<p>My son was accepted to RIT as an ED in Dec and just received the ED estimate. He has been awarded with a merit scholarship in the amount of 15K per year and that is all he is getting in aids. We haven't filed FAFSA yet so we are not sure what his EFC will be, but 32K (47K - 15K and this does not include other expenses such as books/supplies, transportation, others...) out of pocket just doesn't make sense. Spoke with a financial aid counselor and was told that his need was met with the scholarship. Why would merit scholarship factor into need based? After all, it's MERIT scholarship. She also mentioned the appeal process, but issue is that we need to decide by Feb 15 and they won't look at his FAFSA until March. Any thoughts?</p>
<p>ED gives an estimate based on info you provide on income. Sadly merit aid gets group into all aid. If their estimate doesn’t meet your need then you can be released from ED. </p>
<p>Many thanks for your feedback. RIT is my son’s first choice and he will be very disappointed if we asked for a release. I am really surprised that he doesn’t qualify for additional aid or grant. I am not saying we are poor, but the estimated net cost of 35K per year (32K + other expenses) is just too much to bear.</p>
<p>When they say his need was met by the scholarship, what they mean is they looked at his merit first, and awarded him 15K, in theory without looking at or factoring in your need. Then they looked at his need (I assume based on CSS Profile if you haven’t filed FAFSA yet) and decided that you can “afford” some amount that is more than 32K. Then they looked at his merit award and saw that you “only” have to pay 32K based on that, and thus didn’t need to award anything else in need-based aid. (This is what people mean when they say that merit awards reduce need. Suppose they computed that you could afford 35K, so you would need 12K in aid. But then he got 15K in scholarships, so now he has no remaining need, but your out-of-pocket expense is only reduced by 3K, not by the entire 15K of his merit award – merit rarely stacks with need-based aid.) </p>
<p>Has anything changed substantially between the time when you filed the Profile and the more final numbers that will be on the FAFSA? If so you may be able to update those numbers for them and do an appeal on that basis right away. </p>
<p>4kidsdad - yes, we did and the estimated aid was16K, but we assumed that figure didn’t not include merit scholarship. We assumed wrong…</p>
<p>mathmomvt - He has applied to other schools (Drexel is one of them), but not sure if we will hear from them before Feb 15 RIT deadline. Nothing substantially have changed, but I will meet with my tax guy this weekend to file taxes. Should I wait until then?</p>
<p>RIT does not use the CSS Profile.
OP - you should file the FAFSA now using your best estimates and check “will file” for your federal tax status. It is easy to update the final numbers using the IRS retrieval tool, once you actually file.</p>
<p>Did RIT get financial information from you for an estimated financial aid package? In order to get a financial aid award from them, or any school, you need to send them a completed application with your 2013 income and your asset on the date you file the app. How else will they know what your need is? To get some quick idea, you can fill out an EFC estimator and the NPC for RIT and see what your family need is according to their formulas. You then subtract out the $15K merit award. If you don’t know what your FAFSA EFC is, or even have an idea, how the heck is the school supposed to know? </p>
<p>Your FAFSA EFC is probably going to be the LEAST your family and your son will be expected to pay unless he gets a merit award that is bigger than what the defined need is. </p>
<p>Right now he gets the $15K plus can take out $5500 in loans (maybe some of it subsidized) IF your income and residency qualifies him for TAP (NY state need need based funds), he may get some of that. If you are PELL eligible (have to be close to poverty level ) he can can get up to abou t$5600 in PELL. PELL and the Direct Loan he pretty much can get at any school; TAP for schools in NY if you are a NY state resident. The rest is up to the individual schools. </p>
<p>RIT tends to met more 80% of demonstrated need, so your son may well get some more aid IF your family has need BY FAFSA formulas and you fill out the form. But need is determined by those hard numbers and verifed by IRS retrieval tools against your 2013 tax returns. Not by whether you can afford to pay your EFC or what you deem is your need. The school, and the FAFSA formula determine that.</p>
<p>Thank you all for very helpful information.</p>
<p>Yes, once he got accepted, we were asked by RIT to submit our financial information (for both 2012 and 2013) for the estimated ED financial aid package and that is what we did. We leave in PA so TAP is not an option. We plan to file FAFSA this weekend and I guess we will go from there…</p>
<p>What does the NPC and FAFSA estimator give as expected contribution on part of your family? If the numbers exceed $32K, not likely the student will get any aid. You have to have demonstrated need by formula to get financial aid. </p>
<p>An EFC of 15.7K means that if a school meets full need using FAFSA only, they would expect you to pay 15.7K in “cash” in addition to the loans and work study. If your EFC is 15.7K and RIT is expecting you to pay more than that after loans and work study, then they are not meeting your full need. </p>
<p>What does RIT’s Net Price Calculator say they will expect you to pay? What does Drexel’s say? His other schools’? This is the downside to ED – you don’t get to see where else he’ll get in or what it would cost for him to go elsewhere before you have to commit or withdraw. :(</p>
<p>Don’t use Fafsa estimator (whatever that is). Use the NPC on the RIT website.</p>
<p>For some reason, the school thinks it is “meeting need” (did they use THOSE exact words??). If so, then they think your income/assets are higher than what a $15k EFC would indicate.</p>
<p>Maybe the school didn’t use the words “meeting need”. Is it possible that the school said something else? RIT doesn’t promise to meet need, does it?</p>
<p>Are you saying that your income is about $80k with few assets? </p>
<p>“Why would merit scholarship factor into need based? After all, it’s MERIT scholarship”</p>
<p>A lot of people make the assumption that they’re going to be given aid for their “need”…and also get merit money on top. No.</p>
<p>Merit is usually given first. Then if there’s any need, then aid might be given. </p>
<p>The only way to reduce EFC is to get ALL MERIT (or go to a cheap school). If your child was given a $50k merit award, then the amount that you’d have to pay would be little. </p>
<p>When I entered our income, it automatically assumed we have assets in the amount of $40K+ (??? I interrogated my wife if she was hiding $40K in cash from me), but our savings is approx $6K and we have no other assets other than our retirement fund.</p>
<p>According to RIT’s NPC…(it didn’t provide EFC)</p>
<pre><code> Estimated Total Cost of Attendance $47.6K
Estimated Total Grant/Gift Aid $16.0K (RIT is offering my son $15.0K)
ESTIMATED NET PRICE $31.6K
Estimated Total Self Help $8.1K
ESTIMATED REMAINING COST $23.5K
</code></pre>
<p>No. RIT does NOT promise to meet need. No where do they say that they meet full need. According the common data base stats, they have, on average, met about 80% of need, and meet full need for about 80% of their students who have need. Which often means that kids with just a little need probably have 100% of need met, and those with high need, not so much. Averages are tricky. Clearly, the financial aid package is not meeting even 80% of your need, and given your financial info, their NCP does not meet 80% of the need for those in your situation.</p>
<p>RIT is NOT assuming that there is $40K in assets hidden any where. THat is the asset protection allowance you and your wife have and you can have that much money before the FAFSA formula takes any of your assets into account in calculating your EFC. So that has nothing to do with your award.</p>
<p>My advice, is to call and email RIT’s financial aid office and tell them that the package that they are offering your son does not come anywhere close to meeting need when just the merit award is considered. That you are awaiting additonal financial aid before your son can make a commitment to the ED, Your FAFSA should be submitted to them so that they can come up with additional aid, if they so choose. It seems that right now RIT does not know your financial situation, so they cannot come up with a package. Do they have this information at RIT? So you need to file an estimated FAFSA as soon as possible so that they can have the opportunity to craft an estimated finanicial aid package. If the package they present is not doable, then your son has to request to withdraw from the ED. But a school cannot do up a package without the salient financial info. If you have already sent the info to them , and the merit award is all they are offering and they are done with his package, then the answer as to what to do here is clear. You cannot afford this school and have to move on, </p>