<p>Looking for insights and perspectives about assessing financial/merit aid packages. There are many variables to consider and I hope to be smart about helping S2, HS senior, choose wisely. Money is not the only variable that matters, but he seems to like 4 LAC's almost equally. All are from the CC list of schools that give good merit aid.</p>
<p>Affecting the EFC: Two sons in college next fall--2010. S1 will be a college senior. S2 plans to start college in fall, 2010. So far, he has been accepted at two schools and has been offered generous merit aid at each. He is eligible for need based aid for his first year; after that, uncertain. Both parents will continue to work at our present jobs, consistent incomes ~ $120,000 combined.</p>
<p>As we compare financial aid packages, it seems important to keep merit aid a primary consideration, knowing that the EFC will increase after S1 graduates. I have a sense that schools with wealthier students (Drew, Union) will consider S2 needier than schools with a less affluent student body (Clark). While merit aid may require maintaining a certain grade point, it is also more predictable than institutional grants and need based aid. We will factor in travel costs and the cost of living --at Drew in NJ entertainment would be far more expensive than in Wooster, OH.
I am hoping to take an opportunity to help S2 weigh his decision thoughtfully.
Am I missing anything?</p>
<p>You seem to have a good handle on things. Merit aid will be more steady since S1 is about to graduate. With $120K income I doubt there would be much, if any, need based aid available once S1 graduates.</p>
<p>Both my sons have merit scholarships. It’s a good idea to gently remind your son to balance his course load each semester so he can maintain his GPA by not taking too many hard classes at one time.</p>
<p>For the first semester, he should especially avoid overwhelming himself. Unless he’s a natural early riser, he should avoid any 8am classes his first semester.</p>
<p>Thanks, E’sdad. I’m afraid you are right; no more FA after year one. We are one of those families who never splurged on Disney and we drive old cars. And, lol, we live in an old house and walk around in old bodies.
Will it help that H is near retirement age?</p>
<p>I don’t know how that all works. I don’t know if there’s any income protection, but maybe there’s more asset protection or something?</p>
<p>If your H will begin drawing retirement benefits, social security, and have a part-time job, your family income (including your income) may still be high enough that you still may not get much aid (beyond loans - which you can get either way). Once your older son graduates, you not only lose a student, but you lose a household member to claim.</p>
<p>S2 plans to start college in fall, 2010. So far, he has been accepted at two schools and has been offered generous merit aid at each. He is eligible for need based aid for his first year;</p>
<p>What kind of need based aid will he likely get in his FA package? Does this school put loans or gaps in their packages?</p>
<p>Having an older parent does help. I <em>think</em> it increases the asset protection. They look at the age of the oldest parent.</p>
<p>Good logic in looking at merit aid - do pay attention to the GPA requirements as well.
In my kids experience with need based grants - they were always kept from year to year if nothing drastic changed income wise. next year expect your son’s EFC to double. You can use that as a guide.</p>
<p>As far as standard of living - not sure if you give your guys an allowance but my kids were always expected to provide their own books and spending money. It is their option on how to spend it. I certainly would discuss the differences in standard of living between the two campuses especially if he thought he ever might want to live off campus. Not only do room and board rates vary widely, but apt rentals vary widely as well.</p>
<p>Good advice. Thanks mom2kids and Justamom.
The GPA thing is good to keep on the radar. S2 is hoping to play D3 varsity soccer–a fall sport-- so it will be especially challenging for him starting out.<br>
Also, I had not thought about cost of living in NJ vs Worcester, MA vs Wooster, OH. Somehow, I imagined him living in the dorm all 4 years. That’s kind of funny, considering that I lived off campus beginning in year 2 at the State U that I attended. (Could that have been due to the strict dorm rules in the '70’s?? lol)</p>
<p>Merlin, we are in the same boat except S is the merit scholar at Drew who will be a Senior next year and D is looking at the merit/need FA options for LACs. I think you have the future issue pegged - your need aid will drop by S1 EFC starting in 2011. </p>
<p>As a Drew parent, here are some thoughts.</p>
<p>Talk to FA to see if they will increase the merit award - there is occasionally some room for negotiation. </p>
<p>When S started, (2007) Drew did not reduce your need aid if you had outside scholarships. They told us, your kid earned it, you use it. Don’t know if that has changed with the economy, but you should call FA if that matters to you.</p>
<p>As to allowance/cost of living, my S lives pretty inexpensively as he is busy most nights with Theatre - would think soccer could have the same benefit. (The need to keep his GPA helps too.) NYC is close by ($9 train) but not a regular extravagance. </p>
<p>Almost no one lives off campus, that isn’t a likely expense (but housing won’t be cheap in this area if S2 moves off campus.</p>
<p>Sanapple, thanks for the insights. I wish I could say that the FA/merit aid didn’t matter, but it does! For this reason, S2 applied to only one reach school.
I think the current economy has changed my expectations for my kids’ life after college. Jobs are not so plentiful. Many people who graduate with bachelor’s degrees go immediately to grad school, accruing more debt. I am impressed with Bowdoin, where they strive to graduate students who still have money left for grad school.</p>
<p>Remember that a merit scholarship that is linked to tuition (like a half-tuition scholarship) is better than a dollar amount scholarship ($15,000 a year) since the tuition scholarship will increase as tuition increases while a $ scholarship will stay the same.</p>
<p>Very true…but read the fine print. I recently came across a scholarship that was for 50% tuition and in the fine print it said that the 50% amount would be based only on the first year. It’s the only one I’ve seen like that, so I hope others don’t follow suit!</p>
<p>That is true, at UConn, they will adjust the tuition award the first year and that’s it. </p>
<p>At Drew, my son kept his scholarship 4 years, but they amount was the same and the tuition went up. He had no GPA requirement that was ever listed.
My D would have 3.5, but they told me she would have 2 semesters to bring it up if it dropped.</p>