<p>All too often, students find that the aid they receive in the spring after the FAFSA and CSS Profile have been filed is significantly different from the estimated aid that they were told the could receive when they were admitted in the ED round. This can leave them without many good options, or force them to take an unplanned Gap Year because the ED institution is not affordable for their family. Since your family will need to compare aid packages, your daughter should not apply anywhere ED. She should leave Cornell for the RD round. Her other early applications should be going to places where the best merit aid has early cut-offs such as U of Alabama. Have her read through these two threads for ideas:
<a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1348012-automatic-full-tuition-full-ride-scholarships.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1348012-automatic-full-tuition-full-ride-scholarships.html</a>
<a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html?highlight=automatic[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html?highlight=automatic</a></p>
<p>Your daughter needs to understand that while the FAFSA determines eligibility for federal aid, that federal aid doesn’t go very far. With an EFC of 0, it would come to only about $10,000 and half of that would be loans. The colleges and universities that are the most generous with need-based aid use the CSS Profile and/or their own financial aid applications to determine what they think the families can afford. This means that what the institution believes your family can afford may be significantly more than what your family truly is ready, willing, and able to pay. Talk with your daughter about what you can pay out of current income, what you can pay out of college savings (if you have any), and whether or not you are willing to take on any debt for her education. Make certain that she understands how much you expect her to pay from her own summer and school-year income and how you feel about her taking student loans for herself. If both of you (and any other parents/family members who are helping pay for her education) can all be on the same page about the financial issues, everyone will be much happier with the decisions that may need to be taken over the course of this year.</p>
<p>Wishing you all the best!</p>