<p>BofP in the spirit of Patuxent and Asdad (and as your situation illustrates) it is important to stress to the parents to run the EFC calculator before a great deal of emotional energy is invested in the college search, to get a rough idea of whether the student will qualify for lots of need based aid, no need based aid or somewhere in between. Remember that the EFC is just the beginning of what a family might have to pay, not the end - in other words, even a family with a zero EFC will still have to pay something, ie the student will have to contribute work study, summer earnings or take out student loans that eventually have to be repaid - just no "upfront cash".
Of course, as the financial aid experts can probably list, there are some exceptions to all these "rules".</p>
<p>Exactly. This part of my distributed information will be focused in particular on those kids that know they have financial needs. Don't worry, I'm well aware of the gap between the EFC and what you can actually pay for most middle-class families (I'm in that boat myself). I will heavily emphasize that these schools are good financial bets if you have that low EFC.</p>
<p>I believe Northwestern falls into this category as well.</p>
<p>For a real life example, this year most schools have offered dd a comprehensive package that will meet need. This includes a similar small parental contribution, and a work/study expectation. However, the loan component, while pretty low and reasonable everywhere, is different. It will be cheaper for dd to attend Brown than UC Berkeley (and we are instate). Wow. </p>
<p>Don't foret that there are many schools, especially LAC's, who will give very generous merit aid if you are a nice catch for them. This can make a private school's tuition very close to public.</p>
<p>I really need to reiterate what Bettina said - my son's two strongest aid packages came from colleges that did not promise to meet full need of all incoming students. This included a combination of needs + merit aid at both colleges. The bottom line is that the colleges which maintain some degree of control about who they fund can be more flexible with their financial aid -- they can be very generous in favor of students they want. </p>
<p>It is a big mistake for students to look at needs-blind policies or commitment to meet 100% of need as a way of determining where to apply. For one thing, it is generally the most selective, elite colleges that purport to have those policies - which means they cannot be relied on as financial safeties. But the other point is that the students who mistake those policies for an indication of relative generousity may be missing out on the big bucks. </p>
<p>It is also a mistake to assume that a school will be generous because of what another student, because the whole financial aid process is so variable, depending on individual circumstances. </p>
<p>I think the only thing that is a fairly reliable indicator is to look at the average amount of first year student loans -- ideally, it should be around $2600, which is the amount allowed for subsidized Stafford loan. Schools that report significantly higher averages are loading up their students with additional loans.</p>
<p>But in response to Calmom, make sure you investigate what the packages will be like in future year. Find out if you will get gapped in future years, and try to get your questions answered in writing. Some people have complained about getting significantly worse FA packages after the first year.</p>
<p>I think Northwestern might be one. I know that the admissions process is need blind. For financial aid they calculate the EFC and take care of the rest through need based scholarships and loans. In fact they don't give merit scholarships, but only need based ones.</p>
<p>Don't bet your kids education on a need blind school. There is more than meets the eye about need blind admissions. Why do schools need so much financial aid information for Early Decision...If they are need blind and you can't refuse to go there once accepted, why don't they wait to get financial information from those who are accepted only? </p>
<p>If they are need blind, why are the colleges so consistent with the amount of aid they offer? Wouldn't you expect that one year they might accept a ton of needy students and another year they might accept much fewer? Does trying to have a diverse student admission population really balance out the financial aid?</p>
<p>Do some schools accept students eligible for the maximum pell grant over students who qualify for less or non so they can include larger amounts of grants in their statistics.</p>
<p>AS for Barnard: I saw it on a list with some other LACs that are NOT need-blind in admissions decisions in filling the last part of their class. I recall Carleton and Vassar were also on the list, and some others.</p>
<p>I know my daughter got squat from Barnard and Wellesley, some nominal aid at least from a couple of other schools.</p>
<p>Mr B most ED schools give an early estimate of aid along with the admissions decision, because there is only a small window of time between ED acceptance and RD deadlines. Many kids only apply to one school early and when they see the aid package, opt to request either money or they back out. Usually, the EFC is much higher than they had expected. Even with a valid reason, backing out of ED is a dangerous thing to do because if things do not go just right, you could be penalized without being notified as such even if you are released from the "binding" agreement. Also once the ED crowd is done, the adcoms really want to just forget about those apps, adjusting the admissions parameters taking account of who is now coming as they look through the RD apps. Some schools openly reward early appllicants with more scholarships (ex. BC), some penalize them (JHU).</p>
<p>Jamimom
I would love to pick your knowledgeable brain on a dilemma we are facing...not monetary related...but MT related. If you could email me, I'd be appreciative. If not, I understand! THANKS!</p>
<p>Mr B, as I said before, the supposed "need blind" colleges are also all in the top eschelons of selectivity. They don't need need-aware admissions policies because they use need-biased selection critiria. SAT scores are correlated closely to family income levels, so there just aren't very many needy kids who show up at the door with scores of 1550. When you combine that with the clear advantage that (expensive) prep schools bring, and the focus on a level of accomplishment with EC's that themselves require a significant level of investment... they are setting up some very high barriers to admission for kids from needy families to meet. That is why I don't buy into the "need blind" label -- you don't need financials, you can tell by the transcript, recs, & resumes what the kids financial status is. I'm not saying that they make the decision based on financial status -- I'm saying that their whole notion of constitutes the qualifications to get into their colleges has already eliminated the necessity for them doing that.</p>
<p>Holy Cross-very good LAC-meets the criteria.</p>
<p>What you do not understand? meeting all needs can mean loans?
The colleges are meeting your need with a loan. </p>
<p>I think you mean is:there is no money you have to pay back.<br>
I think you will have to be in a very low income for this one even in the IVY leagues unless you are a jock & get a full scholarship.</p>
<p>Grinnell is need blind and meets 100%, as they define it. Many students get large merit aid packages.</p>
<p>I agree with you. Mine is going to Rice and they use merit scholarships as incentives at regular admission. If you go ED which mine did, they get loans. They do meet the need, but you have to pay back the loans. </p>
<p>I know others in the same boat. Knowing what I know now, I wish I had really pushed for regular admission for a better FA package, but my child was worried even thought she was a shoe in. This process is terrible with all the stress on the children and families.</p>
<p>My husband went to Cornell College. We are hoping my son to apply to Cornell College for the one subject at a time. I think it would be great for him, but money is an issue for the second one. I did not except to be shelling so much out for the first one.</p>