<p>Well, don’t compare H’s Net Price Calculator with PFS’ EFC. That’s not apples to apples. You should punch your figures insomething like Exeter’s FA profiler, or check SPS’s FA brochure (<a href=“https://www.sps.edu/ftpimages/36/misc/misc_89848.pdf[/url]”>https://www.sps.edu/ftpimages/36/misc/misc_89848.pdf</a>)</p>
<p>Okay, now I’m REALLY confused…</p>
<p>Earlier I asked about using AGI vs. gross income when using the schools’ FA estimators, and was told to use gross income. </p>
<p>But now classicalmama says, “your full salary amount (that is, before deductions, but not adding on what your employer pays into retirement or health care for you…)”</p>
<p>That’s AGI.</p>
<p>booklady: No. You should use gross income but don’t exaggerate your income by adding in things like company’s match of 401k contribution or the health insurance premium your company is paying on your behalf… I think that’s what CM meant.</p>
<p>Sorry, still confused. 401k match is the same as my required public sector retirement contribution, as far as tax return goes – those are not deductions but rather lopped off income before deductions start. </p>
<p>Another example is - in order for IRS to consider someone whose employer pays 100% of their health insurance premium the same as someone whose employer pays 80%, they let you take that additional 20% of your income. That’s what AGI is. But that’s not the same as a deduction. </p>
<p>See what I mean?</p>
<p>Booklady, I understand your confusion as our state retirement works the same. And when you fill out the actual SSS, you will indeed distinguish between mandatory and optional retirement/healthcare deductions, and the schools will take all of that stuff into consideration.</p>
<p>But when the schools say on their fa calculators that the average grant for a family of five with a gross income of $100,000-$125,000 is X amount, the gross income they are referring to your basic salary/income stripped of all the deductions and benefits. Look at it this way. They offer financial aid after a series of complicated calculations based on all kinds of things, from mortgage to medical costs to other kids in college, but once it’s all done, they use three simple numbers–gross income/salary, number of kids in the family; and the financial aid awards granted the year before–to create the fa calculator. The reason the calculator will report a range of awards is because of those other factors. </p>
<p>I hope that makes sense!</p>
<p>And Sharing Gift: In my experience, HYP are the only colleges that come close to matching boarding school fa calculators. So I wouldn’t use Harvard as a typical college example–my kid’s college counselor in fact, advised us that HYP were the only schools that a kid who needs lots of FA should apply to early decision, because the aid is always much better than other schools. At any rate, Benley’s right that those calculators ask for more info. than the boarding school calculators, so the comparison isn’t apples to apples.</p>
<p>I’m totally new to this forum, but have been a lurker since we are going through the BS process for the first time right now. To say it has been stressful is an understatement! Regarding this thread in particular, I’m wondering how it’s possible that the SSS system can recommend that approx. 25% of a family’s GI should be ticketed towards BS tuition? That’s insane and literally put me on my rear end when i received the “family report” earlier this week…and it really does seem to be that simple…take 25% of the GI and don’t pay any attention to the other factors…</p>
<p>Well, tell them what the “other factors” you <em>have to</em> to spend on. If SSS is not listening, tell the schools. If they agree, they may adjust the EFC of yours, which does happen.</p>
<p>Benley,
I guess i was being too literal. the “other factors” are no different than anyone’s: mortgage, small debt, etc… All the things they ask you for on the form, but don’t seem to have any real bearing on the outcome, that’s all. I don’t care what your GI is, expecting that 25% of that should go towards BS tuition is just non-sensical to me. Obviously, i will fight the fight with the individual instiutions when it’s time, but was just wondering if others have done “back of the napkin” math and come out with the same 25% ballpark?</p>
<p>Lots of us have been floored by our EFCs in the past. Sometimes that estimate is what boarding schools will expect you to pay; others are more generous. However, there’s no question that boarding school tuition will be a major expense, and schools expect it to be a top priority in your budget, right up there with food, housing, etc. </p>
<p>If you use the FA calculators on the websites and not many people in your range of gross income get FA, you’re probably looking at real $$$$. Otherwise, I’d look at the range of awards and assume you’d be somewhere in that mix.</p>
<p>To answer your specific question, our EFC has never been close to 25 percent of our gross income, but I suspect that may happen for GI’s that are somewhere in the $200,000 range.</p>
<p>Thanks. I suspected that it’s a sliding scale, but was just looking for confirmation. Don’t mean to vent, it was just a very surprising development. I understand our responsbility to underwrite the investment, but i was not prepared for a formula that would have us underwriting the full amount at 25% of GI. I know everything is subjective. I will soldier on and know that things will work out the way they are meant to work out.</p>
<p>Before worrying too much about it, try filling it out. It wasn’t too arduous and we, at least, found that our EFC was very reasonable.</p>
<p>Twinsmama,
we did fill it out and got our report. That’s what precipitated my first post. Report came back saying we don’t qualify for anything and should be FP + actually. Like i said, my surprise came in the form of the amount they identified for us to pay and that it was 25% of our GI. That just seemed incredibly high. I could see 10 maybe 15% max, but 25%? stunning.</p>
<p>@CroissantMiser: I can feel your agony. Those FA calculators from Exeter, SPS or Hotchkiss can be quite misleading. They indicated that I could expect FA in the range of 25~35k, which was anything but reality. </p>
<p>
</p>
<p>You and I seem to have widely different family budget/expenditure. Even if I combine both food and housing together, they don’t come near BS tuition. I don’t mean to pick on your comments, but I feel like we live in different countries or generations or something.</p>
<p>
</p>
<p>Only at first. Like the Irishman said, “A body can get used to anything, even being hanged.”</p>
<p>I didn’t suggest that they were the same; my point was that boarding schools expect tuition to be a primary expense. And, in essence that you qualify for that second house, that nice car, that four-year boarding school education–pay for it by loan or all at once, your choice. </p>
<p>One way to look at it is that being asked to spend 25 percent of your income is unreasonable; another way to look at it is that that 25+ percent is income that many of us will never earn. And yes, your cost of living is higher…because you live in a house, in a community, in a geographical area that my salary range shut me out of 20 years ago. </p>
<p>A school like Exeter gives aid to 45% of its students aid. Most of that aid goes to highly qualified students whose parents make less than $125,000 year. There are lots of those families out there. Not sure what you would have them do differently.</p>
<p>very comforting :)…on that note i will not longer continue to beat this horse. Whatever happens will happen. I’ll go back to worrying about other issues, like SSAT scores and admissions!</p>
<p>Sounds like it may be time to resurrect [thread=1453920]The Worry Thread.[/thread]</p>
<p>
</p>
<p>How about giving a more realistic picture?</p>
<p>…and textbooks, and athletic uniforms and equipment…</p>
<p>^^^Yep, published tuition is just the base fee. If it weren’t for ChoatieDad’s airline points, we’d be spending an additional $2k just in unavoidable travel during school closures. At least once, CK was able to stay with a day student, but travel expenses can mount up rapidly when flights are involved.</p>