Looks like they “met need” by using your EFC as what your family could afford. This happened to us too with the “meets need” college our daughter was accepted to.
Looks like Georgetown’s tuition & costs went up significantly since last year! They must have outdated numbers posted on their website. I strongly expect that we’ll have a period of inflation soon that might cause tuition prices to continue increasing significantly in the next few years. That said, your EFC should remain relatively stable if your income and asset amount remain about the same.
It’s a very good financial aid package. Most experts recommend that students not take out more in loans than they would make their first year working. You mentioned that your family could afford $20k/year. This means your daughter might have to take out 40k-50k in loans (max). She’ll certainly have an annual salary greater than that with a degree from Georgetown. Congrats to your daughter!
I have heard the Parent plus loans have high interest rates. We told S21 no loans from us, so the budget is what we have saved + plus what we can cash flow.
He can take the fed loans the student is eligible and that’s it.
@anaray I am not sure. I was trying to explain out FA’s are taking into context the family situation so it’s not cut and dry and definitely not if they want your student to enroll at their school.
I could not find figures for 2021-22, so I used last year’s, and calculated average R&B costs. Tuition, R&B, and fees was roughly 75,000. I would add 2500-3000 as a guess for how much things went up this year, so maybe 77,500-78,000 total for 2021-22. The difference between that and the 82K is probably what they calculate for books, spending money, transportation, maybe student health insurance. This estimate can sometimes be inflated; a frugal student’s actual costs may be less.
It looks like Georgetown awarded your child a total of 44470 in grant money, the balance being loans/work study. To determine your cost, I would add the 31,110 + subsidized loan of 3500 + work study of 3,000 = 37,760 (which probably includes their estimate for incidentals).
Hope this helps! It would be easier if the breakdown for 2021-22 was available online.
I found the budget for Georgetown and tuition for 2021-2022 is approved to be $59784 which is a 4.2% increase. Housing varies depending on the option, but looks to be roughly $6000-6200 per semester for an increase of 2-3% so roughly $12K per year. Meal plan is $6520/yr for freshman for a rough total of $78304. So you were close! Fees vary so did not add those in.
No wonder so many people are in debt. 5% rates sound low, but when you can get a mortgage at 3% or less and if you have money in the bank you’re lucky to find a place paying 1% (hint Bluevine) then 5%+ is a ripoff.
“Then again, given that people may have been planning / saving for literally decades, it’s kind of lousy to tell them a year or two before their kids start school, “Hey, guess what? You actually needed to save way more than you thought, because we’ve just changed the formula.”
This. Some families have already made college decisions based on NPCs with multiple kids in college. Ours is one of them (three in college at once). Fine if they want to change the rules, but families should be given notice. Changes should go into effect 5-7 yrs or more down the line imho.
Black kids (entire diaspora) are not over represented at PWIs and are rejected at the same rate as other racial/ethnic minorities. Dismal percentages at UCs (particularly UCSD.)