@ucbalumnus, an NPC of $16,033 means that Lawrence College is only providing 70% and results in $64,000 needed through loans - it looks similar to many many others than result in yearly NPC’s of $10-16k and 4-year totals of $40-64k.
Averages (and even NPCs) do not always apply.
Schools my kids got into that awarded more money than NPC or average net price for our income bracket indicated included Capital University, Albright College, College of Wooster (2 data points here and D’s package was better than that offered to her brother, her stats were higher), and Adrian College.
One more to consider now that I look - Kalamazoo.
Agree with others that make the point that given there are only 3-5 weeks left to apply for most schools, sticking to those that meet all or 93%+ of demonstrated need make the most sense - if they also don’t have a supplemental essay that’s a plus plus IMHO.
@Grinnellhopeful Don’t worry about the scores not getting there in time, as once you order scores, if the school accepts electronic reports, they get there very quickly, usually within a week
At this point, I would strongly advise against applying anywhere EDII. Since finances are a concern, she will need to compare FA packages. She’s already had the all-of-your-eggs-in-one-basket experience and she shouldn’t get too attached to any one school as she had with Grinnell.
Since her ACT score is still a wild card, and she hasn’t visited many/any of the schools to which she is applying, now is the time to be finalizing lists of schools that meet 100% of financial need with a sub-category within that to include schools that are test-optional. Bowdoin, Bates, Bryn Mawr, Smith, Mount Holyoke, Colorado College, Connecticut College, Franklin and Marshall, and Wake Forest are all great schools that meet 100% financial need and are all test optional. Colby meets 100% need and is test-flexible (AP, IB, and SAT subject tests can be considered in lieu of SAT/ACT.) I know transportation is a concern, but how about Pitzer? Another test-optional meets-full-need school.
If indeed she rocked the ACT as you and she suspect she did, then by all means widen the search. But with anything less than a 30 or 31, she should be looking at test-optional schools in addition to places that will consider her scores such as Macalester, Kenyon, and Oberlin.
First, let me address the “being devastated if accepted but cannot afford to go” piece…no, its not devastating if she knows up front what the budget is. My D was accepted to more than a dozen schools that gave us great financial aid, but still were not in budget. She would have gladly attended any of them and one or two were top choices. But alas, she could not go. Disappointed, yes. Devastated, no.
Lets assume she can beat a 30 on the ACT, preferably hits the 32 mark. I second and third the opinion that you need to make a list of schools that meet 100% need, that are in locals where transportation does not make accepting a financial burden (keep in mind that some of these schools will put together a package that includes some “extras”) and fits most of her criteria. She can’t afford to be too picky. Most of these LACs will have whatever major she is interested in, which is imho a moot point because that major is likely to change, maybe more than once. With an EFC of zero, she may get a full ride. She can then use her student loans for transportation and books. She will be given the option of work study which pays enough for “fun” cash each week. She should be working summers and saving as well.
It is definately doable. I know this first hand. Feel free to PM if you want the details of our search and results. My D is attending Skidmore at 100% need met. When she applied, it was the least selective of her “match” schools and not a top choice. They have offered her every opportunity she deserves and more. She will be studying abroad in Budapest come January and they matched their financial aid for that program as well. On top of that, they recommended her for a scholarship for $3000 which she received and will use to pay for spring break and weekend travel while in Europe. I really can’t say enough about the school and opportunities they have provided for my D.
Best of luck to your D. It is an overwhelming process for the adults involved, never mind the student who is focusing on school work, testing, and college choices. Then there’s the practical side…budgets, distance, majors. Very stressful in the best of circumstances. Try to keep it as light as possible as often as possible.
For a student whose parents can contribute nothing, a $10,000 net price is on the outer edge of affordability, since s/he can borrow $5,500 through a federal direct loan and work in the summer and part time during the school year to earn the rest – though that means being motivated to find work and not getting unlucky in that respect. Obviously, a lower net price is better.
However, $16,000 is more likely to be out of reach, since it is unlikely that someone with as low an income as the OP would want to sign or qualify for a parent loan or cosigning an additional student loan. Therefore, Lawrence should be treated as a reach, since the OP’s student is hoping for some sort of preferential financial aid packaging or additional merit scholarship that reduces the net price.
Also, percentage of need met may be deceptive, since if a college offers good financial aid to some students but poor financial aid to other students, it may get the students with good financial aid offers matriculating, resulting in a high percentage of need met, while those who are not even close to having need met do not matriculate and hence are invisible to the need met count.
^ but also bear in mind that net price generally includes transportation, books and personal expenses. In some areas, less can often be spent.
@ucbalumnus If I don’t qualify for the parent loan, she is then allowed to borrow additional funds. She also will get $6000 a year in Pell. So yes she can technically borrow 15,000 or more a year. But I don’t want her to have to do that. Our goal is to get it down to a much lower number. But I am preparing her for the reality that she may have to borrow $15,000 a year. Even at our state school.
Yes, but the variations (and the net costs) may be even greater for schools that don’t make the “meet need” claim. I ran NPCs on 6 LACs that make the claim and on 6 schools that don’t, assuming low income and asset levels. In every case, the “full need” schools generated lower estimated net costs. The high-low variation among schools making the claim was <$4K; the high-low variation among schools not making the claim was >$20K.
At Franklin and Marshall, my nephew only had to take out $4,000 in loans per year; the rest was in grants. His mom is a public school teacher and his dad (noncustodial parent) was not working at the time they applied for aid. But there are schools that will make loans a minimal part of the financial aid package. It was interesting, with the same financial information, all his schools provided 100% financial need but the loan part was very different between the schools. One school offered him a package with $8,000 in loans (per year), one $6000 in loans and F&M at $4000 per year. His state school University of Missouri gave him aid but the cost was still $16,000 per year even after taking into account his Pell Grant. So, it pays to apply to more than one 100% aid met school and, if your daughter is accepted, it will probably be less expensive to go to a private vs. a state school.
@Grinnellhopeful, As you are finding out, for students that qualify for significant need based aid state schools are typically more expensive - and for those that can be accepted at a highly selective school that meets 100% of need, state schools are much more expensive unless the student qualifies for a NMF or similar scholarship.
^This. The COA at our instate flagship came in more expensive than several private LACs on the list.
My D and I just got this email from Earlham- I’m pasting the most relevant part below.
Each year, 15 incoming first-year students,who demonstrate financial need and a commitment to service,are selected to participate in the four-year scholarship program.Eligible candidates must have an expected family contribution (EFC) on the Free Application for Federal Student Aid (FAFSA) of $12,000 or less in order to be considered. Bonner Scholars will receive a financial aid package from Earlham that meets the total verified financial need of the Bonner Scholar; this means that some students may receive additional aid that Earlham College would not otherwise offer.
On behalf of the Bonner Scholars Program, we would like to invite you to consider applying for this exceptional service-learning scholarship. This application cycle is the only time you will have the opportunity to become a four-year Bonner Scholar. The application deadline is February 15
@Chembiodad Yes, that’s exactly what I’ve been saying, obviously not well. It’s sticker price. Someone asked me why I was referring to need based aid vs merit aid. Well, because we get a Pell Grant, I was considering that as need based.
Even though the private LAC has a higher sticker price they usually have their own institution grant, and merit aid based on her GPA and ACT score. It often comes out to equal or less than our state school.
Right now my D has about $9,000 in scholarships at our state school. It’s possible they could offer more after this ACT score.
Hence, my question to her last night. If you have to borrow 15,000 a year, where do you want to spend your money?
I think she’s going to do better at several schools on this list than loans in the amount of $15,000 (yes, she can borrow that much) but I wanted her to think about that as the worst outcome.
What is she getting at each school for 15,000?
I think putting that number out there because that is probably a typical number whereever she goes and that will be her debt (because I won’t qualify for the plus loan), helps her focus on where she wants to spend the money. And then she can be pleasantly surprised at packages that come out to be less.
The Bonner Program is great for kids interested in committing to community service, and available at a large number of schools (see link below) including a few that have been mentioned here such as Bates and Oberlin. Washburn U. in Kansas is also a participating school.
http://bonnernetwork.pbworks.com/w/page/33558573/Bonner%20Program%20-%20Participating%20Campuses
Because it’s confusing, here’s the difference between Bonner Scholars and Bonner Leaders:
edited to correct typo
@Grinnellhopeful, good luck to your DD - I think you’ve heard a lot of great ideas to work with!
@Chembiodad We have indeed! And we wouldn’t have known if it hadn’t been for everyone chiming in on this thread and our previous thread. I still think we have to apply a few more places. We will probably discuss a little more this evening. But at some of the schools she is going to be regarded as a very good candidate that they want.
It’s just a matter of finding the right place and minimizing the amount of debt she has to take.
I do think that some of the need blind schools that need 100% of demonstrated need applications should wait until we get her new scores. I’m so on the fence about that point. Because I don’t want them to immediately dismiss her application. When we should have the scores in about 9 days.
I can’t not send the scores because they are on her transcript. There’s no way to remove it from her transcript.
@Grinnellhopeful My nephew did quite a bit better on the SAT than the ACT (which he took three times). He asked his guidance counselor to remove the ACT scores from the transcripts sent to the schools and the gc did, so they weren’t reported to schools.
And I would wait until you get the new scores since it’s only 9 days. Your daughter can have the rest of the application ready and send it the day she gets the scores.