I got into NEU Honors yesterday with 9k dean’s scholarship. I am being given about 13k in grant financial aid/year.
This leaves about 42k/year. My family income is below 70k and so I am very surprised to have received such little aid. Is Northeastern good about reconsidering finances? Also, does northeastern redistribute the Scholars awards that were declined? I am disappointed to have been given such little aid.
Whoops meant to say 9k/semester scholarship
Unfortunately they look at more than just income. They also look at parent’s savings and investments, as well as housing payments, etc. they look at students 529s as well.
Are you certain that you or your parents filled out the CSS correctly?
We too were given an EFC that our counselor said sounded surprisingly high. Letting it sit for the moment.
I was reading recently that schools vary greatly in what line items they give the most weight to from the CSS Profile. For example, NU was included in a list of schools that are said to hit the parents’ home equity particularly hard, relative to most.
http://www.thecollegesolution.com/will-your-home-equity-hurt-financial-aid-chances/
If you have a lot of savings but a relatively low income, it can leave you in the dust for financial aid. My parents’ combined income was in the 60-70 range and I had an EFC of 34k, even with a sibling in college. The system penalizes frugality and saving.
I think a lot of schools include in your EFC 5% of your home equity (primary residence)
@nanotechnology Wow I had no idea they calculated gift aid so ruthlessly. Were you able to appeal or bargain?
@TomSrOfBoston Relatively sure.
That was the FAFSA EFC, so not really anything Northeastern’s fault. This was also 5 years ago (back before the era of NPCs). I knew there would be an unrealistic EFC going in, so I applied to schools with good merit aid and had full tuition to Northeastern.
It was only last year that they began to meet need. Of course, that is “need” as they calculate it, not what your family feels they need.