<p>I think it’s interesting about the schools that “meet 100% demonstrated need.” You would think, theoretically, that would mean that all schools would offer the same. It is amazing how different this little phrase is interpreted. So far, we have gotten the aid packages from 4 schools, and they range from zero (Colgate) to a huge amount (from Vanderbilt) with packages from Hamilton and Wash U somewhere in-between. I also find it interesting that some schools include the FA info with the acceptance letter (Vanderbilt, Hamilton, and Colgate) which is of course the preferred, while others send FA a few days later (Wash U) and others mail the FA within two weeks of the acceptance letter (Northwestern, being a good example). I also agree with others who have said this, a loan is a loan and should not really be expressed as finanical aid.</p>
<p>My son has been extremely lucky. He has excellent options, and clearly, no one is going to feel sorry for him if he doesn’t get the results he is hoping for next Wednesday.</p>
<p>This really is such a wild ride, and nothing really prepares you.</p>
<p>Good luck everyone. Lots of decisions to be made and to come.</p>
<p>Congrats to momdoc’s son on Bucknell (with presidential scholarship!), puma’s son on Davidson, and LeftofPisa’s daughter for being accepted at top choice auditioned program (glad there was no expressway fallout!), and to phb’s daughter for getting a late Saturday call from an honors professor pretty cool!</p>
<p>Happy birthday to holliesue’s daughter my own always likes to remind me that she can sign her own waievers now!</p>
<p>Goucher offered merit aid, but definitely not enough (lowest so far). Oh well, at least that’s one less school to think about. Doesn’t bode well for upcoming packages…</p>
<p>We are in that same financial gray area as so many. I know a lot of us probably had college funds take big hits between stock market dives and financial crises. We’ve also got two more kids who will be going through the higher ed pipeline soon, one who is special needs and not as adaptable as her siblings.</p>
<p>On the other hand, I feel like I don’t have much room to complain. We can afford the state flagship without loans and it’s a great school. I just wish I could send my daughter, who has worked so hard and done so well, to any school she’s able to get in to. I’m also tired of arguing with my husband about what we can afford and how much we need to keep aside for the other kids, and how much, if any, loans are reasonable. The arguments aren’t nasty we both know we want the best for all the kids but it’s exhausting circling the same territory over and over and hoping that the next acceptance will be the one with the big fat merit offer that solves everything.</p>
<p>On a brighter note, today will be a love your safety day. We are going over to the flagship campus to look at potential dorms so she can sign up tonight. If she does end up at the safety, I want it to be the best possible experience.</p>
<p>On the way home, I’m going to pick up ingredients for proudmom’s chocolatini!</p>
<p>Hurray for all the news that is good. Sorry some of you got thin envelopes or limited FA. We are definitely in love your safety mode. (Although we actually weren’t sure if UAlbany was a safety or match because of D’s odd h.s. program. ) I had unwelcome news on Friday- but it is my own fault. I never knew that the 529 program savings could not be used for R&B. Ack! Well I guess D is not going to have to pay for grad school all by herself. She is ecstatic, H and me not so much.</p>
<p>kinderny, 529 funds can be used for room and board - as long as you’re paying room and board fees to the college. The 529 funds can’t be used for off-campus housing where you’re paying the money to a random landlord. Check the IRS publication 970 - it has more than you ever wanted to know about qualified education expenses.</p>
<p>Congratulations to the many new acceptances! It is exciting to root for you all.</p>
<p>My son was excited to come home with a few medals from his competition, but when I asked him if he wanted to wave them towards Cambridge, I got a look that told me it was not yet a topic he could laugh at. So still ouch, but at least he’s back on the swing…</p>
<p>Have my seat belt buckled for this week. I try not to peek too often at this thread during the week, but it really is irresistible to find out how our kids are doing. Hope everyone still waiting gets great news.</p>
<p>Thank you Calreader, I had a moment of panic about what 529s can be used for.
Snoozn - I’m right with you there. I have 3 more kids to go and I think the intent of finaid is for me to spend the 529s down on the first kid to zippo, spend my stocks/savings for child #2 and then sell the house for kids #3 and #4 - and possibly move back in with my Dad. If I am lucky with merit, my retirement savings might not have to be touched. I keep hearing that song “Welcome to the real world, she said to me, take a seat.” I hope you have a good positive flagship visit today - we will be doing the same this week Friday and Sat.</p>
<p>Thank you calreader! I just could not fathom that room and board would not be covered but was given a link that seemed to state that. I really appreciate the correction. ( D, not so much. )</p>
<p>Amanda: I love your long-term finanacing plan. </p>
<p>I went to a lovely neighborhood brunch this morning and guess what was one of the main topics of conversation. I found it interesting that several moms of boys were suprised at the schools and scholarship options some of my daughter’s friends have. They seemed to assume that the girls were air-heads because they are pretty and poplular. My D1 has faced this a lot. Freshman year of high school she was a cheerleader, and several teachers did not take her seriously. She’s currently in an honors thesis class in college, and she said a lot of the kids treat her like the “cheerleader in the room” again. Just wondering if other girls had has this experience.</p>
<p>Just had to take a moment to thank AK for the FA laugh, send my happy congrats and empathetic hugs to you all, and confirm that I will rebuckle snugly tomorrow morning. D’s “top 5” all come in the next 3 days: One by mail tomorrow or Tuesday, one online on Tuesday, and 3 (including 2 clear favorites) on Wednesday. Who else is expecitng simultaneous system crashes at all the ivies and CC?</p>
<p>Oh my goodness, I am just back accepted student days and I can’t believe how much I have missed! Congratulations on all the acceptances and good finanical aid packages! Hugs to those with disappointing news.</p>
<p>Well, D and I attended 2 accepted student days this past week. We encountered 3 hail storms (I thought the windshield was going to break), tornados (yes, 30 houses were wiped out right in front of us), a mudslide that blocked the road, delayed flights, a moldy hotel (which we promptly left and ended up checking in to a 5* for the same price - thanks to my smartphone and Hotwire), and some very interesting late-night sights in the French Quarter in New Orleans.</p>
<p>Both D and I felt is was well worth the trip to both schools. In both cases, she loved the schools and the ambiance even though they were very different from each other. What we were able to do is dig deep into her program, meet with the deans and students, to determine if the program was the best fit for her. On the surface, both programs are excellent but we learned a few things, particularly around the study abroad requirements and program focus that is helping her make her decision. Most of this in-depth info was not avaiable on the web or in any of the literature that we have seen to date.</p>
<p>So, she has narrowed it down to 2 schools with one being a strong front runner. We are going to their accepted student’s in a couple of weeks.</p>
<p>For those of you questioning on whether to make the trip for the dog and pony show, I would say yes, do it if you can with your eyes open. We had more access to the Deans, professors and students than we have had in the past and that is making the difference.</p>
<p>I need to correct what I wrote above. Yes, room and board are qualified expenses for 529 funds. But also - you can use the 529 for off-campus expenses; it’s just that the amount you can use is limited to the amount that the school publishes as part of its cost of attendance, even if you’re paying more than that for off-campus housing.</p>
<p>Here’s the language from Pub. 970: “Expenses for room and board must be incurred by students who are enrolled at least half-time. The expense for room and board qualifies only to the extent that it is not more than the greater of the following two amounts:
a. The allowance for room and board, as determined by the eligible educational institution, that was included in the cost of attendance (for federal financial aid purposes) for a particular academic period and living arrangement of the student.
b. The actual amount charged if the student is residing in housing owned and operated by the eligible educational institution.”</p>
Sorry about Goucher. We are having the same kinds of “talks” around here. We are pretty confident (and so is S) where he will go next year, to the school showing him the money, I mean the love. But, as we have told S, if he goes to that school and we send 11yo D to the very expensive private school of her choice, it means we have no extra money if he decides the school he starts at isn’t right for him. What we spend freshman year can’t increase, except for the 5-6% every year we budget in. So he needs to be sure of his choice because once we commit to a private school for 11yo D (based on what he decides) we aren’t pulling her out if it doesn’t work out for him. He is OK with that. He knows that there is only so much money available and his current first choice is cheap enough we can afford to send D to the middle school of her choice. He needs to make a decision and stick with it. OTOH, he loves knowing how little his private university will be in relation to his friends school, both public and private. And I have cc to thank for that. We deliverately looked for schools that might offer him aid. </p>
<p>Momofboston- yikes about the accepted student days and hotels. H wants me to book the hotel he stayed at with S during college visits for move in day. ahhhh, I don’t know, I think I may move up a little and book a “nicer” hotel and tell H his dive, um I mean hotel was booked. If your D is interested in Tulane my niece is in her second year there an loves it. I would be happy to hook them up. </p>
<p>S has a phone call scheduled with the dean of the college at the university showing him the love scheduled on Monday. She sent him an email asking him to call her secretary to schedule a 30 minute block of time to talk about his interest in his prospective major. Yikes. I am much more nervous than he is. They have given him above average merit and although the school was not his first choice, the merit and emails and phone calls have made it his. I have deliberately not asked him when this phone call will take place (after work on Monday) I do not want to be a fly on the wall. My hope is he can wrangle a work study job in her dept from this, or get more merit which was suppose to be one of the topics of conversation. </p>
<p>We have had two school auctions, S’s Eagle scout ceremony and a lot of other stuff going on the past few weeks and I completely forgot one of our 3yo neices bday party today. Scrambled to get a gift at a local toy store (who told me they are on the verge of going out of business afte 25 years in the business) My D and I will stop by with gift later today but I really need this whole college process over with. I am losing my mind between his college stuff, D’s middle school stuff, taxes and FSA’s from last year asking me to validate expenses. Found out S’s number one school doesn’t give priority to kids who get deposits in first, dorms are by lottery and S says he can live with anything. But, I want it done. You know you are going there, last school will not give you the same money, can’t we decide NOW???</p>
<p>I know we may have missed out on some tax discounts, but most of S’s college savings were invested in our own in regular mutual funds so we can spend it on whatever, which works out good right now because we lucked out with the stock market downturn we still saved more than we need if he goes to the school giving him the most amount of merit. I think we could probably transfer it to 11D but we don’t need to worry about 529 rules now. We did just set up a 529 acct for D though so I should actually sit down and read the rules.</p>
<p>I was away for a day and a half and can’t believe how eventful the time was. Congrats to everyone with the acceptances and FA $$$. Boos to the schools that sent rejections and WL or FA package full of loans.</p>
<p>We are waiting for the 3/30 decisions, but as it happens right now, we are overwhelmed with the choices S already has. </p>
<p>The next 2 weeks he will be traveling for the revisits/admitted students days. Right now he is booked to visit 3 colleges; depending on the 3/30 results, another 1 or 2 could be added. He is complaining about missed school, etc… </p>
<p>Yesterday he got a letter from the National Merit Scholarship Corporation that is a little bit puzzling. I am going to the FinAid thread here to find out more about it.</p>
<p>Good luck to everyone who are still in the waiting mode. This week is going to be very tough, with so many announcements from the most selective schools coming out within 2-3 days from each other. But it’s the last week of waiting and it looks that most of the kids here already have a great option or two behind their belts.</p>
<p>Puma, leftofpisa, lynjoy, momdoc…great to hear your good news. These kids are just so accomplished. I am really happy for everyone. After these many months of choosing, applying, sorting through FA forms and GC forms and the myriad other forms, we are finally in the home stretch! It has been a joy to be on this wild ride with you all…</p>
<p>@AmandaKayak: Love your financial aid plan. @momofboston: After your intro, I misread “ambiance” and thought your D loved both schools and the ambulance! At least your eventful trip didn’t go that far.</p>
<p>What? No news in the last 3.5 hours? I’m hoping everyone is taking a well-deserved breather from the weekend’s news. Looking forward to a week full of GREAT news for all!! {finger’s crossed}</p>
<p>No news here but D and I had a long college discussion today while we were out grocery shopping. Hoping for the best, but preparing for the worst here. We both just want this week to be OVER. Then she can lay all the cards on the table, do some last-minute visiting, and make a final decision.</p>
<p>Good luck this week to everyone waiting for decisions!</p>
She is ecstatic, H and me not so much.</p>