<p>My S. and I are having disagreement about whether to target LACs who meet 100% of need vs those that give a lot merit. I argue that we have high need and the highly selective schools (Carleton, Claremont-M, Davidson) will likely include 5-6000/yr in loans + work study in his package (ie mostly grants). He is afraid schools will meet our need with more loans than we can afford and wants to try lower tier schools who give a lot of "merit aid." Who is right? Any help would be much appreciated.</p>
<p>Why argue???</p>
<p>Apply to a few of each.</p>
<p>There is a chance that an F/A package from Carleton, etc, might be fabulous.</p>
<p>There is ALSO a good chance your son could be right about too many loans in the F/A package, and then what would you do at that point? It would be too late to apply for merit schools then. Would you solely take on the student loans? Or, would those become his obligation in some way? </p>
<p>This is his college life. If he wants to try for some merit money, you shouldn’t stop him. Besides, you don’t have a good reason to stop him. He should apply to some schools that will give him automatic merit awards. That way he’ll have those in his back pocket “just in case.”</p>
<p>This is not an issue where it’s worth the risk of only trying “one way”. Neither of you can see into the future.</p>
<p>This is a teaching moment…risk management…hedging your bets. It certainly has nothing to do with “who’s right” and therefore who’s wrong. Frankly, as a parent, I’m a little put off by those words.</p>
<p>BTW…can you pay your EFC? If that might be a problem at some point, you might be thrilled that your son got a nice merit package.</p>
<p>What are his stats? Many here could probably make some merit suggestions for him.</p>
<p>Really depends on his stats. If you can afford the EFC, the schools with the most generous need based aid are probably your best bet.</p>
<p>I know neither of us is “right”. Hoped to spark some discussion. For what its worth here’s some stats. SAT V-730, M-740, W-670 (not so great essay), ACT-32 . GPA 4+ with many honors, 7-APs. Top 10% of class of 400. Commended NM in Colorado (missed SF cutoff by 1pt). Capt of Sports team. 1st team All State Academic. Lots of ECs. w/some leadership.</p>
<p>My guess is he’s not in the running for the super aid schools (HYPS) unless he has a hook or you’re from a very underrepresented state, but for just below there he is and there could be great no loan packages which would just require the EFC plus work study.</p>
<p>Can you afford the EFC? $14k X 4 years = 56k (approx, assuming no changes in future years)</p>
<p>Your son has great stats (too bad about the 1 pt short for NM). </p>
<p>What are your feelings if the F/A package (which is supposed to cover about $40k of need) includes $15k-30k+ per year in loans? Who would be responsible for repaying those loans?</p>
<p>With your son’s 32 ACT, there are some schools that would give him free OOS tuition. That could eliminate the possibility of any loans. This is why. If he takes the OOS full tuition scholarship, your EFC could cover his room, board and books. No loans needed.</p>
<p>And, the nice thing about the above scenario is if he also were to get some departmental scholarship money, that would likely reduce the amount that you’d have to spend. He’d also be able to work part-time during the school year and summer, and that could further reduce your out-of-pocket expenses - if you needed for that to happen.</p>
<p>Of course, he needs to still apply to that “top” list because they might surprise and be fabulous awards! </p>
<p>But, he needs a list of automatic full tuition merit schools. If he wants, he could also add a few schools with competetive merit awards, but those are often hard to “win”.</p>
<p>What will his major be?</p>
<p>jcs54: I feel your pain with regard to NM, my S missed it by 2 pts. I don’t know about the other schools but if Claremont Mckenna calculates your EFC as you expect the FA package will be in grants and work study not loans. This is what they say they do and our experience is that they are true to the word, but that there is more than one calculation for EFC. I know that all kids are different and that he could have gotten more merit money at other schools; but he so craved the type of enviroment that CMC offered and had worked so hard to be able to get accepted that as long as it was affordable we felt we needed to respect that. Having said that I don’t think that this type of environment is necessarily best or even desirable for all students, you and your son need to do the soul searching to figure out where he will thrive. Just don’t eliminate the schools because you are concerned about accruing loans. That is, if you can afford the EFC.</p>
<p>Even if your EFC is $14,000, you son’s FA package will still include Work study and the usual stafford loans and possible perkins loan for your child. Your EFC of $14,000 does not include that. In addition to your son’s loans and work study, you would still have to come up with the $14,000 on your own.</p>
<p>^^^This is usually true for most schools but not for schools that guarantee to meet need without loans. In that case it will be grants and workstudy, and of course you paying the EFC.</p>
<p>Re…work/study mentioned above…</p>
<p>Is the amount earned from work study considered “spending money” or "personal expense money’ ? or, does that go towards tuition and housing? I’m asking because I wouldn’t want my child to be in a situation where all/most of his part-time job (work-study) earnings is going towards his tuition/housing. College kids need to have some (not a lot) pocket money for gas, off campus food & entertainment, etc. Otherwise the “college experience” will be…“I’m the poor kid on campus who can’t do anything that the others are doing.” </p>
<p>My kids have part-time jobs during the school year. They only work about 8-10 hours per week (don’t want grades to be negatively affected). That gives them enough money to take care of the day to day college & personal expenses, gas for their cars, clothes, and weekend fun.</p>
<p>In our experience what you use WS earnings for is not specified in the award letter. But it is not really practical to use it for tuition or room&board or even books as it is paid to the student in a paycheck as it is earned, long after those bills have to be paid off. In my daughters case the WS earnings were probably used mostly for personal expenses. If a student does not already have their maximum in subsidized Stafford loans it is possible to ask for the WS to be converted to a loan. My daughter did that her 1st year with part of WS but her 2nd year found a WS job she enjoyed and earned a better wage that most of her friends with outside jobs. This year she does not have WS as she has the SMART grant.</p>
<p>^^^</p>
<p>Thanks for explanation! </p>
<p>And, good for your D with the SMART grant. I don’t know much about that except I think it’s for juniors and seniors who are majoring in math or science. Is that right? What else is it about? and, who can get it?</p>
<p>It is for Juniors and Seniors in certain majors (mostly sciences and math but also certain languages and other majors). It requires Pell eligibility and a certain GPA (around a 3 point I think). It is a nice grant to have at $4000 a year.</p>
<p>mom2collegekids: At least at CMC the total financial aid package included, as I recall: tuition, room and board, living expenses, books and travel. All of that added together was considered the cost of attendance from which the EFC is deducted. What is left is what is awarded in grants and WS.</p>
<p>181818: Even though a school states they meet 100% need, most do not say they will meet 100% need without student loans. It is more likely tied to an income level. With an EFC of $14,000, I do not believe the OP will meet the criteria for the university that will meet 100% need without student loans.</p>
<p>^^^</p>
<p>There’s the rub. </p>
<p>Few schools are meeting 100% of demonstrated need w/o loans. Maybe, CMC is one, but I think that school is also hard to get into. Some/many of those Claremont/Mudd, etc, colleges are.</p>
<p>And, with the downturn in the economy, who knows what colleges can do anymore. Some may have to give up their 'no loan" F/A.</p>
<p>You are correct about that but some schools say that they meet 100% of need without loans. CMC is one of those schools but not the only one. My own EFC was higher that 14,000 and a very unusual circumstance so I have not tested them with this type of number, I’m sure a quick call to a school’s FA office can verify the policy one way or another. I can say though that EFC wasn’t calculated strictly by FAFSA guidelines.</p>
<p>And, with the downturn in the economy, who knows what colleges can do anymore. Some may have to give up their 'no loan" F/A.</p>
<p>That is definitely a risk, it would change our situation draumatically, but we did prepare our S for the possible need for a gap year to earn funds if the F/A took a turn for the worse. We hope it doesn’t come to that, he is loving it.</p>
<p>I just noticed that I should clarify that my son’s stat’s were similar to the OP’s, he could get accepted to CMC.</p>
<p>181818- I just read your post#7. Did you S. get into CMC? My son really wants a smaller LAC school (History/Philosophy buff).</p>