<p>
[quote]
Smith is a <em>need blind</em> college, for the most part, not need- aware. Yes, they do look at how much aid was awarded after about 95% of the of the total applications needed to fill a class have been admitted, however; most of the time 100% of the students receive 100% of need met.</p>
<p>NO student should believe they might have been admitted because of ability to pay.
[/quote]
Hallelujah! Much better way of doing business, and making sure that all needs are met.Also, makes sure that they get the best applicant pool.</p>
<p>Stats:
SAT: 2170 (730CR, 730M, 710W)
SAT II: 780 US H 680 MathII
ACT: 33
GPA: 4.0
Rank: 90/1250 (a National Blue Ribbon Public School)
APs: 7 APs--5s, 2 4s</p>
<p>Subjective:
ECs:
--Final Four of National High School Student's Policy Debate at NYU;
--Semi Finalist of National High School Student's Domestic Extemp Debate at ASU Southwestern Championships (11);
--President of Animate Club at School (9, 10, 11, 12) (more than 60 members)
--Secretary of Debate Club at School (11,12)
--A numbe of awards at the local, regional/state debate events</p>
<p>Recs: Excellent from Two teachers.</p>
<p>Location/Person:
State: TX
School type: Public
Ethnicity: Asian
Gender: female</p>
<p>Other Schools Accepted: Carleton, UT Austin (biz school).</p>
<p>We visited Smith last July, D likes the houses. But the financial aid package from Smith is not good ($10K grant, $5K from work and loan). We need to pay the rest (around $30K) per year and this is a huge money/burden for a family 4 with AGI around $90K. Haven't made the decision yet. Based on our family EFC of $18-20K, we expect around $25K financial aid.</p>
<p>Not much difference, just $2K more from Carleton (Guess that I put wrong data on CSS/Profile and FAFSA). </p>
<p>UT Austin is our home state school, the cost is around $15K per year. So our big question is --- is this worth it to pay $15K or $20K more per year (60K--80K for four year)? We are the first generation of immigrants to this great country (my D got here at age of 7) and we have no ideas about the difference betweem those small LACs and state schools. She likes to speak/debate in a public, and to take the ownership or leadership to do something.</p>
<p>Don't assume you entered the wrong numbers into the Profile and FAFSA. Most of us in the middle income bracket went into temporary shock when we saw our FAFSA expected family contribution. The EFC seems to be about half of the gross salary without taking into consideration housing, taxes, debt, ordinary living expenses, etc. There's no way any of us can afford to spend 50% of our income on college; however, the EFC counts both savings (even if regular savings are meant to supplement official retirement accounts) and the amount of debt one can assume at that salary level. It may even make some assumptions about how much money SHOULD have been saved at that income bracket - I don't know. US citizens are expected to assume some debt to put their children through college.</p>
<p>Those who live in expensive areas of the country are hardest hit.</p>
<p>Luckily we have been saving for college since our D was three. Still don't have enough to cover all four years...thanks stock market 2001,2002,2003!!!! Of course, being an only child didn't hurt either.</p>
<p>As I remember, there are many differences. I think one of them uses the value of your primary residence when it exceeds annual income by 140%. They also treat multiple kids, and private school tuitions differently. Business rules are different. </p>
<p>For us, they come out relatively the same, but that's because we are poor, in college terms, either way, and our businesses are worth zero without us (sole proprietor services), we don't have much cash, and our house is way below the national median.</p>
<p>For a lot of us, I think the CSS Profile comes out the same as FAFSA because of home equity. While the Profile takes into account some stuff such as mortgage that the FAFSA does not, it also asks for the value of the house. I believe that there is an underlying assumption that a home equity loan can be taken out, although they don't seem to calculate whether the owner can actually make payments on that loan. I've read of a lot of people on this site who have expensive houses in, say, CA, where you don't have a choice BUT to own an expensive home (because of the prices), but whose income is completely tied up in paying the original mortgage. </p>
<p>I'm not complaining about a lack of FA since we have been saving since my D's birth and have only one child. Paying for college is going to run through all of our savings/investments, probably leaving us with nothing and increasing our debt level, but we won't be destitute. Other families are far more deserving of the limited resources college have to offer.</p>
<p>We are expected to feel the pinch and to assume debt. It all depends on what colleges feel is a reasonable level of debt compared to income.</p>
<p>
[quote]
I've read of a lot of people on this site who have expensive houses in, say, CA, where you don't have a choice BUT to own an expensive home (because of the prices), but whose income is completely tied up in paying the original mortgage.
[/quote]
That's a bingo. And some home equity has already been tapped. We'd have been better off financially if we had bought years earlier but we weren't willing to have long commutes and we weren't willing to give up the Santa Monica schools.</p>