My first choice college is Hamilton College (a NESCAC school) and I assumed I would not be getting any aid and would therefore be unable to afford it. However, my dad just filled out the financial aid calculator for Hamilton and it estimated that we would be receiving 34K in aid per year. Is there any way this is possible? My sister is also in college right now, if that makes a difference. He says he filled it correctly but I am skeptical because it seems too good to be true. Thanks.
Doesn’t sound right. but I ran it too. Yes it does make a difference if there are 2 in college. File for aid.
Estimates for the 2016-2017 Academic Year
Your published cost of attendance:
Tuition & Fees + $49,500
Room & Board + $12,570
Books & Supplies + $1,000
Other Expenses + $1,700
Total Cost $64,770
Your estimated need:
Total Cost $64,770
Expected Family Contribution (EFC) - $25,050
Total Need $39,720
Your estimated financial aid package:
Total Grants and Scholarships - $34,220
Federal Direct Loan (Subsidized) - $3,500
Federal Work-Study - $2,000
Total Aid $39,720
Sounds like it could be right. Hamilton promises to meet need. It depends upon how much debt your parents have, etc.
I’d double-check that. It sounds high to me.
@BrownParent Wait, what did you just double check?
I put 190k income in the NPC. 5k assets, you probably have more so that will affect it a bit. 4 ppl in family 2 in college.
It’s 5 people and we don’t own a home or anything so that might actually make sense. Do you think Hamilton might just have really great financial aid? Or does 190K actually get good aid these days?
What happens, OP, when sib is no longer in school? Will there be enough to pay for your increased EFC?
I’d be skeptical. College Navigator reports that average net price at Hamilton for 2013-14 for families with incomes greater than $110k was $39,500 a year. Total expenses were $59,600, so that means these families were supposedly getting about $20k on average.
Need doesn’t factor in your parents’ debt btw. That would only be a factor in exceptional circumstances (e.g. large medical expenses), and wouldn’t show up on the NPC.
@SlitheyTove I don’t really know what to do , why would it show me this result if it’s not the case?
My experience is that Hamilton is very generous with financial aid, even compared to the other NESCAC schools. I think your original assumption may be wrong, and my recommendation would be to go ahead and file for aid.
Hamilton is need-blind and meets 100% of demonstrated need. And I know that this does not apply to OP’s situation, but Hamilton is one of the few Profile schools that does not take primary home equity into account.
How much do your parents pay for your sister’s school?
When does your sister graduate?
When your sister graduates and your aid goes away, will your parents pay ALL costs?
@mom2collegekids My sister graduates next year, and she is currently paying 12K.
When your sister graduates from college…and you are the ONLY one in college…your cost to attend Hamilton will more than double…your family contribution will be over $50,000 per year. Will your parents be able to pay that when the time comes?
Do you have any younger siblings in high school?
Since your sister graduates next year, your family will only have 2 children in college for your freshman year. Have you tried running the NPC again for 4 people and 1 in college? You’ll be paying that amount for your last 3 years.
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sister graduates next year, and she is currently paying 12K.
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Your parents are paying far less than their EFC for your sister’s school. That could mean that Hamilton may not be as generous with you for your freshman year.
Also, it probably means that your family will be full pay for your soph, jr, and sr years.
What are your parents SAYING about how much they’ll pay each year for YOUR schooling? Since they’re paying so little for your sister’s college will they object to paying more than that for your college? They may refuse to spend $30k per year on your college when they’re only spending $12k on your sister’s school.
You need to ask your parents.