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<p>More generous financial aid? Really? Where’s it coming from? Aren’t endowments are dangerously low?</p>
<p>Financial aid is relative. Relative to your SAT scores, which is one of the dirty little secrets of college admissions, particularly where the admissions office and financial aid office are one in the same and not needs blind. If they want you real badly, they will find a way to pay for it.</p>
<p>On the other hand, the financial aid office is burdened with a tough task. On an equitable basis, they have to decide between people who need some aid, people who need LOTS of aid and people who need no aid. What would you do? Spread it out as evenly as possible? </p>
<p>And to be frank about it, colleges expect STUDENTS to be willing to invest in their futures. We will get through this difficult financial cycle. And kids will get jobs and be paid a lot of money. I have heard kids say literally, “but how am I going to afford a house and a car when I graduate if I have student loans?” Translation: Yuppy ideology. Private colleges DONT get buckets of money from the feds or states…and usually only get money from grants which are tied specifically to research. So they depend on donations from alumni and tuition payments much more than state schools do. People who expect too much from private schools need to adjust their vision and expectations. Its always a shock after filling out the FAFSA and then getting an award that seems “unfair” because its not 100% of your need. Some schools had larger endowments and more flexibility…and they are often the most selective and prestigious schools. If schools gave out all their money, they would quickly fall into financial crisis. </p>
<p>I empathize. Be grateful for what you have and if you need more ask them. But not with an attitude of entitlement. Because being admitted does not mean they OWE you any money. Their offers are there to help you finance it. And yes, sadly, for some that may mean declining offers and going to a less expensive school. </p>
<p>We had better offers from the school we selected. We made that choice and we are not whining about it now. We make our child take student loans to ensure they are “invested” in their own education and to give us some added relief from the burden. </p>
<p>And FWIW, its a well known secret that often safety schools give out the best aid. Its a matter of balancing prestige for money. </p>
<p>And students need to readjust their attitudes. Gone are the days of saying when they graduate college they get a new BMW, a huge salary on their first job, and maybe even buying an expensive home. There is a silver lining in starting at the bottom and working your way up, driving a beater for a while, and maybe living a more austere lifestyle for awhile. My parents used to tell me, “it builds character.” And it did. </p>
<p>I am grateful for what I have now and I can look in the mirror and say, “I earned it. Nobody gave it to me and I started at the very bottom and worked to where I am in life now.” Not braggodocio, but a quiet pride. </p>
<p>I had student loans way back then. I carried them for years and paid them all off.</p>
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Most top schools which are need blind and a fair number of them meet 100% of demonstrated need through FAFSA (which makes a lot of what endlessrecession is saying not applicable across the board, and certainly not applicable about the most often mentioned schools on CC). Anyway, that being said, the majority of these schools, who have lost a ton of money but still have fairly large endowments, have increased commitment to aid in tough times because they realize people won’t be able to attend otherwise. Brown’s Financial Aid budget is expected to grow and we’re seeing our lowest increase in cost to students in something like 10+ years. It’s not useful to charge what someone can’t pay because then we get 0.</p>
<p>The more aid will be in the form of merit ‘discounts’ to get kids in the door. In spite of overall budget woes, these non top colleges have no choice. They are now competing with state schools.</p>
<p>You’ve got to wonder what they’ll be cutting to do this…</p>