I am emphatically not one of the experts in need-based aid here on this board. So I am asking this question in case others might be confused, as I was, by this statement.</p>
<p>I thought/think that FAFSA is used also to distribute the college/university’s own financial aid at schools which use the federal methodology (rather than the institutional methodology).</p>
<p>We are helping put my step-grandson through school and my understanding was thus:</p>
<p>School (in-state flagship) looks at FAFSA to see what federal funds might be available to him (Pell, subsidized loans) and he gets some amount of those.</p>
<p>School then looks at FAFSA and determines how much (if any) of the remaining financial need it will fill using its own institutional funds.</p>
<p>The rest is the “gap” (if any) plus the EFC, which family/student pay.</p>
<p>The biggest thing that those of us who were trying to plan ahead didn’t see was the astronomical annual increase in costs. The amount we were astounded by in 2001 is run-of-the-mill today. Once they got people to accept $32,000 - why not $40,000? Or today, many “top” schools are pushing over the $50,000 barrier.
Between the scholarship our last one has and the blessing of a new good job for H, we can pay for her school this year. This year. We showed her the math (1/4 of college fund + what we can pay out of pocket+average annual increase for your school). THe additional was what we made sure she understood might be loans.
But then, what does a 17 year old understand about graduating with debt?</p>
<p>jmmom - yes you are correct. Schools that do not require CSS/profile or some form of their own use FAFSA for both determining federal aid and their own institutional funds. However many schools that use only FAFSA do not have large funds of their own to issue as need based grants. Especially State Us. The school my daughter goes to for instance (State U) has a maximum institutional need based grant of @ $1,000 (and I think you are not eligible if you have any merit based funds from the school).</p>
<p>Yes, Jmmom is correct. But these schools which use the FAFSA only usually have limited institutional funds…and who knows how they use the FAFSA EFC to determine how those funds are dispersed? There was a thread around here at one point looking for any FAFSA only schools that meet full need. As I recall…there weren’t any. As they say YMMV.</p>
<p>Amherst (MA)
Antioch (OH)
Barnard (NY)
Bates (ME)
Beloit (WI)
Bowdoin (ME)
Brown (RI)
Bucknell ¶
California Institute of Technology (CA)
Campbell University (NC)
Carleton (MN)
Chapman (CA)
Claremont McKenna (CA)
Clarke College (IA)
Colby (ME)
Colgate (NY)
College of the Holy Cross MA)
Columbia (NY)
Connecticut College
Cornell
Dartmouth
Davidson (NC)
Duke
Emory
Franklin and Marshall ¶
Georgetown University (DC)
Gettysburg ¶
Grinnell (IA)
Hamilton (NY)
Harvard
Harvey Mudd (CA)
Haverford ¶
Lafayette ¶
Lake Forest College (IL)
Lawrence University (WI)
Macalester (MN)
MIT
Middlebury (VT)
Mount Holyoke (MA)
Northwestern (IL)
Oberlin (OH)
Occidental (CA)
Pomona (CA)
Princeton
Rice
Salem College (NC)
Scripps (CA)
Smith College (MA)
Southern Arkansas University
Stanford
St. Olaf College (MN)
Swarthmore
Talladega College (AL)
Thomas Aquinas College (CA)
Trinity College (CT)
Tufts University
University of Chicago
University of Pennslyvania
University of Richmond
University of Virginia
Vassar
Wabash College (IN
Washington University in St. Louis
Wellesley College
Wesleyan University
Williams College
Yale University</p>
<p>Now, the next step is to see if any of those school is FAFSA only. The COFHE schools sure aren’t!</p>
<p>I thought we checked that list…and all required the Profile and/or a school financial aid form. None were FAFSA only. This means that they probably ask for non-custodial parent information and things like home equity. </p>
<p>So far as I know…there are NO schools that use the FAFSA only and guarantee to meet full need.</p>
<p>PS Southern Arkansas does not require the Profile, but I think it probably was not supposed to be on Carolyn’s list. If they were, the school might wonder about next year’s 3,000 unusual applications from CC parents only.</p>
<p>I can give you some perspective of the list of schools claiming to meet 100% of need. My son was accepted to five of those schools and one other. </p>
<p>Only one has come close to meeting need as defined by FAFSA or by the other calculators. The amount we are expected to pay over four years in addition to grants plus work-study ranges from a low of $24K (which I would say meets need when you take into account assets in his name) to a high of $120K (a school not on the list). Several schools on this list require us to pay over $80K. Even including his assets, this comes nowhere near meeting need as defined by FAFSA, and will require his parents to acquire an additional $50K or so in home equity debt in their mid 50s, when they have not been able to add to retirement or college savings for the last decade due to negative circumstances. We are savers, and we would not still have our house if we were not. Apparently the schools wish to remedy that situation and render us homeless by the time he graduates.</p>
<p>We have several circumstances that may be causing this situation, including a minority share in a completely non-liquid and non-leveragable family property, and self-employment. (What we should have done is conceal this ostensible asset, which we cannot sell or borrow against, and which brings us no income. But unfortunately we are honest. We naively thought that they might actually believe that we can’t raise money against it, just as we naively thought that they might believe that we are not hiding income because we are self-employed.)</p>
<p>When I read that the average amount expected from the families and students of FA recipients at one of these schools is $9K per year, and realize that with an income of about $35K–and no benefits at all, we pay both halves of FICA plus every cent of our own health costs-- they expect us to pay a combined amount over $21K per year, I realize that something is wrong somewhere.</p>
<p>I really don’t want to see exploding heads but we have to now add another layer of complexity. At some need only 100% of need schools there are “special categories” of “scholars”. These profile schools become fafsa schools for those students. Brown, Penn, Scripps, and Colgate and I’m sure there are many others . There are usually other bene’s too. Like research, travel, summer programs, travel allowance, mentoring - you name it. This is one form of preferential packaging. </p>
<p>I know how much a couple of posters love it when I bring up my kid as a data point (and I’m sure they will be frothing and in tachycardia before I even stop editing) but who cares? She’s my best data point. D had the experience of being an AMS recipient at Colgate . Alumni Memorial Scholars. Very cool. Travel, summer program, research cash, no loans or work study or even summer contribution and a wonderfully generous fafsa look. Our best deal by several thousand dollars at need only schools. $15k or so better than Yale and Amherst in out of pocket money. </p>
<p>(She really loved Colgate, felt the students were the friendliest. Our family just never got that comfortable with the shifting need aid and when the other offer came, well…)</p>
<p>Penn has Vagelos, Scripps JES Scripps has the same effect. Brown’s is new two years ago (Sidney Something? Big donor with an ear-marked gift I understand.)</p>
<p>Before you ask , some of these are like xig mentioned earlier- you will have a very hard time finding them. But look for them at the elite or near elite schools if you qualify for need aid.</p>
<p>Another one. Some schools have scholarships that add to whatever award you get for need aid. Yes, I know that violates the black letter rule we gave you earlier. Sue me. Those scholarships have the effect of adding to previous merit OR need awards. My D’s school has an excellent scholarship based on public service. I think it’s $15K on top of your award and they give quite a few and not only to top stats kids. Very unique scholarship and reinforces that schools desire to lead the academic world in public service. Not that hard to keep for 4 years either. They also have one for a Physics wizard that works the same way. </p>
<p>I hope this doesn’t turn your brain into mush. These last two are are really good things. Just hard to find. </p>
<p>Perhaps this was mentioned earlier, but the biggest misconception is that a college that “meets 100% of your need” will somehow be affordable. That’s a very seductive statement, and take at face value it does indeed suggest that everyone attending will have to pay only what they can afford. Very egalitarian.</p>
<p>Unfortunately, when need is based on either the FAFSA or the school’s own EFC, and a good chunk of the so-called aid is in the form of a loan, families find their contribution completely out of the question. The fact that you have low disposable income after you pay for your house, cars, etc. doesn’t matter in the least, even though that’s a key measure of affordability from your standpoint.</p>
<p>As many others have pointed out, some quality time with an EFC calculator can reduce the shock. Even then, individual school methodologies can cause surprises, but certainly fewer than if the family just submits their data and hopes for the best.</p>
<p>Worst misconception I know of:
I had a friend tell me her kid only applied to “need blind” schools because they would then get need-based aid no matter what their income. (Dad is a pilot for major airline).
OK, get back to me with how that turned out…</p>
<p>Cur - in your post 189 are you talking about “merit within need” type scholarships? So the scholarship is $some#. per year UP TO full tuition, R&B, depending upon need.
So if your calculated EFC goes down - scholarship goes up, if calculated EFC goes up - scholarship goes down
???
I had never heard of this until S got one, and it seemed like a great deal, until we understood it fully. For us, it was still a good deal (due to relatively stable EFC) - but BOY there is no rule that the school has to explain things clearly!! And I’m with you about getting used to the moving $$$$$
Suddenly other offers needed a closer look.</p>
<p>there’s been some really good explanations here…for example, on IM and FM. will someone please give a good explanation of “consensus approach methodology?” </p>
<p>i saw the 568 group mentioned earlier. discussion of that group might be helpful to the newbies here too.</p>
<p>My point is not that these particular scholarships exist that DO pay your EFC, but that there are more like them at other schools. You just have to beat the bushes at the schools you like.</p>
<p>Here’s the solution: Parents, take out all of your investments and use them to buy diamonds. Then, quit your job. As soon as your FA award is announced, sell your diamonds and go job hunting.</p>
<p>I remember the rude awakening it was to realize freshmen year that outside merit scholarships were deducted from the financial aid package (you can exchange them for loans or work study, but they won’t touch the magic EFC number) …the colleges must love outside scholaships, they can offer less of their own money.</p>
<p>So we even don’t bother trying for sophmore year for any single year outside merit $$, and sure enough, the school up’ ed the college grant.</p>
<p>Wouldn’t you think they might give the student some kind of break for obtaining outside merit $..? Kindof counter-productive.</p>
(and I’m sure they will be frothing and in tachycardia before I even stop editing) but who cares? She’s my best data point. D had the experience of being an AMS recipient at Colgate . Alumni Memorial Scholars. Very cool. Travel, summer program, research cash, no loans or work study or even summer contribution and a wonderfully generous fafsa look. Our best deal by several thousand dollars at need only schools. $15k or so better than Yale and Amherst in out of pocket money. </p>
Those scholarships have the effect of adding to previous merit OR need awards. My D’s school has an excellent scholarship based on public service. I think it’s $15K on top of your award and they give quite a few and not only to top stats kids. Very unique scholarship and reinforces that schools desire to lead the academic world in public service. Not that hard to keep for 4 years either. They also have one for a Physics wizard that works the same way. </p>