Hi
I’m a junior and i’m choosing schools to apply to next year. I noticed that at many top schools, they give FA to around 50% of students. However, many of these schools say they are need-blind too. How is this possible? I doubt the applicant pool is split among America’s top 1% and the 99%. It seems to me as though wealthier students have a bit of an edge even at need-blind schools. At my high school for example, tons of kids (over 200) got into top 30 schools this year and most of them came from wealthy families…but they’re not geniuses. I could be completely wrong on this haha, any thoughts?
You are confusing two terms.
Need blind is an admissions term. It means that a school does NOT consider your financial need when reviewing your application for admission. The vast majority of colleges are need blind for admissions.
Meets Full Need- this is a financial aid term. Some schools guarantee to meet the full need of all accepted students.
I don’t understand your post, to be honest. Just because someone is wealthy does NOT mean they are necessarily the top students in an applicant pool. And some less wealthy students are at the tippy top.
Though there is a definite relationship between SAT scores and income. And some prep schools (which require lots of $ to attend) do have inroads to prestigious schools.
As far as how FA works, run the Net Price Calculator on the various school’s web sites. That will give you a reasonable FA forecast.
I know, but what i’m confused about is how it is possible for 50% of the incoming class to have not applied for financial aid. To not apply for FA means your either in the one percent or very close. I highly doubt that even 20% of the applicant pool at these schools are that rich. Therefore, these kids have some sort of advantage…
Am I the only one seeing this?
It doesn’t say 50% didn’t apply for FA, it says 50% didn’t receive need based FA. My daughters were in that position. Filled out the FAFSA because they needed to for state and school merit aid, but got no need based FA.
Make a list of schools you might like, run your NPC. You’ll find that if your parents are middle class, you most likely will not get need based financial aid.
A lot more than just the 1% can afford college–or, at least, according to the FAFSA. If your income is over a certain bracket, if you own high value property, etc. etc., you won’t get need-based financial aid awards. And the brackets where one doesn’t qualify for fin-aid are much “lower” than you think they are–not the 1%. Probably the 45%. Mind you, Harvard considers people who make like 200K a year middle class (which would make me poor in comparison!), but generally speaking, if your parents make more than 150K per year, you’re not going to get a ton in aid. If you make 400K? 500K+? You’re not getting any aid… but you’re not in the 1%, because the 1% makes a truly astronomical amount of money per year. The gap is huge.
Of course, each school defines “need” differently, and has a different expected student contribution, so the net price after financial aid grants can vary greatly between two schools that claim to “meet full need”.
Use the net price calculator at each school’s web site to get a better estimate.
I won’t be receiving financial aid at any of the schools on my list, my parents income is too high. They say were HENRYs (Have Enough but Not Rich Yet) but they have accepted the fact that there’s pretty much no way of avoiding full pay at schools other than in-state ( or merit based at a lesser tier school). My dream school is Cornell and my parents would be happy if I get in, I just may need to work to help them pay a bit.
But what I’m saying is that for example at Cornell, 50% of kids accepted didn’t apply for financial aid and I’m confused how this is possible.
Also do you suggest I apply for FAFSA? My parents make far more than 200k (I’m very fortunate) but I doubt I’ll get anything.
and is it possible to apply for FA (sophomore year) if I didn’t apply my freshman year? My sister will be going to a private school when I’m a sophomore in college.
Many people who aren’t going to qualify for financial aid do apply regardless, because that is the only way to get offered unsubsidized loans which are available whether or not you qualify for any other aid.
Okay, so if I fill out the FAFSA but I’m jot expecting FA, should I check off the “Did you apply for aid” box on the common app? I’m skeptical it will decrease my chances. Also, I’m applying early
That’s entirely a family decision. Cornell is need blind so it should have no bearing on admission if that’s your concern.
So what is YOUR concern?
There are colleges within Cornell that offer significantly reduced costs to instate NY residents. Some of the probably don’t apply for aid either.
Where did you read that only 50% apply for need? Please tell us where that appears.
If your family is wealthy enough to be able to afford to pay for Cornell, you could be amongst the students who don’t apply for aid as well.
The way I understand it, the top schools don’t need to attract top students with merit scholarships. But they often meet financial need as they define it and will offer need-based institutional grants to lower income students. Each school has a different definition of what lower income means to them. The other students whose parents make over that amount are full pay and they might not all be top students.
You should apply for FA if you think the financial situation could change in future years and if you want federal loans.
@thumper1 no concern, just curiosity
Section H of the Cornell CDS does show ~50% applied for FA. http://dpb.cornell.edu/documents/1000563.pdf
It does not surprise me that 50% did not apply for financial aid. The most recent IRS data (2011) reveals that there were over 5 MILLION returns filed with Adjusted Gross Income of $200,000 or more. if you include returns filed for AGI of $100,000-200,000, (so some of those would not get financial aid as the AGI went higher than $150,000)the number leaps up to almost 21 million total! Obviously, only a small percent of those would have a high school senior applying to any college in any given year, but it’s a big country, even a small percentage like the top 1,2 or 3% of incomes will still contain LOTS of families.
Ohhhh, interesting @littlestitious