Inside the Financial Aid Office at Boston University (New York Times)

Paying for College
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<p>Admittedly BU admissions office is more transparent than many others but it is also less equitable compared to many other colleges’ FA packages.
There is no way that a student at the top 2% in class, 730 per SAT exam avg, coming from a family with household income under $40,000 can afford $25-35,000 a year out of pocket payments to BU (see BU’s office of Financial Assistance matrix mentioned above).</p>

<p>Even if the student could afford it performing magic tricks at Boston’s lovable street corners, why not choose any of the other 100+ colleges, academically superior to BU, that do offer a better FA package for that caliber student.</p>

<p>This is why BU despite seeking “talented” applicants receives acceptances mostly from the mediocre or just above the average.
True, BU once a while used to get a “talented” student, like Howard Stern, but Howard being Howard got a lot more from making fun of his old Boston school on national radio than the $100,000 (total) he donated in scholarships to juniors entering BU’s College of Communication.</p>

<p>‘The first two winners, Katherine Loy and Sandra Oliveira, told the BU Daily Free Press they were ‘‘shocked’’ to learn of their good fortune last Friday, as they didn’t even know the scholarships existed. ‘‘I’ve always been a big fan of Howard,’’ Oliveira said. ‘‘I was surprised they actually mentioned his name [at the ceremony] because they try not to usually.’’ Loy said she would write to thank Stern and would appear on the air with him if invited. ‘‘I don’t think I’ll have to go on his show and take off my clothes or anything,’’ she said.’
Ref. from EW.com.</p>

<p>Could that explain why only 7% of Alumni are giving, one of the lowest in the USA?
I might be wrong but do almost all BU alumni are in Peace/Ameri Corps or starving “talented” artists?</p>

<p>AP</p>

<p>p.s.
Ms. W. comments in the NYT article, about how a family with PRESENT income of $22,000 could pay off their home of $225,000 present value, but purchased in 1991, shows both her lack of financial and real life experience (if not her …), (… = self edited).
There are BMWs built in Germany and then there are those ones that are … built in Mexico.
CU</p>

<p>What the reporter and the NYT editor were doing?
We are not second-guessing them here but do news have to be always reported single-shot verbatim?</p>

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<p>DS is a starving artist BU grad. He’ll contribute to his undergrad school anyway…and so will we.</p>

<p>Another thing you all should know…although YMMV depending on your situation. When DS was a senior, we completed the Profile and FAFSA again because our “financial situation” changed…DD enrolled in college too. BU’s added financial aid for DS’s senior year was an additional $500 grant. His EFC went down over $22, 000…but he was a senior, and I’m quite sure they KNEW he wasn’t going to just leave his senior year. AND he did have a great music performance award. BUT beware…if you are thinking your financial aid at BU will increase dramatically when a second child enrolls, you might be VERY surprised when it does NOT increase much at all.</p>

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<p>“This is why BU despite seeking “talented” applicants receives acceptances mostly from the mediocre or just above the average.” --Akis Psilos</p>

<p>I’d hardly call accepted BU students mediocre or just above average. Especially if you read the profile for the class of 2013.</p>

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<p>BU’s classes are not mediocre.</p>

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<p>BU’s pure merit award last year was “just” half tuition–not ungrateful, but when several top 15 LACs and universities offered the same or full tuition merit awards, I have to wonder exactly how BU thought it could really attract top students. There is some part of their “proprietary” model that I can’t fathom.</p>

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<p>Anything published at this time of year about the class of 2013 refers to a large group of ADMITTED students, much larger than the entering class, who in most cases will enroll at some other college. The only way to compare colleges fairly is to compare their actual enrolled classes after the enrollment date by the Common Data Set methodology. Colleges with low yields love to issue press releases right after they announce their admission decisions telling the world how wonderful the students they admitted were. Of course the students who were offered admission were wonderful; many were so wonderful that they will enroll somewhere more desirable.</p>

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<p>Momphd - Then go to someplace that gave the student a full tuition award. BU will still get their class without your son or daughter.</p>

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<p>my BU FA sucked</p>

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<p>Akis the people that were accepted and are going to accept are for sure not mediocre.</p>

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<p>Okay, I posted a different version of this question on a different thread…But, I really am curious how these situations come about. Do the GC’s not get very, very clear in the application process about cost of colleges, the reality of financial aid, the true cost of debt??? So that kids and parents can make educated choices vis-a-vis the application process? I’m very amazed by all of this, as I have only been hanging around here since the winter, during the application process.</p>

<p>My D had other concerns, severe dyslexia, which caused her to make different choices about school, eyes wide open, regardless of her high SATs and GPA, just to be very realistic about what she could expect from any school in terms of what she needs. It ruled out a lot of schools she was accepted to, “dream schools” to many, but not to her once she’d done the research.</p>

<p>I’m just wondering if there is any information available to these kids BEFORE they are accepted and so disappointed? To keep them realistic and grounded. Or, does this happen every year?</p>

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<p>well the internet and this msg board have been here for years and yet people seem surprised that some schools do not give aid based on need and they miss deadlines because they don’t know about them.</p>

<p>Oh, yes, this happens every year because nobody read anything besides the glossy brochures.</p>

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<p>I have to agree with Sueinphilly. That aside, really do kids think there is a “huge difference” in the academic profile of a statistically 90% and a 100% kid ??? I don’t think so. If BU chooses to fill a class with 85-90% statistic kids that can afford the tuition then more power to them as I’m guessing their financial profile is pretty darn solid. The 99th% kid can find a comparable school that will discount their tuition heavily I’m sure. Does this mean BU is full of mediocre kids? I don’t think so! I suspect there will be a chunk of super-stats kids that will be wildly surprised when they leave the academic confines of the college campus.</p>

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<p>Part of the issue is really that no matter what articles or brochures tell you, the process for each kid will always be a big question mark. Each student is bound to be disappointed by some schools’ financial aid and pleasantly surprised by others. This probably will never change. It isn’t that the information about FA isn’t out there, it’s just that when it comes to the college application process, nothing is ever a sure thing.</p>

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<p>This is a good article with some interesting insights into how colleges give out their money. The bottom line is colleges have a formula on who gets their aid and who does not. This is why parents and children should attempt to understand a college’s formula before they apply. You will have a better shot at getting more aid!</p>

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<p>Well, at least they’re honest. Now my fin aid package makes more sense- I guess I’m not strong enough for them to “woo” me. I guess it bugs me, “We like you enough to accept you, but not enough to make it financially possible for you to come.”</p>

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<p>This so called ‘need blind’ financial aid gimmick offered by some private institutions is so wrong. I understand that at the onset, private institution has been established to serve the elites and the wealthiest. I have no problem with that. When these institutions decided to play the ranking and prestige game, they will do anything to attract smart kids into their student body. However, not all sons and daughters of elites and wealthiest are smarts, so most who don’t made the cut to Harvard will probably end up in BU or some other institutions. BU should stop playing this game but instead stay to their principle of only admitting students who can pay. Why tease those students (who may not be super smart) but who sincerely wanted to apply to your school to study but only to offer them nothing or close to nothing to come. This is cruel and wrong. In my opinion private institutions should not be given the status of ‘non-profit’ organization if they play this game. This status saves these institutions a ton of taxes. So essentially, we the tax payers are subsidizing them. They should operate like a for profit organization. This way, there is no conflict of interest.</p>

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<p>There is no reason someone should spend 100K when it is not sure whether they will get a job after graduation. Those who are good and really focused they will go for post graduate professional or doctoral program and no body will bother at that time where from they got their undergraduate… I have a doubt about the money spend and relative return. When the country is facing a deflation, Universities are increasing the cost at least 5% every year. This is not really education, this is business and the students are blind to identify that they are the prey. Go to the pulbic schools and come back to private school during ur post graduate program.</p>

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<p>BU has been very upfront about its matrix for may years. It may come from the Silber years when he wanted to improve the school’s academic strength in a very tough local market. Can anybody help me on the history of this? If the system has survived John Silber, somebody there must think that it works for BU.</p>

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<p>BU isn’t a bad school, but if I were an admissions officer I would DEFINITELY be looking for the top students to jazz up its reputation. I can understand why people would pay big bucks for Ivies (prestige), or even lower rated LACs (personal attention), but to pay megabucks for a huge school that isn’t rated that highly–well that wouldn’t be for me. I would definitely choose a state university over such a school. So if BU wants to distinguish itself, it really needs to raise its game. I believe Tufts has done something similar and now it has become quite the hot school. Surprisingly so, in my opinion.</p>

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<p>“I would DEFINITELY be looking for the top students to jazz up its reputation.” </p>

<p>Maybe BU is happy with the composition of their classes and doesn’t feel the need to “buy” high stat students. I’m sure not every college has the same strategic plan with the same strategic customer target.</p>

<p>“I would definitely choose a state university over such a school.”</p>

<p>There you go, the cost/value/choice equation did not fit your customer needs.</p>