Like on a 1-10 scale.
My family makes 40k annually and one of my dream schools, BU, estimates to give me 5k and making me pay 55k. I am kinda in disbelief after seeing this. For other schools, I was estimated to only pay 3-5k which is more realistic. Can anyone help? Thanks in advance!
They are as accurate as (a) the parameters and formulas the colleges themselves put into the Collegeboard NPC framework, and (b) the financial information that you put in. You may want to recheck what you put in. However, BU’s need-based financial aid is not that good, so do not be surprised if the price is still too high.
Some schools also embed hidden merit scholarships in the financial aid, which is why the Collegeboard NPC framework asks about GPA, test scores, and things like that. So if your credentials are on the lower end for the school, the school may give you a worse estimate.
Frankly to be at the 3-5K level you must have been using one or more HYPS NPCs. Most colleges have at least $5K for a student contribution. Colleges that meet need (which will have you at $5K) will be very hard for admission (because their FA is so good). What is your home state? You may need to look for some merit aid options.
Check your numbers in the net price calculator - something must have been wrong. I ran the net price calculator for BU, put in 40K income, modest assets, and get that you have to come up with only $3000 (plus $8500 in student loans and $2000 work study).
Wats a HYP NPC? And i live in Oregon but I don’t wanna go to any schools here.
I’m pretty sure the HYP is Harvard, Yale Princeton the poster was referring to. Most students apply to their state schools as a backup and a financial back up plan.
BU does not promise to meet all financial need of students. The numbers I see on their calculator for us are easily $10K higher than several other schools.
Yes, @ucbalumnus, the BU version of the calculator does ask for GPA and scores, so I suspect you’re right.
NPCs are Net Price Calculators. Check those on each school’s site.
The calculator may very well be wrong, but to give you a better sense of how fin-aid works at BU: http://www.nytimes.com/2009/04/19/education/edlife/finaid-pappano-t.html?_r=0
BU doesn’t promise to meet need; they instead are holistic in how they measure applicants and apply aid. The good news for many is that this means they can be generous with merit aid regardless of family income (this mostly benefits higher income families). But for lower income applicants, it means getting in isn’t enough, like with schools that meet full need–you need to be attractive enough to the school for them to offer you a competitive package. Don’t despair too much–it’s worth a try to see what you get, but you should hedge your bets with schools that actually meet need. FWIW, everyone I know personally (myself included) that got full tuition or higher at BU was lower income… but we had merit/other holistic factors in play, as well.
congrats on the full tuition man! and yeah you’re right i guess I’ll give it a shot. Thanks for the responses all