"need met" in the Common Data Set

Paying for College
1

<p>At the very end of the the Common Data Set are definitions to use for financial aid (section H).
<a href="http://www.commondataset.org/docs/2013-2014/CDS_2013-2014.htm"&gt;http://www.commondataset.org/docs/2013-2014/CDS_2013-2014.htm&lt;/a&gt;&lt;/p>

<p>However, "need met" is not in the list of definitions.</p>

<p>Questions H2(h) and H2(i) indicate that all forms of financial aid except PLUS loans, unsubsidized loans, and private loans are included in "need met".</p>

<p>What this appears to mean is that manipulating the composition of the student contribution can affect "need met" numbers in the Common Data Set. For example, suppose a college costs $55,500 has a financial aid policy of having a student contribution of $5,500, but otherwise being generous with financial aid. Let's say a student with a federal and institutional EFC = $0 comes along. So the college gives a $50,000 financial aid grant. If the student contribution of $5,500 is composed of:</p>

<ul>
<li>$3,500 subsidized federal direct loan + $2,000 work study => need fully met</li>
<li>$5,500 work study => need fully met</li>
<li>$5,500 federal direct loan ($2,000 unsubsidized) => need NOT fully met</li>
<li>$5,500 student work earnings expectation, but no work study => need NOT fully met</li>
</ul>

<p>Whether this notion of "need met" matches up with how people commonly use the term is another story. But that adds another variable (in addition to varying institutional definitions of "need" and student contribution) that makes it risky for students to assume that a "meets full need" school will be generous with financial aid. Bottom line is, do not assume, but use the net price calculator to get an estimate before applying.</p>

2

<p>In the scenario you presented, the student contribution would come form summer earnings and be part of the EFC. Any loans in the financial aid package would be part of meeting the demonstrated need. In addition, in the scenario that you presented, most of the direct costs would be covered by financial aid. In the case of the student contribution, this money would be used for travel, books and other misc. expenses that the student can and usually does look for cheaper alternatives.</p>