<p>OK. I’ll fess up and admit that my husband and I have been lousy financial planners. We qualify for no need-based aid and have bright kids. But money was a concern because there was no way we could shell out $45000 per year for tuition, room and board, etc. </p>
<p>The book that helped me immensely was called “Discounts and Deals at the Nation’s Best Colleges.” I had breast cancer when my d was a sophomore, so it caused us to start researching early (just in case, plus I knew it wasn’t my husband’s “thing”). The book was up-front about merit aid (which we knew was our only aid chance). Basically, it took 221 top schools, gave details about how much and to whom merit aid usually goes, and listed merit aid awards for each school as “none,” “some,” and “plentiful.” We eliminated all of the “nones,” except for one (Princeton, which was the only rejection she received).</p>
<p>D applied to these schools: Princeton (again, rejected), Emory (received full tuition through Emory scholars), UChicago (full tuition), Fordham (full tuition), Tulane (full tuition), Loyola New Orleans (full ride), UNC (full tuition), UT ($1000 scholarship and home state), WUSTL (half tuition plus another $3000). I know there was another school in there, but I can’t remember what it was. Anyway, she accepted UChicago, her first-choice school, and graduates next month.</p>
<p>Son had nearly identical SATs (he:1560, she:1520) and ranking (4/800-plus) and APs (10-plus, all fives and fours). Solid extracurriculars for both, only she was a National Merit finalist and he was commended. </p>
<p>His results, same strategy:</p>
<p>One rejection (CalTech). Accepted: Fordham ($12,000/year), Drexel (full tuition), Colorado School of Mines (half tuition), George Washington ($16,000, I think – it was the presidential), UTexas ($1,000/year, same as sister), Emory (zilch), American (nearly full tuition). He’s chosen American.</p>
<p>But, as you can see, two kids, similar stats. Big changes in funding over four years, with S receiving considerably fewer full tuition offers. </p>
<p>What I’m saying is this: Make sure to include financial safeties. Lots of schools that say they meet full need meet that need with loans, not grants. And keep abreast of the admissions/scholarship scene. I assumed the results would be similar, but it was much tighter for my son. </p>
<p>We’re happy, but don’t assume that Son’s experience will mirror your Daughter’s. I hope this makes sense.</p>
<p>Edit: One more thing – have your child help you with the research and do some on his/her own re money and college. It helps them to understand the financial situation (both yours and the ways colleges award aid). That way there are no surprises. Chicago was D’s first choice, but she knew and accepted that she’d need merit aid to get there. Same with S – he preferred GWU, but immediately knew that American was the best choice, given grad school plans and future debt. </p>
<p>Also, my D’s involvement when she was applying gave her great insight into her grad school process, which she handled on her own. She applied to five schools, accepted into combined MA and PhD programs at four, waitlisted at one. She’ll attend Yale with full tuition remission and a $25,000 stipend for five years, plus one year for dissertation. She says the undergrad process really helped her prepare well for researching and completing the grad school process and her financial options.</p>