My Son has an SAT of 1460 and GPA 4.2w - he wants to go to Williams. I did the net price calculator and with the “Quick cost” I came up to us having to pay $6600 and with the longer version Net Cost $3000.
My first problem is- he may not get into Williams. But thats for another thread
My second problem is- because of our dicey financial situation, we really can’t afford more then $6600 (honestly- we can bearly afford that- I would have to get a couple of side hustles just for that)
According to all of the school I have looked at on the net cost calculator all but Williams says that my son will be offered $5815 in Pell. However when I go to the FAFSA calculator, to quote Willy Wonka, “You’ll get NOTHING!”
Your FAFSA EFC has to be $0 to get the full Pell Grant. This would mean you are pretty low income…or have an auto $0 EFC.
The net price calculators can be pretty accurate…depending on how thorough the questions are. Some ask a LOT of questions…and some just don’t. The richer the breadth of questions, the more likely they are to be accurate.
If you are doing a NPC NOW for the 2018-2019 school year…just be advised…they are currently set for students enrolling fall 2017. So…plan to do them again at the end of the summer. Sometimes award policies DO change from year to year.
Do the longer version of the NPC…not the quick cost which has less information.
Is your income below $29,999 per year? That’s what it would need to be to get an auto $0 EFC on the fafsa.
Williams uses the CSS Profile for determination of institutional need based aid…and that looks far more into detail than the fafsa does.
Might want to clarify what you are asking. You don’t “get” anything from FAFSA - it estimates what you could be expected to contribute to your son’s college costs. So is it giving you a really high number or is it 0 - as in your Expected Contribution is 0? Whatever this number is, the colleges use it to determine financial aid - but each college does that differently. Some might meet your full need, but most won’t.
this is what this calculator does: Provide some basic information and we’ll estimate your eligibility for federal student aid. Your estimate will be shown in the “College Cost Worksheet” where you can also provide estimated amounts of other student aid and savings that can go towards your college education.
Is there something that can tell me what my expected contribution is?
Generally speaking, schools that dispense institutional aid (especially those that meet or come close to meeting demonstrated need) do not use a FAFSA EFC to determine institutional aid. The FAFSA EFC would only be used to determine eligibility for government benefits (Pell and state grants, federal loans, etc.).
A $71,000 income will not yielded any Pell Grant money. It’s just too high an income.
Williams has pretty generous institutional need based aid…but that will use the Profile information. Did you use the NPC ON the Williams website? If not…that IS what you should be using.
And like you said…he would have to be in the very low %age of applicants who gets accepted.
If finances are a significant concern…and it sounds like they are…cast a broad net when looking at colleges. Look for places that will be affordable with your contribution plus the $5500 freshman federally funded loan. Start there.
If you can pay $7000 and your son can take that loan…and get a job…that should cover room/board. Any chance he has the stats for a guaranteed full tuition scholarship someplace?
The williams NPC is wrong if it’s telling you that you’ll get Pell with that income with one child in school. Perhaps the error in their calculator is that it only looked at income and not the retirement payout. On the NPC where did you list that substantial payout? Will there be payouts in future years as well?
yes, I used 71,000 in the net price at Williams website. The thing I think that works in our favor (Which is sort of funny…) we own $91,000 on our house and it’s worth $70,000. Plus, we have nothing else of value. My husbands business, took a huge loss last year and he is seriously thinking of closing it. At this point its a side job at best. (It a sole proprietor photography business)
I should clarify, Williams is the only school that is saying he won’t get any Pell money. All the other school I used the Net Cost on have said he will get $5815 from Pell, I have put in the correct income amount. (I’m starting to wonder how much I CAN GET FOR A KIDNEY ON THE BLACK MARKET
Wait wait! Your husband owns a business? That being the case…use the NPC results WITH CAUTION.
There are a number of business deductions allowed by the IRS for tax purposes that are NOT allowed for financial aid purposes. Some schools will add those back in as income.
Why was your gross in one? I’m assuming $71,000 was the net.
RE the value of your house. Even if you are underwater…the house would,have value if sold. What is THAT amount.
In addition, your equity in your home can’t be a negative number either. So…even if you are $20,000 in the hole…your equity would not be below $0.
@BelknapPoint wouldn’t the retirement cash put be untaxed income?
Something is NOT right. With a $71,000 income…you should not be receiving a nickel of Pell grant money…and definitely not the full Pell.
Please…go to the Net Price Calculators on the college websites…each separate one. The formulas vary wildly in terms of need based institutional aid from school to school.
Did the NPC you used ask for GROSS income…or AGI from 2016 (which is what will be used for 2018-2019).
Does the $71,000 or so INCLUDE the retirement cash out?
My experience has been mixed. Net Price Calculators, however, worked better than the Award Letter that I thought was much more misleading at many schools. After having a child at NYU (one of the most expensive) and ASU (one of the largest) - I have seen both and paid a lot. Still have 3 more kids to go…overall - I would rely on the school version but then check it with other parents at the school that are a year or two ahead. In addition - I compare the avg. aid to the Department of Education Scorecard - which shows you the total average paid and also graduation rates etc.
