<p>I really feel like I need to defend Rice’s financial aid. We have 7 wonderful years of experience with Rice’s financial aid - and the last of my two kids will graduate from there this May. In fact, our EFC mirrored the FAFSA EFC, even with substantial home equity, even though Rice is a PROFILE school. They have been up-front and straight with us, and there have been no surprises or lowering of the grant to loan ratio like many schools do. And, it cost us the same amount of money for the year our two kids both attended Rice, as it did for the years when we only had one kid attending! (Try that at a public University!) And, to put it all out there, for this last year when our salaries have grown to about $110,000, we paid Rice $25,000, which is not far from the COA at UT-Austin. When we first began this 7-year journey, we had lower incomes and paid substantially less to Rice U. </p>
<p>Rice did not use to cap student loans as low as they do now- which is why the FAQs on the website may have shown $17,000 as historic loan amounts. For the last two years, STUDENT LOANS are capped at $2500. per year - so a total of $10,000 over the whole 4 years AND outside student scholarships reduce this amount dollar for dollar. My son will graduate with less than $8000. in subsidized stafford loans from Rice, even though he started there when there was no cap, due to a few small outside scholarships. </p>
<p>I am sorry the OP did not realize that EFC meant that that amount is what the family is supposed to contribute, but that is not due to Rice’s deception! Rice does offer excellent Financial aid, but it may not be right for the OP’s family. They do adjust financial aid depending on income, so the OP should receive a lot more financial the following year, if income is reduced… UT is a great school, and so is Trinity, and A&M - so those are also viable options. But Rice is a great school, and we have been thrilled with the experience and opportunities our kids have had there, so hopefully the OP can find some way to make it work. We will always be grateful to Rice and the alumni who support the endowment that allows them to provide such good financial aid. (And yep, I’ll be donating to them each year, and so will my kids…;))</p>
<p>*I also disagree with the poster who said that 34 ACT is not high for Rice. It’s not extraordinarily high, but it is high. 30 - 34 number means that only the top of “average” pool has 34. It does not mean that 50% or anything close to that do.</p>
<p>*</p>
<p>Mythmom…I may not have been totally clear in my post. I wasn’t saying that an ACT 34 is at the 50% mark at Rice. I was making the point that an ACT 34 is in the mid 50 range. Which is why I included the range in my post.</p>
<p>25% have higher ACTs. The point was about merit. The OP expected big merit, but schools usually give big merit when scores are well within the top 25%.</p>
<p>At least file for “Special Circumstances” with the Rice FA Office & explain that you have one time income from BP, and it won’t be repeated in 2011. Possibly that will alter your D’s FA package & may make it affordable. You will need documentation of course, like a letter from BP! </p>
<p>We have found it necessary to file for “Special Circumstances” over the years with putting 4 children through college. Every once in a while, families do have something quirky going on with their income & related tax returns.</p>
<p>Anxiousmom…thank-you for your input. I did not include the name of Rice to bash the school, it is a fabulous school and we are honored that our daughter got accepted. I mentioned the name because I wanted others like you, who have experienced the FA there, to give me some input as to how to make it work. Obviously, I have a lot to learn and I am seeking help. I felt the more facts I presented the more pertinent the advice. For example, even with the BP income our gross salary will only be around $115,000.00, (calculated EFC-$44,000.00). It sounds in line with your numbers and if we had been offered the package you just described, we would have been estactic and I would not have had to post. Did I jump the gun? Will there be more money coming later, i.e., when we file with FASA? Did you get the FA package with your acceptance note or were you presented a low ball estimate, like ours, then more moneys came later? If that’s the case, I will start the thread, DO NOT FREAK, and share my story. I am fumbling in the dark here,trying to feel my way out, and hoping the light at the end of the tunnel is NOT an oncoming train.</p>
<p>If your calculated EFC is $44K per year, then your family contribution for Rice will be close to $44,000 per year. That is what your FAMILY is expected to pay…not what Rice will be giving you. I believe the cost of Rice is about $50,000. That being the case, your child’s MAXIMUM need based aid from Rice would be about $6000 for this year. AND you would not be eligible for their “no loan” policy as your income is too high for this year. I’m saying this all based on the info provided by Anxious that says their FAFSA EFC and their family contribution from Rice were very close.</p>
<p>Do you expect to get more than $6000 a year from Rice? They will not give you need based aid for the FAMILY contribution.</p>
<p>Now that I understand need base, I will have to say no. So anxious Mom’s package must be merit-based. FASA will be of no help, and frankly, I knew that. Maybe number of dependents going to college helped anxiousmom, we only have our one, although she is a fabulous one!</p>
<p>This sounds like a large EFC for this amount of money. Did you make contributions to 401k/other retirement accounts?</p>
<p>Do you have considerable assets (money in the bank, real estate outside of your primary residence). Was your husband’s work for BP done as an independent contractor, where he may have written off expenses (and they would be added back in on the FAFSA)?</p>
<p>Anxiousmom’s package was need based. She never mentioned merit aid. She said she paid Rice close to “$25K” for one year and that was close to the cost of UT. Her FAMILY contribution was that $25K…meaning Rice’s need based award package was in the $25K per year range (AM will have to clarify this…I don’t want to put words in her mouth). </p>
<p>The point being…AM is clear that the need based aid Rice calculated was based on a similar family contribution to the one FAFSA calculated.</p>
<p>Sybbie…our EFC was $44,000 on an income similar to the OPs.</p>
<p>No, both of us have teacher’s retirement, $16,000 saved for college, only one home, and I think airplane tickets, hotel and food were reimbursed by the company so added to H’s gross income, therefore part of total gross.</p>
<p>May be the difference is between ED and RD. In RD round, school needs to offer good FA to get a good student. In ED, they don’t have to.</p>
<p>The key question is that whether a family could back out an ED with $115K income. </p>
<p>Since CSS profile/FAFSA is filed every year. It is possible to get a better package when the income goes down next year.</p>
<p>OP, I suggest you make an appointment with FA office and pay them a visit. Bring all your documents with you. That was what we did for both kids.</p>
<p>Oh yech, back to ED. I actually was reading other ED threads, trying to console myself with our descision, and one woman who had worked in a FA office, said ED applicants frequently get better FA because there is more aid available at that point of the admissions process. I can dream can’t I?</p>
<p>You are both retired? Let me see if I have this straight…you are both retired but you husband picked up a BP job and some part time jobs in 2010 (is that right?). </p>
<p>Your income for 2010 was higher than the cutoff for limited loans and your family contribution is higher than you anticipated. Retirement income DOES count as income for the colleges. </p>
<p>Did you take any money out of a tax deferred account when you retired? If so, that also would be added in as income for the year. Rice uses the Profile, I believe, and therefore your home equity might also come into play here. </p>
<p>The only thing to do is to talk to Rice’s financial aid office. IF your income really is a ONE TIME aberration, they MIGHT make an adjustment. MIGHT.</p>
<p>The $16K in college savings…is that in your name or your child’s. If it’s in your child’s name, that alone would add $3200 on to your family contribution.</p>
<p>I don’t think the income is an issue if the family says they flat out can’t afford Rice. In that case (unlike amount of aid) I think the family’s assessment would be sufficient.</p>
<p>I, too, think $44,000 seems high for that income, but Thumper says hers was the same. I’m surprised. Makes me realize how lucky we were.</p>
<p>On the other hand, I would be thrilled to have teacher’s retirement. I am a college professor and the baddies in our union, the “old guard” tried our retirement (not theirs of course) for better benefits for themselves, so I have only a paltry IRA from my school. Can’t see that I’ll ever be able to retire.</p>
<p>Perhaps with that cushion there will be a way to make the Rice package work, though it varies family to family.</p>
<p>mom2collegekids: I see your point. Thanks for the clarification.</p>
<p>labelness: Did you look at Trinity University in San Antonio? If you are seriously thinking of turning down Rice, I think your D should seriously consider an application there. I do a fair amount of college placement, and I am increasingly impressed by the school.</p>
<p>No school could survive the PR fallout if they treated ED and RD differently for FA. And for schools that purport to meet full need it wouldn’t change anyway. They follow their own formulae.</p>
<p>I agree with DadII as I do not beleive this to be true in all cases. It could be true when awarding certain merit scholarships, but not necessarily need based FA. </p>
<p>The basic premise of ED is that in exchange for an early decision, if admitted you will commit to attending. IMHO, they would have no need to woo you because they already have you. </p>
<p>The biggest drawback to ED is that you give up the ability to compare packages and a better ability to request a financial review especially if you have an offer from a peer school.</p>
<p>On another thread…someone posted that the school did in fact award ED accepted students full need packages but they do not do this with RD students…I think it was CMU. I was surprised by this too.</p>
<p>BUT this would not help the OP anyway. Their family contribution is TOO HIGH for the significant need based aid they say they need.</p>
<p>I am NOT retired, although I COULD retire in 6 years, the operative word being could. Am I wrong, but isn’t Trinity just as expensive as Rice? I never even considered Trinity because I equated it with too many expenses. Yes dear readers, we did not throw caution to the wind and apply where ever we wanted proclaiming, “The heck with costs, for tomorrow is but another day!” ;-)</p>
<p>OK…so you have your income plus your husbands retirement…plus whatever income he has from other jobs he picks up.</p>
<p>I still suggest that you talk to the finaid folks at Rice. Either they will help you…or they won’t…but you won’t know unless you ask. Bring all documentation with you to support your case for more aid. You may get no where…they could easily say “well…you earned extra money last year and a portion of that should have been earmarked for college as it was above and beyond what you expected to earn.” The other thing is that it may look like your husband has the potential to pick up another short term job (not an oil spill perhaps, but something else). Anyway…discuss it with Rice…but be prepared to move on if the finances don’t work out.</p>
<p>Yes,Trinity is a private school but they also offer some very good merit awards. It maybe too late to apply for those but worth checking.</p>
<p>OP, if you did not throw caution to the wind, we would not have this whole discussion here, would we? </p>
<p>Please take T1’s suggestion and do a good preparation before visit Rice. If you “truely” could not afford it, I am “100% sure” the FA office will make adjustments. </p>
<p>I persoanlly did FA appealing at three schools. One of them should have the word “NO” as part of their school name. The officer knows at least 20,000 ways to say “no”. With proper documentation, we did finally get an “yes” from the school.</p>
<p>That is good advice Thumper and that is exactly what I am planning to do. I also have another friend that suggested we tell them about the two months we took in our grandbabies and paid for daycare. I plan to itemize every thing I can, present our case, and see how things fall. Also, I want to get an estimate of future costs based on a more typical financial year. But bottom line, I can not with good conscious accrue a college debt much more than $40,000.00 ( I chose this figure because it is the actual debt of a friend’s son who attended Rice and who also applied ED. However, he also hustled and got a lot of outside scholarship money. This is another situation in which there were no other college bound siblings which I think is the key to getting large amounts of need based FA.)</p>