Called Rice Fin Aid. Assets determined in relationship to income and also composition of assets can matter. So worth while to give it a go.
Merit at Rice, I concur with the others that it’s a very very slim possibility.
So Rice might consider $1.9 million in non-retirement assets as OK for a $350,000 income. So what? That would not exactly put the student in line for need based aid…even with two in college.
If someone has an EFC based on income and assets that is 150% of the cost of attendance, what makes anyone think that it will come down enough for need based aid to be awarded.
With a $107,000 EFC, this student would need a professional judgement to reduce over $30,000 of that EFC, which would be a LOT of that income and assets…and that just seems highly unlikely to me.
But yes…give it a whirl. This student has already applied to Rice, and the parent has already completed the FAFSA. All that’s left to do is the Profile, and then a request for professional judgment. Maybe it will work and maybe it won’t.
Didn’t the OP say they forgot to include some additional assets on their Profile?
Ok I lied…I am back.
I just did the NPC for Rice with 2 in college. I plugged in a salary of $250,000 …which is less than what was reported …and I plugged in $1.9 million in non-retirement assets. I got a parent contribution (for one student) of $95,758 and a student contribution of $2500.
There is no way that this family is getting need based aid…
nor should they!!! There is no need! The fact that the $350,000 income is in line with savings means nothing.
As I mentioned, merit is possible if the appropriate schools are chosen. Merit to schools such as Duke etc is unlikely (for most)…there needs to be a lot more than high stats. Everybody has high stats. Of course I don’t have a crystal ball…if these students wish to apply for scholarships…go for it!
We were able to get my son in-state tuition to UT in 2011 (shortly before he fell ill and had to withdraw), but it was tough, even then. They’ve tightened up the rules since and I don’t think we would be able to do it today.
Oh, and the way it worked was that he had to pay OOS tuition his first year in school, so that stung (his grandparents helped out with the extra cost).
If anyone decides to try it, though, the school is very willing to answer questions and help you out. They don’t discourage you from trying.
@Al73
I read the GSET link…sounds like a wonderful program. If twin 1 was published that would be a great accomplishment.
Rice has non need based aid. They used to be more open with some of the specific scholarships than they are now. But IMO the twin has a better chance at non need based aid at Rice than any need based aid (as they have NO need).
@BelknapPoint Yes, I’m sure the NPC would be more accurate. I saw the myinutition site as more of a starting point. I like that it has lots of schools and seemed to be a good starting point. The numbers varied quite a bit.
I think using the 1.9 cash outside of the retirement funds might not move
the needle ( since that is plenty of $ to pay full tuition for two). But I also know that things are not counted the same at each school. And for folks who have big equity, retirement, high income etc, there are going to be big variations.
You might try other variations and see what you come up with. There was a list of schools that didn’t count home equity and those resulted in some big changes if I put in our numbers.
Some of these schools that are coming up with initiatives that include families that make into the 6 figure range , Ive seen as high as $250k, for financial aid. A feature of these programs is a more holistic reading of assets and other situations. Some minimize and eliminate home primary home equity. Some give more leeway to family business in how evaluated.
A key feature in these initiatives is “ordinary” or typical assets. Those terms are kept deliberately vague because unlike the formulaic NPCs, a closer holistic examination is made of things like assets. Folks with little or no retirement arrangements may get more leeway in non retirement assets. It can help families who invested, say in real estate, not only for current income, but for retire income and nest egg as well. Many who do this get hit heavily under traditional financial aid formulas.
So, can one “negotiate” getting no financial aid or ones financial aid package? Yes. FA officers hate that word “negotiate “ but yes it happens. It is possible. Especially at schools that give such openings and exceptions to their financial aid policies.
I do not think OP is going to get very far in “negotiating” much If any financial aid unless there is something significant about the financial picture to which we are not privy. But, maybe they do. That’s between OP and FA officers, and I wish them luck. No harm in trying.
No harm in negotiating merit either.
No guarantee that any negotiation is going to get anything so , colleges with acceptable costs should be in the list. In this case, there are such schools.
Sure some schools wiggle with their need based aid criteria, especially when they use their own institutional aid formula or when they review a request for professional judgment.
And many of us old-timers remember the poster who bragged about a 6 figure income, private/personal banker, expensive wines and all inclusive island vacations, camera equipment, cars, etc, yet claimed to be “dirt poor” and managed to get aid from Stanford for one of his kids (the other was full pay at Chicago). Most likely sent funds to relatives overseas or had deferred compensation to “look poor”.
But THIS OP in THIS thread has been upfront with non-retirement assets, a very high (though predicted changing in the future) income, a fully paid for house in NJ, Etc. So it would be VERY HARD (read extremely unlikely) that this OP, even with twins, is going to get any NEED BASED aid. Might they throw a small one-time grant at him if they really really want this twin, and he will be almost full pay and perhaps completely full pay in the future years. Sure, maybe. But, it will NOT be need based. Period. No matter how may angels one tries to count dancing on the head of a pin.
Isn’t “not a fixed rule” analogous to “no standard practice”?
I have an aunt who told me that one of her old boyfriends, who was a financial aid officer at a Profile school, told her that Profile colleges are all over the map on how they discount institutional EFCs due to a sibling in college.
Rice is a member of the 568 Presidents group. Thats even another wrinkle in the FA fabric https://www.edmit.me/blog/what-is-the-568-presidents-group-and-how-does-it-impact-financial-aid
Then how can Rutgers be a safety? If you end up with full pay acceptances to UPenn and in state tuition at Rutgers they’re going to be happy to attend Rutgers?
I think a parent works at Rutgers, it is tuition free for these kids.
I think tuition is free at Rutgers because of their stats.
I think Rutgers is a safety. It is affordable, it has the program his daughter wants, she’s pretty good on the admissions.
Safety doesn’t mean it is only if you don’t get in anywhere else. My daughters both went to their ‘sure thing’ colleges because those were their first (and only) choice.
Yes. Tuition is free, room and board are not free. I hope at least one of them will get into Honors College. I heard everyone who gets there get some sort of merit scholarship.
Rutgers is only a safety if the students are happy to attend. The family won’t consider any school that gives free tuition for stats because they feel the girls deserve top schools. I was under the impression that NJ students don’t generally consider Rutgers a top school, so it’s surprising to me that the girls would consider it a safety.
Rice attempts to meet full need and gives some limited merit awards. See the Common Data Set. It seems the small amount of merit money Rice gives is largely directed to underrepresented minorities, legacies, etc. Rice considers the CSS profile. If a family has large home equity and savings they are out of luck for need based aid. I predict these kids will get zero need based aid or merit aid from Rice. Many at Rice are full pay. https://www.ricethresher.org/article/2019/10/the-rice-investment-students-receive-respond-to-aid-and-expectations
The way I see it, this family has 3 options. The OP says they will not pursue merit based awards to safety schools.
- Rutgers- they will be expected to pay full room and board unless merit is given
- Full pay to top schools if accepted
- Apply for competitive scholarships such as the Robertson ...and then don’t count on any. If either twin receives one, it’s a pleasant surprise.
That’s it. Done. The OP needs to count his blessings that they have an income of $360,000 and $1.9 million in non-retirement assets. This means they can pay for top schools, and will be expected to. This family is wealthy, as far as I am concerned. It might not be at the level of Oprah, but it is certainly enough to pay for college.