I have a question about match and safe schools’ financial aid.
Many of my daughters academically match/safe schools do not meet 100% need. I used the Net Price Calculator and they ask $20,000 and up which we cannot afford. If the school asks student’s GPA and test scores, I put all perfect scores just to see how much they offer to a super top student. The result is the same. They ask $20,000 and up.
Some people here say that if the student is a tippy top applicant, he/she might get preferencial package and might get really nice financial aid. I read a mother whose kid got a full ride from Loyola Marymount University. I went to LMU Net Price Calculator and put the perfect scores and GPA. The result was that they asked us to pay over $30,000.
So, if the Net Price Calculator says that you cannot afford the school even with the perfect scores, then that means there is zero hope of affording it? Or like some say, if the student is a tippy top applicant and the school really want him/her, they might give really good aid to cover the needs even though the Net Price Calculator says otherwise?
If there is zero chance, I won’t even suggest the schools to my daughter, but if there is a chance that she is the top applicant and might be able to get really nice offer, I want to keep them in the list.
It really depends on the school. Some schools offer zero merit aid and only need based aid. Some offer a combination of merit and instructional grant money (but going below your estimated parental contribution is fairly unusual unless you are full pay and/or your child is awarded one of only a handful extremely competitive full tuition/full ride scholarships…but these are not your typical outcome.) Other schools are straightforward and award $x in merit based strictly on stats published on their websites.
They can’t put the extra merit in for preferential packaging into the NPC because it won’t apply to everyone with those stats, likely just a subset. LMU gaps most people but does give some good packages at the tippy top. Be sure to check if you have to apply separately to be considered for some additional scholarships when you pick your schools.
Unless the merit is assured for stats, they can’t put it in the NPC. they may have 25 kids apply with perfect stats, but they may only be able to award 5 of them big merit. So, it wouldn’t be wise or fair for them to list that in their NPC…too misleading.
What are your DD’s stats?
What do you need her net costs to be ( how much can you pay )?
Your DD needs to apply to at least 2-3 schools with ASSURED merit that will give you the net cost that you can afford. Those would be her safeties.
Keep in mind that merit wont’ just stack onto need based aid.
My D is a junior. Her GPA is around 3.8. She hasn’t taken the test yet. She got 190 on her Sophomore PSAT last year. She is interested in Mills and Seattle U. as academic safeties but they do not meet 100% need. We need huge aid. $12,000 after grants and scholarships is max we can do. ($5,500 loan, $2,000 work study, the balance out-of-pocket is $4,500).
She will be applying the in-state publics - UW and either Western Washington U. or The Evergreen College.
Because we need lots of aid, she will be applying some reachy 100% need-meet schools, but the acceptance rates are pretty low. So currently her list includes reach schools and in-state public. This should be fine, but if there are possibilities of great financial package from no-need-meet schools, she would like to try them, too.
You didn’t explain how you are defining need. Are you basing it off what you think you can afford or are you using net price calculators?
It may be that she needs to score high enough on standardized tests in order to receive full tuition b/c the amt you posted is typical for just room and board.
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She is interested in Mills and Seattle U. as academic safeties but they do not meet 100% need.
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Truthfully, there are no “academic safeties” when money is a concern. You mention in another thread that your EFC is something like 150.
When there is a large need, then there can really only be financial safeties…schools that will accept the student AND you know FOR SURE that all costs are covered.
How much can you pay each year? If it’s very little, then the list needs to reflect that…and schools that will leave you with thousands uncovered (after a student loan) should be off the table.
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12,000 after grants and scholarships is max we can do. ($5,500 loan, $2,000 work study, the balance out-of-pocket is $4,500).
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Plus a summer job/savings can bring in another $2k…
If the family can cobble together $14k from family funds, WS, and summer earnings then that will cover room and board and books…so she’d need a FULL tuition award.
Work study is never a given. And the amount is unknown.
Thank you all for your replies. There is a lot to think. Sorry I’m not answering all of your questions, but at this point, I’m kind of overwhelmed so I would like to retreat and think based on what you guys said. Thank you so much.