But the merit aid was just too low. My wife and I are discussing it, but we are waiting until tomorrw at least to have the open and honest review with him - ruining Chrsitmas just seemed too wrong to us.</p>
<p>This is a much, much tougher decision than some folks here have suggested. </p>
<p>I know the extra value of a great school that is a great match. My generation was the first on either side of my family to even go to college, and I went to Princeton, my blue-collar parents making significant sacrifices so I could attend. The extra value of that degree (and the experience) has served me tremendously throughout my career. this is not an ‘emotional decision’ - it’s a fact. Now our S, with great grades, boards and ex-curs, and a desire for a very useful degree, loves and is accepted to WPI. I’m sorry, I do business statistics for Fortune 100 companies for a living, but I will tell you this is NOT - I repeat, NOT - a decision that can be made soley on numbers alone. It is a difficult and sometimes agonizing decision, and other non-numerical factors weigh heavily. In the end, that subjective weighting of all factors will be what decides the matter.</p>
<p>It would be easy if we lived in the era of decent job stability. We do not. Perhaps our children never will. Without some level of stability, it’s the four year commitment - from whatever source - that is the choke-point in making this decision.</p>
<p>It’s a pity schools don’t recognize how real this problem is for today’s families.</p>
<p>UT Austin is such a great school - what a wonderful option to have. If in-state at UTA is your worst alternative, you are are simply in a fantastic position, labelness. Very few states have an option of this quality; perhaps five or so. You’re in a very good position!</p>
<p>The first thing I want to say is I have been paying-it-forward now that I have learned, THE HARD WAY, about EFC, what exactly constitutes “need-based” and FA vs. merit aid. I have a friend with a junior, top 1/3 of his class, great musician, pretty good student looking at Texas Tech. Her husband is a boat captain and they make more money than us but have not saved any thing for college. I told her to do a preliminary FASA just to see what her EFC might be and to hold on tight because the results will probably knock her out of her seat. I have not heard back from her but she was SHOCKED when I told her what our EFC was. We are not living high on the hog here; we drive beat up cars and a lot of the BP money went to some house renovations ( to just part of our house) because our siding got so bad you could see our living room floor from the outside. I am not looking for a pity party but my eyes are opened and I know so many people just like us who are too rich to get FA and too poor to meet their EFC. I also told her about this site and that she had to come and educate herself now before the proverbial financial poop hits the fan.</p>
<p>*I think the problem is the school she got into is FILLED with extremely talented, intelligent kids who are getting the merit money. *</p>
<p>The problem is that big merit tends to go to students who have stats in the top 5% of a school. When people don’t know that they think that their “good student” is going to get a scholarship without realizing that at certain schools, their child will not be a “top applicant”…so no merit money.</p>
<p>Do not take out big loans for any school. Do not let your child take out big loans for any school. If you H can work part-time to help with costs, that would help.</p>
<p>Just saw the post where you mention TAMU…your D may get merit there. Don’t know about merit at UT. </p>
<p>TAMU seems generous with merit…and also their honors college gives merit.</p>
<p>GTalum, my daughter’s stats are good; number 1 in class, ACT 34, SAT 2090, takes AP classes, president NHS, cross-country, golf, FCA doesn’t drink, in the paper all the time and she’s a sweetie (although lately with this scholarship whirlwind I think she is a bit lazy)but every time we went to those Rice forums the only thing I heard was “extremely competitive”, “meets %100 need” and if you make around $80,000.00, which we usually do, you are not allowed to take out loans any higher than $10,000.00. In my ignorance I translated that as meaning IF you could get in, the rest would be taken care of by FA and other merit based scholarships. That is why the ED…fear of not being able to get in RD and studidity.</p>
<p>Mom2college, my husband does work part time at several jobs but with what I now know, I wonder if these jobs just increase our EFC and therefore add to our college debt.</p>
<p>Even tho an ACT 34 is a great score, it’s not “high” for Rice.</p>
<p>This is the mid 50s for Rice…</p>
<p>ACT Composite: 30 - 34 </p>
<p>However, I do think she’ll get good merit from TAMU with an ACT 34. </p>
<p>Where else has she applied?</p>
<p>I always thought TAMU had good merit packages (and a great engineering program which is what my daughter wants to do) and UT, not so good.</p>