<p>As today is the admissions deadline for several schools, I have an urgent question. My EFC came to roughly 22k when I used the calculator, and my parents have told me they are willing to contribute roughly 25k per year. Occidental College's page shows on US NEWS that they meet 100% financial need. Additionally, my stats put me comfortably in the top 25% at this school. Could I use this school as a financial safety, or is this an unwise decision? A near guarantee at acceptance and their great financial aid program seem to fit the standard criteria. Input is much appreciated!</p>
<p>you might also want to post this on the financial aid forum…</p>
<p>Ugh I just realized I put it in the wrong section. I don’t want to double post though, that usually just makes people angry. Maybe forum staff will move it…</p>
<p>Our definition of a financial safety was one that WE alone could comfortably afford, just in case the school gave nothing or nothing but loans. If the total cost of the school was higher than we could comfortably afford, the U was NOT a financial safety. Your mileage may vary.</p>
<p>At many schools, you can get LOTS of LOANS, which have to be repaid by you or your folks. How much in loans can/should you & your family assume?</p>
<p>For many, their local flagship U is their financial safety, where they could comfortably afford to attend. For you, this might be UMd at College Park or similar.</p>
<p>Ahh okay I see. I was under the pretense that most selective higher end schools primarily dole out grants in place of loans. Is this correct for the most part? Say a school’s total cost comes to 55k. I’m expected to pay 22K according to EFC. Can I expect 6k in loans and 27k in grants from most highly selective schools? Obviously many will deviate slightly from this, but from what I’ve read this seems to typically be the case. I may be entirely wrong though…</p>
<p>I would NOT expect grants–at many/most schools, they say they have met financial need if they offer LOANS to make up the difference in cost of attendance over what they say is the student & parent portion. This is why it is always encouraged to at least apply to your state flagship or other U, if finances are an issue at all.</p>
<p>eeek. Okay. I have one absolute 100% financial safety already affirmed. I hear from UMD in a few weeks. All other schools I am relying somewhat heavily on financial aid- Brandeis, Davidson, Emory, USC (absolute top choice school, on an entirely different level than the rest), Stanford, and URochester.
I just wasn’t sure if I should additionally apply to Occidental to secure a school in CA that I was overqualified for and could meet any demonstrated need. If they in fact fulfill need with loans, I have no reason to apply. A few thousand in debt at graduation is okay, but anything over 15k is not something I want to get involved with.</p>
<p>Also Oxy is not a numbers based admission. They highly encourage an interview. There is no guarantee you’d get in</p>
<p>School’s always say the absence of an interview can’t hurt you. The numbers on my application are the weakest part, and they are above the normal range for the school… </p>
<p>Not being cocky, because I am expecting multiple rejections in the next few months, but Occidental seems like a shoo-in.</p>
<p>First, did you use the school’s own calculator? you can not expect a private school’s EFC to be the same as what FAFSA spits out.</p>
<p>Next, it’s rare schools that have no loans and mostly the very top one. Even some of those require loans once your income gets past a certain point.</p>
<p>Self help, at most schools includes a contribution from summer earnings, a work study job, Stafford loan that starts at $5500 for a freshmen and top out at $9500 as a senior and may also include a Perkins loan for a few thousand more. Some schools also include Parent Plus loans and call it meeting need.</p>
<p>If either of your parents is self employed it complicates things. Many schools disallow deductions the IRS allows, resulting in a higher EFC.</p>
<p>So, bottom line, be careful!</p>
<p>Thanks Waverly! Some good information and admonishments. I just tried that calculator with really rough information. It said 21,000 cash paid by my family with 30k in grants and 8k in work-study and loans. I think that is doable, but I don’t think this particular school interests me enough for that kind of financial burden. Idk. I’m torn as to whether or not to apply and see what happens or just be satisfied with what I’ve already done.</p>
<p>If you don’t already LOVE your financial safety, try to find one you LOVE and will be happy attending. Having a financial safety that you do not want to attend really limits its usefulness.</p>
<p>I have know of many people who are very disappointed at how much of their FAid package is LOANS, not grants. Also, when the award is less than the cost of attendance, the student/family have to figure out how to make up the difference, which can mean even more loans.</p>
<p>26k is really my utmost limit of out-of-pocket. Anything else will have to be loans. I’ll just have to file CSS and FAFSA and see what comes back. I’m so concerned with acceptances it’s hard to add another concern into the equation :(</p>
<p>Your initial question was what is a financial safety. I have explained it as best I can & wish you the best. You don’t seem to really want to listen to what is expressed.</p>
<p>I’m sorry. I am and I have one school that I would be thrilled to attend that is easily a safety with the big scholarship. I just was asking to see if it would make sense to add this school as a “financial safety.” Based on this thread and what you all have said, it certainly wouldn’t fall into that category. UMD would be a secondary financial safety as well, albeit one I am less thrilled about.</p>
<p>The difference between FAFSA only schools and those who use the CSS profile as well can be huge. For example, if your parents own their home and have equity, this isn’t captured by the FAFSA but is with the CSS. You should run both so you are not surprised later by your much higher EFC (USC, Stanford, others use the CSS)</p>
<p>A lot of schools offer a net price calculator on their website that gives an overview of how much and what type of financial aid you are likely to receive based on your EFC. Try this and see what you get</p>
<p>[Occidental</a> College :: Net Price Calculator](<a href=“http://www.oxy.edu/x11729.xml]Occidental”>http://www.oxy.edu/x11729.xml)</p>
<p>Be sure to add in the cost of transportation as part of your expenses–flights between MD & CA are rising, especially during Christmas and summer breaks and other times students are likely to be flying.</p>