NW - how will FA package change when younger siblings reduce EFC in last 2 years.

Colleges and Universities A-Z Northwestern University
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<p>Advice or any real-world experience @ NW?
Son is accepted for next year.
EFC is 35K, need=21K
Freshman Package is:
NW Scholarship - 13.5K
Loans (Perkins/Stafford) - 5K
Federal Work Study - 2.2K</p>

<p>In his junior year, sister #1 enters college, assume my EFC at NW will be 17K (35K split between 2 kids)
In his Senior year, sister #2 enters college, assume my EFC at NW will be roughly 12K (36K split between 3 kids)</p>

<p>I know Stafford will bump to $7.5K in Jr + Sr years.</p>

<p>Big question: assuming nothing else changes, will NW increase scholarship to match reduction in EFC?, or just increase loans in package?</p>

<p>I saved for for in-state school costs for all 3 kids (21K/year), the remainder is son's responsiblity.</p>

<p>If NW just increases FA aid with more loans, he would graduate with roughly $65K of loans (way too much - assumes 6% tuition inflation). However if they increase NW Scholarship to match decrease in EFC (17K Junior year + 24K Senior Year = 41K), he would graduate with 24K of debt (reasonable).</p>

<p>He wants to study creative writing, with a double major in business.<br>
Any opportunity for any additional scholarships (department)?</p>

<p>Am I dreaming that NW will match reduction in EFC with NW Scholarships (or to what %)?</p>

<p>NW is #1 choice...
He also has full tution scholarship to Depauw.
Total cost (out of pocket) for Tuition/Room and board for 4 years would be 51K at Depauw, and $165K at Northwestern (if no additional scholarship $ when EFC is reduced)...</p>

<p>What stress..</p>

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<p>They have a new loan capping program where most undergraduates are guaranteed not to get more than $20k in loans. You would likely get scholarship and loan increases.</p>

<p>That’s a BIG cost difference… If you can’t reasonably afford it, NU may not be worth it.</p>

3

<p>Thanks. I did call NW FA, and they mentioned the loan cap. They implied the remainder of the gap to EFC would come primarily from additional scholarship money. Another parent sent me a private message, and she said NW FA said they would expect 60% of the EFC allocated to them (versus 50/50%) for the second child, and then the rest would be made up in scholarships/grants. </p>

<p>Thanks for your feedback.</p>