If that is all that happens, then maybe those who need FA can start applying ED, too. Right now, only those who can full pay can say 100% that they are able to attend.
So often, I hear that EDing means you are “serious.” Plenty of kids have #1 schools yet can’t commit to paying 100%. But you can use the NPC, people say? Yes, you can but it’s not always accurate.
but with ED you can withdraw from the contract if the Finaid is insufficient. I assume that means less than the NPC indicated. I don’t think it means that you can wait and see if another schools offer you more Finaid/merit. If it’s sufficient, you’re committed. A lot of kids who are not full pay apply ED.
If you need merit aid to attend, does that apply? People on here say they receive an EPC that is higher than their income. I hear this frequently, so it appears that ED is for those who can full pay or are not middle class.
I would say no, counting on merit and not getting it would not release someone from an ED contract. I am no expert and not an authoritative source though. I can’t comment on specific people’s income relative to EFC, though the Npc’s generally would expect a family to draw on savings to some extent, if there are such assets. I think there’s much variance on whether families are expected to get cash from home equity and/or raid their retirement savings. And then there’s business owners and divorced parents and I hear NPCs don’t work so well for those situations.
in the case of an EFC higher than income-- honestly I wouldn’t apply to that school RD, much less ED.
It’s school dependent. There’s a good number of schools that are committed to meeting EFC. If the FAMILY can’t meet EFC then that’s a different matter. Applying ED does not automatically signal to all schools that “I’m full pay”. The school knows that inability to pay the tuition is the reasonable ground for breaking the contract so they’re going to do what they can to get the family there.
No, ED is not “I’m really really interested” - it’s a contract that the kid, the parent and the school counselor signs that says if you’re admitted there you WILL attend there. No, the college won’t bring you to court for breaking the contract.
If EFC is higher than income it’s because there are substantial savings/assets the formula is suggesting can/should be tapped to pay for the school.
EFC is a federal calculation of assets through the FAFSA. A family can do the FAFSA and know what the EFC is well in advance of applications being submitted so they would know how close they are to being able to meet that and if ED is a viable decision for them or not. If you google it, you can find the EFC Formula - but it’s fairly complex in terms of what gets counted and by how much, etc.
Retirement savings (401k/403B) is outside the FAFSA calculation (my understanding) though if someone had sizeable savings in regular accounts that the family might have earmarked for retirement - that would be on the table.
Normally, I also would not. We were seeking Tuition Exchange, though, and that requires a wide net to be cast.
My son applied ED and it clearly stated in the contract that he could withdraw if the school’s financial aid wasn’t sufficient for him to attend. Syracuse is a 94% demonstrated need school, and with me being a widowed parent and having another kid in college, we were dependend on that aid. SU calculated their own EFC based on the info we submitted through the CSS profile and the financial backup we uploaded. Their EFC was higher than the FAFSA’s (which we expected) and was very close to what the NPC gave him.
Of course, he couldn’t have broken the contract based on him being accepted at a better school, and as far as I know, the ED school can inform the other common app institutions that the student broke the ED contract and they are meant to revoke their acceptance based on that (at least that’s what it said in the contract).
Yet, technically, if a student is accepted ED and was then offered more aid by NYU, they could claim that their ED school is not affordable. Given the time between the ED acceptance and now, I would think it’s a bit suspicious because someone who can’t afford to go would state that as soon as they get their financial aid package, but I’m not sure how clear the rules are around that and how eager a school is to hold someone to their ED committment if they have tons of people on their waitlist who really want to attend.
In any event, withdrawing from the ED contract should only be a last resort and kids schould only break if if they truly can’t afford the ED school. However, I also think it would be unfair if those with financial need couldn’t apply ED at all because the ED option should be available to everyone.
Did this person get into NYU RD less than 24 hours ago? So are you saying they got in yesterday and are not going there and no longer committing to the ED acceptance they received from Syracuse? Technically, you are supposed to pull all of your applications once you receive an ED decision of acceptance. I don’t know all the details but based on the shared details and some assumptions sounds like that student was not serious about Syracuse after all, was certainly waiting to hear back from all the schools they applied to regardless of an ED Syracuse decision and lastly, based on NYU coming out last night this student has yet to walk back into High School and formally approach their guidance counselor and break the news to them that the agreement they signed along with the student and their parents was now being broken. This is not over as it’s just the next morning. Not saying this student certainly won’t go wherever they want after all is said and done but it’s not as simple as an I got into a different school at 6PM and I am now going there.
If this student has other siblings in high school then they are not doing their next applicant any favors but if this is their last or only child they may not care what damage they are doing to their school and future applicants to Syracuse University.
No idea how NYU releases their aid and merit upon acceptance. It costs more than Syracuse to attend that school. It would have to be some heck of a package to say we are shutting the door on the ED acceptance.
I originally assumed NYU had an EA round - but apparently they don’t so agree that the timing of the whole thing is a little suspect. Kid accepted to SU ED1 back months ago, didn’t do what they were supposed to and withdraw other applications, gets into NYU had now has to have some really uncomfortable conversations.
Add into your point that if the kid has younger siblings, the school counselor is unlikely to sign off any further ED agreements for that family.
I still do not have an FA letter in the Myslice portal. I have checked the financial aid “to do” and there is nothing I need to do. I have emailed the admissions counselor but no response yet. Is anyone else still waiting on FA?
I would suggest emailing (or better, calling) FA - not the admissions counselor. Admissions typically has nothing to do with FA awards.
Syracuse tends to take a while to provide FA info = slow as molasses.
it eventually arrives but historically it is one of the slower schools to get that to admitted students so just set expectations accordingly and if you have the time and patience to call the FA office for reassurance that it is one its way to you, then absolutely call to reassure yourself vs constantly checking a portal.
I haven’t read through everything here - have financial aid awards been released to portals yet?
Awards are in the offer letter and listed in my slice.
We see her scholarship listed, but nothing else in MySlice. Can we assume that means no need based award? Or are some folks still waiting on that? (We assume no need based, but one can dream).
We had financial aid listed in MySlide portal but got no merit aid (only one of his schools with acceptances with no merit). He got into his second choice school/major at Syracuse, not into Whitman so not sure where he stands on Syracuse now anyway. With the financial aid being a grant which can change from year to year (and will likely go down or away) I doubt we’d take the chance on Syracuse. $$$
I still do not have any information in MySlice. I reached out to the office of financial aid yesterday but have yet to hear back.
This historically takes more time from Syracuse.
If you have the time to call the FA and wait to speak to someone they are extremely helpful once you get your turn in line to speak to someone. There is typically a long wait on the phone because many are calling to ask the same thing you are asking and want to know when their full FA details will be made available.