New to all this college stuff.

Parents Forum
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<p>Hi we are new to all this college stuff and I have several questions.</p>

<p>When will the 2005- 2006 FAFSA be online I was hoping it was online now so we could get part of it done but it wasn't?</p>

<p>Since the EFC is based on income does anyone know the % this is based on?
What could one expect for the EFC to be if income is around 40,000 for parents and 5,500 for the student?</p>

<p>Average cost of this college will be about 16,500 a year.</p>

<p>Our daughter is in the top 10% of her class and has a current GPA of a 5.39 shes applied already to the college of her choice and been excepted.
We live in Texas and she will be attending a Texas University.</p>

<p>Thanks,
Sonya</p>

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<p>I don't know the answer to your question. However, your daughter's high gpa would put her in the category of students who can apply and be accepted to places like Harvard and Princeton. This would be the case if in addition to her excellent gpa, she has SAT scores of at least 1200 (or the ACT equivalent) and has taken a tough academic curriculum.</p>

<p>Such schools are trying hard to attract students who are considered low income, which is what your income would qualify as under their standards. Such schools are very generous in terms of providing need-based aid. For all of their students, they provide aid up to the level of the family's documented financial need. Harvard and Princeton also provide particularly generous aid to families at your income level.</p>

<p>For instance, this is what the Harvard president announced earlier this year:
"Beginning with the 2004-05 year, parents in families with incomes of less than $40,000 will no longer be expected to contribute to the cost of attending Harvard for their children. In addition, Harvard will reduce the contributions expected of families with incomes between $40,000 and $60,000."</p>

<p>`<a href="http://www.fao.fas.harvard.edu/%5B/url%5D"&gt;http://www.fao.fas.harvard.edu/&lt;/a&gt;&lt;/p>

<p>I do not know whether your daughter qualifies for admission to Harvard or Princeton, which accept only 1 in 10 applicants. However, you might want to check out their info. Even if your daughter's scores are on the low end for admission to such schools, she might get in because the colleges are very interested in attracting students who are low income. If she would be first in her familly to attend college or if she comes from a rural background, that would be an additional plus.</p>

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<p>For n estimate of the EFC, go to <a href="http://www.finaid.com%5B/url%5D"&gt;www.finaid.com&lt;/a>, then go to the parents section where there is a fafsa calculator. It probably isnt perfect but it will give you an idea of what your efc will be.</p>

<p>UT is a great university. However encourage ;your daughter to investigate a wide range of colleges. Depending on your EFC, many private colleges may end up being as affordable as UT. My recommendation is to have our children apply to at least one academic and financial safety and then let their imaginations run wild.</p>

<p>If your daughter makes good use of the internet, prepares a complete schedule of things to do, uses the Common Application where possible, and gets some decent advice from her GC, she will find it quite simple.</p>

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<p>She has been accepted to Texas State.
I was just trying to get an estimate of whats going to be our part in this college cost.
What does the typical financial aid package consist of how many loans, grants etc. is the general rule on this package?</p>

<p>I went to the EFC calculator it shows 3000.00 what does this number really mean as far as aid etc goes?
I do know we will not qualify for many things out there but I am hoping we do qualify for some.</p>

<p>Thanks,
Sonya</p>

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<p>For most schools Financial aid is calculated as follows:</p>

<p>Cost of Attendance (Tution Room Board, books, misc)</p>

<p>minus</p>

<p>EFC + student contribution (in terms of summer employment </p>

<p>= Demonstrated Need </p>

<p>For example: If your child attends an Ivy instituition which is need blind (your needing aid will not be a factor in the admissions process) and meets a 100% of your financial need with a price tag of $42,000</p>

<p>your EFC is 3000 + Approx 2000 from summer earnings</p>

<p>then your demonstrated need would be 37,000</p>

<p>With the exception of Brown, Harvard, Williams and Princeton (Princeton meets 100% of need with no loans, the others reduced EFC or minimal loans for 'lower income students)</p>

<p>Your financial aid package package may be as follows</p>

<p>Student Loan $ 2650
Workk study $1500
Scholarship $32,850</p>

<p>If you look at schools like Dartmouth and Williams they have financial aid calculators which are pretty accurate.</p>

<p>If your child attends a school that is need sensitive or need aware (the fact that s/he has a great financial need may be used against her)</p>

<p>Ohter options are schools like Bryn Mawr, Mount Holyoke and Smith which give merit money in addition to meeting 100% of your need.</p>

<p>Mount Holyoke $15,000/yr leadership scholarship
Bryn Mawr *8,000/ year scholarship
Smith Strides Scholarship (Soozie & Mini can elaborate on this one)</p>

<p>If your daughter is at the top of the applicant pool, she may be eligible for a variety of merit scholarships (some full rides from a number of schools) example Emory Scholars. </p>

<p>This can especially hold true if she is willing to step 'down a notch into a tier 2 school) A book to look at for wonderful schools were she will definitely be at the top of the applicant pool is Colleges that change lives and Beyond the Ivy League by Loren Pope</p>

<p>Hopr this helps</p>

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<p>Why Texas State? GPA is calculated on what scale? 4,5,6? Weighted or unweighted? How many AP's? What kind of standardized test scores? As a fellow Texan , maybe I can help as I have 3 very dear friends whose daughters are students at San Marcos now. I just get the feeling the board is mis-reading something about your daughter's stats . Can you help clear this up?</p>

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<p>She does not take all AP classes she takes some her GPA is 5.39 on a scale of 6.
Texas State was her choice because its only 3 1/2 hrs from home and she wanted to be able to come home without having a huge drive or airfare to get here.
Close enough to home but away from home to get the full college experience.
We are on top of some major universities but they really were not what she wanted. Shes wanting to major in physical therapy Texas State is suppose to have one of the best programs for that field of study.</p>

<p>Sonya</p>

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<p>I thought we might be getting the cart way out in front of the horse. If others have specific information on PT programs in Texas ,which I don't, I assume they will post.</p>

<p>As to your questions, you need to research "% of need met" by Texas State. Most colleges and universities , especially state schools, especially non-flagship state schools, don't have the resources available from any source (grants,loans,scholarships,etc.) to pay 100% of the "determined need" of every student who applies and is accepted. Their endowment per student is usually very small per capita.This "gapping" as I believe it is sometimes called happens at flagship state uni's and at private colleges ,too. Only the most fortunately endowed are able to meet 100% of "demonstrated need". I don't believe it is a question of desire but one of practical accounting (not enough cookies in the jar) . I will check with the parents I know and post if I learn anything helpful.</p>

<p>I would certainly consider one of the many fine Texas private colleges and compare their total package of financial aid to what Texas State can offer your daughter. You may be very surprised. Congratulations to her on her fine High School career. This can be done.</p>

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<p>We now have a new winner in our "Most Redundant" category and I can't edit it out. "Their endowment per student is very small per capita." A true classic if I do say so myself. I promise that my acceptance speech at the awards banquet will be refreshingly short (and although I do look more and more like a post pizza buffet Marlon Brando , I will deliver it in person).</p>

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<p>Well, I think you also should get the award for getting the cart back behind the horse. Who cares if there's a little redundancy along the way. If we really disliked redundancy, we'd quickly stop coming to CC! :)</p>

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<p>Where will a income of $106,000 (family of four) would fall into?</p>

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<p>There are a dozen factors other than income. Number, value, and type of assets, age of the older parent,etc.There is no way to guess based solely on income. I have found the Dartmouth and Princeton calculators on their websites to be helpful. Remember a great number of better quality schools require the more specific and often less favorable Profile, and a Farm/Business supplement if applicable .Many schools show family income in the $106,000 range as still receiving some aid. My bet is that an in-state public school would not. It's really best if you use the calculators , but I would put an average $106,000 family at an EFC of the mid-20's, but that is nothing but a guess and supposes several assets. I believe the actual range could be from an EFC of mid teens to high 30's.( I told you the non-income factors were important.)</p>

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<p>Does anyone know where I can find the information about Texas State the %
financial aid thats met of the students who attend?</p>

<p>I have learned something very interesting.
If your child has a wealthy grandparent and they need a tax right off they can make a donation for tuition in that childs name.
It has to be only for tuition and has to be sent directly to the college in the childs name. This does not go against any other forms of financial aid.
This is under gifting at the IRS website.</p>

<p>Thanks for all the help,</p>

<p>Sonya</p>

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<p>The common data set for Texas State for the year 2003 shows 66% as an average of demonstrated need met, down from 80% in 2002. There were 1812 Financial Aid applicants and 177 had their full need met.</p>

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<p>Can I ask where you found that information at that is very depressing.</p>

<p>Thanks,
Sonya</p>

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<p>the common data set fro Texas State;</p>

<p>Unfortunately it is not one single report but is broken down into sections. Here is the link for the section on Financial aid:</p>

<p><a href="http://www.txstate.edu/ir/CDS2003H.htm%5B/url%5D"&gt;http://www.txstate.edu/ir/CDS2003H.htm&lt;/a&gt;&lt;/p>

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<p>Sonya, I've started to respond 2-3 times, but other folks have said what I was going to say in a better way.
In our state, Alabama, there is very little need based aid from the universities because the legislature underwrites so much of the tuition (its cheap), almost all this aid is at the flagship unis. There are a number of merit scholarships at AL and Auburn that one needs good, but not stellar credentials to earn. For a school comparable to TX State, the only aid would be loans, Pell Grants, and a few merit scholarships earmarked for National Merit Semis. Look on the Tx State website for merit money. Therefore, for financial aid reasons, it may be cheaper for her to attend UT or A&M because they have better merit aid (you'll have to check). As I think curmudg said, look at the privates, sometimes for hard to explain reasons they may be cheaper if state unis don't have much aid. The problem for her may be the PT major.
Finally, look at commuter universities associated with major medical centers, again for us, that would be the bargain way to get PT. Good luck</p>

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<p>Texas has several grant programs.</p>

<p>Husbands work will contribute 2000 a year for college.</p>

<p>Thanks to everyone whos helped me out on all this.</p>

<p>When is the FAFSA available to fill out is it not until January?</p>

<p>Sonya</p>

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<p>You can fill out the Fafsa now if you applied ED (and requests one)just to get a financial aid package from your school. Other wise you can fill out the FAFSA on 1/1/05</p>

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<p>Sonya:</p>

<p>Both the CSS Profile and the FAFSA ask about monies paid on behalf of the student, I think, ethically, this- gifting a scholarship- would qualify. At the very least, one should ask the FAFSA people about it.</p>

<p>Also, the Profile specifically asks the amount of scholarships paid/earned. So, I think this money would still be in the formula somewhere. It might not be a bad thing, but it would stil count. However, I would be leery of risking having in count at $$$ paid on behalf of the student. I do not know how that is calculated, but it could knock you out of sime aid categories. The same if a friend or relative pays your fees directly.</p>