<p>Emeraldkity - Reed does NOT guarantee aid to first year students.</p>
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Priority is given to first-year students who are admitted as part of the early decision process. Because of our financial commitment to continuing students, * some first-year and transfer students may not be offered institutional financial aid for their first year at Reed*. While the admission process is need blind, the financial aid process for regular decision freshmen and transfers is merit driven: of the admitted students who demonstrate need, those who have the strongest admission applications are most likely to receive institutional financial aid.</p>
<p>Reed meets the full demonstrated institutional need of all students who have attended Reed at least two semesters, who are maintaining satisfactory academic progress (six Reed units annually and a minimum 2.0 grade point average), and who file their applications on time.
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<p>Source: Reed Financial Aid Handbook -
<a href="http://web.reed.edu/financialaid/handbook_philosophy.html%5B/url%5D">http://web.reed.edu/financialaid/handbook_philosophy.html</a></p>
<p>My son is one of the students who was admitted to Reed and denied financial aid. We had a letter from Reed specifically saying he was eligible for need-based aid, but that his application was being denied except for the regular Stafford loan. When I asked, the financial aid office told us that he would have qualified for approx. $15,000 of aid. Other private colleges gave award packages ranging from about $12,000 to $22,000. My son even qualified for need-based aid for in-state tuition in the UC system - he was admitted to UC Berkeley with a financial aid package that included a small grant. One college offered a Perkins loan on top of the regular Stafford loan. I think our EFC on the FAFSA was about $12K.</p>
<p>Reed was my son's first choice and he wrote that on his application, but he could not attend without aid. My son was a very strong candidate: National Merit finalist, 4.0 unweighted high school GPA (about 4.3 weighted) - stellar recommendations. He might not have fit Reed's idea of a "priority" candidate for admission -- but he certainly was not a borderline or weak candidate. He was offered significant financial aid at two other private colleges that do not promise aid to all students, including one that is far more selective than Reed was at the time. </p>
<p>The Reed financial aid office was also the most difficult to work with - at the time he had applications out to half a dozen private colleges - and Reed requested documentation related to my income from self-employment that was far more intrusive and beyond anything else any other college requested. My impression was that they were going over every line of my tax returns with a fine-toothed comb. I was required to submit all sorts of extra documentation. It didn't seem like a school that was going to be particularly generous. Keep in mind that meeting "need" on paper is a different thing than reality. </p>
<p>Bottom line: the college does not promise aid to incoming freshmen - I have no idea how many get denied, because the statistics as to the percentage of first years students who get aid does not account for the number of students who do not enroll precisely because they were denied aid. Since Reed's yield is fairly low, there are probably dozens of students each year who fit that category. By Reed's own account, my son qualified for a grant of $15,000 and got -0-. Even if he had received that grant, it would have been one of the weakest financial aid awards he was offered, given Reed's high tuition.</p>
<p>As you know Reed also is well-known for relatively high first-year dropout rate, which means that a significant number students don't make it past that 2-semester hump.</p>