<p>Was at a college financial aid forum recently and the topic of financial aid and admissions came up. The concensus was that most colleges and universities are NOT need blind and that checking the financial aid box on the common application might hurt your applicant's chances when it comes to admissions crunch time against a student who does not check the box. </p>
<p>One parent mentioned that they had several years of private collge tuition, room and board saved for their child, but that eventually there would be a need for financial aid. The financial aid officer recommended that this parent check off financial aid at the time of application rather than doing so after freshmand or softmore year when the actual need arrises. We are in that some boat.</p>
<p>So the question is, should we check off the financial aid box now even though we can pay for 60% of private T, R and B?</p>
<p>If you can only pay for 60% of the Cost of Attendance, then you had best apply for aid. If you don’t get the aid you need, how on earth do you expect to pay for your/your kid’s education?</p>
<p>The simple fact is that nationwide, the vast majority of colleges and universities are need-blind for admissions. They also have precious little money to give out, and the likelihood of your family being gapped on the need front is, well, significantly more likely than not. </p>
<p>The need-aware business comes into play at the kind of private institutions that receive a lot of love here at CC. Over in the Financial Aid forum, the consensus is that chances of admissions for less desirable applicants at need-aware institutions are improved when their financial need is lower. Desirable candidates will receive better aid and/or packages with fewer loans, etc.</p>
<p>Yes, it is true that if the parents can foresee that the student may eventually need aid,the students should apply for aid the first year. Some colleges and universities do indeed restrict aid in future years to those students who applied for it initially. Yup, not one cent other than federally determined aid for those students no matter what the reason for the financial issues.</p>
<p>For every college/university that you/your kid consider, do run the Net Price Calculator. Some are better than others, and if you have a small business all bets are off as to their accuracy, however the NPC will give you a ballpark figure. That way your family can have some numbers to look at, and can begin a formal discussion about which colleges/universities are truly worth $X given your family’s situation.</p>
<p>Wishing you all the best as you begin this process!</p>
I don’t know who was involved in the discussion but it is categorically wrong. Look at state universities. Do you think they care if you have financial need? No. They will just gap you. </p>
<p>As happymom stated, if you need to apply for aid then do so. It does you no good to get into a college and leave after two years because you can’t afford it. And the college name on the degree - the place from which you graduate - is the one that people will remember, not where you started.</p>
<p>I should have said private colleges. In this case the college admissions officer indicated that if there were two students who were otherwise tied for admission that the school may choose the students who was not looking for aid. The financial aid officer said that available funds are always scarce and obviously full paying students are rquired to make their system work, in this case about 55% of the school poulation pays full boat and 45% gets some sort of aid.</p>
<p>BTW, I should have saifd that I could pay for four years of private college for my son, but not without using funds for retirement or taking on mortgage debt. So, I guess I could pay, but am not willing. I am sure once we complete the NPC that I’ll be disapointed with the number.</p>
<p>I am among the middle group who probably make too much for aid but not enough to write a check for four years of private school for two kids. I am sure I am not alone.</p>
<p>There are many parents in your situation here at CC. I’d recommend that you spend some time in the Financial Aid Forum so that you can learn more about which NPCs appear to be reliable, which colleges and universities really truly are good with need-based aid, and which have decent merit-based aid to hand out.</p>
<p>You are smart to hang onto your own retirement funds, and to not burn down your home equity. Sit down with your spouse/whoever else it is who will help pay for your kids’ educations, and do your best to come up with a number that represents what you are ready, willing, and able to chip in each year. Make certain that your kids know what the number is (or the comparative figure such as tuition, fees, housing, and meals at the State U), and what they are responsible for (books? personal expenses? date night? car insurance??). Once your family is on the same page about the money, it will be a lot easier to make those college lists.</p>
<p>And you are absolutely correct. Nothing whatsoever wrong with a public U, or even with a community college for the first two years.</p>