Thought I would start a new thread. I want to avoid unnecessary college visits and application fees so I am trying to understand the way the NPC’s work and Need based aid with Merit. Some NPC’s include possible merit as well as need based aid correct? So what about Boston University? The NPC includes a need based aid so would I deduct merit award from that net cost to get a possible final net cost?
Need based aid kicks in last. Merit scholarships reduce the amount of need, so reduce the amount of need-based aid.
There’s some fine-tuning, where a school may allow merit money to reduce subsidized student loans and/or work-study before reducing grants. But you shouldn’t count on that, either.
Consider the NPC results to be a best-case scenario, not something to be further reduced.
Yes that is what I am afraid of. People keep telling me don’t not apply based on cost because you never know what you will get in scholarships but we are on a limited budget and I don’t want to get my kids hopes up.
“People” have no business opining unless they’re volunteering to pay full cost.
We told our kid up front that we would not agree to an application to any school we weren’t willing to pay for. Better to have that conversation before they start looking than after they’re accepted with insufficient aid.
He is fully willing to take out student loans to pay for his education but I am NOT willing to let him get in debt that high. He keeps saying to me “what is the point of me working hard in school and getting high stats if I am just going to go to a crappy college”. Ugh… this is so hard because I don’t want him to give up.
He can’t take out more than $5,500 of student loans, so his willingness isn’t relevant.
If he defines every affordable school as crappy, he’s going to go to a crappy school or none at all. How hard he works determines how many options he has, though - a kid with a 4.0 and 35 ACT is going to have more options than a kid with a 2.0 and a 16 ACT.
Or, you know, he could choose to look at the available options for schools he will really like - which he’d need to be doing in any case, or he could be whining about only having been accepted into crappy schools just as easily as about those being the only affordable ones.
What’s your budget, and what considerations are important to him?
If the NPC asks for grades, test scores, etc then it will estimate both merit and need awards. If the NPC doesn’t show merit, then dig a little deeper. It is likely the college offers little or no merit aid.
BU only has a small number of highly competitive merit awards so their NPC makes no promises.
We can contribute about 5k and he will take out student loan. He does have high stats 97/100 gpa and SAT of 1470. We do qualify for pell grant.
So his available schools are ones that meet full need and ones with at least full tuition merit scholarships. That’s much better than a kid who needs full tuition or better but is ineligible for need-based aid.
@Skippy00 , take a look at programs like questbridge as well.
If you are Pell grant eligible, odds are that you won’t be in an ambiguous FA situation.
The point of working hard is to be well prepared to succeed in college and in life, not just for college admissions. That said, he does seem well positioned to possibly get into a school that will meet need. Not sure of his interests, but one school that flies a bit below the radar because they meet 99% of need (not 100%) is Dickinson.
Yes but does he have a chance at schools that meet full need is the question?
Maybe Holy Cross, Grinnell, URichmond, or Vassar. They meet need AND are need blind. Then the schools that meet need but aren’t need blind — Carleton, Bates, Case Western, Franklin & Marshall, and URochester are a few he coukd look at.
Anything he could do to boost his SAT a little more would be beneficial, too.
As good a chance as any, and better than most. I second the suggestion to look at Questbridge.
He is taking the SAT again next month. What is questbridge?
What does be want to study?
Do you have a bisiness, non-custodial parent, or lots of home equity?
Because FAFSA disregards some things, it is possible to be Pell eligible and still have a higher expected contribution on the CSS profile (used by many "meets full need " schools).
Questbridge is an app for low income high potential students that guides them into elite schools with great financial aid. Their website is Questbridge.org
Not sure what else you are expecting us to tell you. You have started a number of threads with basically the same questions.
You own a business. You own a building where your business is housed. The NPCs are not going to be accurate for you.
Sure, your business won’t be counted on the FAFSA, but BU is a Profile school. And your business absolutely WILL be included on the Profile, as will that secondary piece of real estate equity.
If you can ONLY pay $5000 a year, and your kid can take $5500 in loans only…you need a college with a net cost of $11500 or LESS for it to be affordable.
Even the Trustee Scholarship at Boston University which is full tuition…would leave you with more than $11,500 in costs.
Boston University also does not guarantee to meet full need for all…at all.
I’m the proud parent of a BU alum…and we loved the school for our kid. BUT I’m going to be honest, I just can’t see your costs being under $11500 at BU. Sure…your kid can apply…but make it very clear that if the money isn’t forthcoming at accepted schools…to bring the cost under $11,500…the admission will need to be declined.
On your other threads, a number of good suggestions were made for colleges that WOULD give you a net cost within your price point. If cost is a significant factor, that needs to be your first discussion with your kid.
Remind him that his own loan capabilities are very limited. And you won’t co-sign or take loans for him.
There are plenty of options out there which are going to come in more affordable than ones where you need additional loans. Re-read your other threads…for those suggestions.
While I appreciate all the help I’m still getting conflicting info that is confusing hence why I started yet another thread. I’m sorry you are annoyed by me. I am just trying to get clarity on need vs merit and whether that is counted or not. More opinions on the matter are always welcome as you can see there are members here that responded for the first time.
- There are some schools which will stack merit and need based aid up to the cost of attendance MINUS your family contribution. Whatever they calculate your family contribution to be...you will be expected to pay.
- There are some schools that award merit...which reduces financial need. When they calculate your need based aid, your need will be less...and your need based aid will be less.
- There are some schools that don’t give both need and merit to the same student.
MOST IMPORTANT…the vast majority of colleges do NOT meet full financial need for all. And they don’t. For the colleges that DO meet full need, the COLLEGE will compute your net cost or family contribution. The ONLY colleges that don’t use the Profile…and meet full need…are Princeton (which uses the FAFSA and it’s own form which is very similar to the Profile) and University of Chicago (which uses the FAFSA and a very short Chicago form).
Those Profile Schools…and Princeton…will most definitely consider your business value, building housing your business, and business income. They will also look at your business deductions and may add some back in as income.
In addition some of these Profile colleges use a portion of primary home equity as well.
The Net Price Calculators are not likely to be accurate for you. Look at the questions on them. Some don’t ask very much at all. The more in-depth the NPC questions are, and particularly about YOUR situation as a small business owner with secondary real estate…the more likely they are to be more accurate.