<p>What happens if I cannot afford the school I get into with a binding early admission? Even with their financial aid package.</p>
<p>Tell the EA school that you can’t attend and see if you still have time to apply to other, more affordable schools.</p>
<p>Read the fine print- you can usually get out of “binding” if it is financially not feasible- but don’t wait for this situation- learn all you can about finaid realities at that school (and in general) before applying ED. Does the school “meet 100% of need,” do they include loans as finaid, etc? Or, do they just throw encouraging- and misleading- words out?</p>
<p>Many will argue that, when finaid is a critical factor, having more RD offers to compare is better. Others will say most top schools are fair with finaid for ED. Bottom line: you don’t know what your official “need” really is- only what the Fafsa EFC will estimate. Any school that also uses CSS Profile can do their own version of the"institutional methodology," based on all sorts of assets the Fafsa doesn’t consider. Many threads express shock at their recalculated “need.”</p>
<p>I mean my family income is only around $40,000. My mom is a stay home mom. I think in any equation, that is understood that any college education would take a significant toll on the family budget.</p>
<p>No, in finaid, there’s no guarantee their “fair” will be defined same as yours. With very few exceptions, a college’s calculation of your “need” is about more than income- it’s also assets and general financial stability. Eg, the Fafsa doesn’t look at home value. CSS Profile does. And a college’s CSS supplemental questions can also factor in addl assets that could surprise you. Some will have an expectation your mom will get some job. You need to review finaid.org.</p>
<p>You’re looking at a public or private?</p>
<p>Both schools. All privates are OOS, but that does not matter. 2 OOS Publics and rest are public in state. Tuition ranges from 4k to 8k. Those are not that bad, but due to UC’s budget cuts… I don’t know…</p>
<p>Public colleges & universities seldom offer significant financial aid to OOS students unless their stats are exceptional. Generally the only aid an OOS public will offer is a Stafford loan. ($5500 for freshmen; $6500 for sophomores and $7500 for juniors and seniors)</p>
<p>Also don’t forget that tuition is just the beginning of your costs–you need to include room & board, fees, books, transportation, and personal expenses in your calculation of costs.</p>
<p>Oh… This is getting tougher than I thought… Am I still eligible for Stafford loans for in state? So technically I can go straight off of loans for in state tuition and worry about the other stuff?</p>
<p>Any student who files a FAFSA is eligible to receive a Stafford loan, provided their college has been recognized by the federal Dept of Education.</p>
<p>So you are suggesting not even bothering applying to the out of state public schools? Well, that would certainly lighten up my list</p>
<p>Oh… and considering the fact that I plan on going to grad school right after graduating… When will I ever pay off my debts? Do research professors make enough to pay off on time?</p>
<p>The best starter advice from us is to go learn about finaid. And, read anything you can about how your target schools give aid. Many privates are better than publics, depending on their financial strength and policies.
Run some sample numbers based on each school’s costs, see what your parents are willing to contribute, willing to take out in parent loans, etc. Run a sample Fafsa EFC calculator (there are a few on finaid.org.) Think about what other assets they have that could affect a “need” determination. In other words, get your bearings.
Yes, research profs can make good enough money- but you’ll fill several roles over time, including spouse, parent and homeowner. So, don’t assume your income will make paying off too-high loans feasible. (I think the Stafford and Parent Plus sites offer estimates of future payments, based on total borrowed.)</p>
<p>Your family sounds like the kind that should get financial aid offers from multiple schools and compare them carefully. I wouldn’t apply early to a binding decision school.</p>
<p>If your family income is $40K, look at QuestBridge. Regarding where to apply, you may want to look at schools that “meet full need” and preferably “meet full need without loans” or with a cap on loans. </p>
<p>Depending on your test scores and if you qualify as a National Merit Finalist, there are some OOS public universities that could be very affordable. The University of Alabama is one such school.</p>
<p>Schools that use the CSS Profile in addition to the FAFSA can determine your EFC (expected family contribution) with their own formula. If your family does not have its own business, does not own a home or have other significant assets, then you may do very well at a school that meets full need. </p>
<p>My D attends a very pricey selective LAC. Because of their financial aid, it costs less for her to attend this school than an in-state public where I am employed and receive a 50% tuition discount.</p>
<p>You generally don’t apply ED for schools you can’t afford without an extremely generous financial aid package.</p>
<p>Could you explain WHY you want to apply Early Decision to some college? When you apply ED, you agree to accept the admission offer should you receive it. You can still apply to other colleges (unless your ED school specifically prohibits this), and you should. BUT the financial aid packages to any schools not ED will come much later and you will not be able to compare your bottom line costs.</p>
<p>Your ED acceptance school MIGHT be the best financial option…but then again…it might not be. </p>
<p>Is the ED school one that guarantees to meet full need for ALL accepted students? If not, I would steer away from apply ED to that school…because there is NO guarantee they will meet your need.</p>
<p>Your family income should put you in the position to get significant need based aid at schools that guarantee to meet full need. In addition, you would be eligible for federally funded aid as well (Pell grant and stafford loans).</p>
<p>But really…WHY do you want to apply ED? Is there a reason why you wouldn’t just wait and include THIS school on your RD list?</p>
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<p>Actually it has become easier than it used to be. </p>
<p>Thanks to the nebulous language added to the Common Application, the consensus is that you can walk away from an ED offer of admission if the financial aid package is not good enough. Now, this means that you have to walk away and NOT accepting the offer. </p>
<p>Some people have used the ability to reject the admission to engage in a more subtle negotiation that involves accepting the offer but demanding a revision. This is still acceptable as long as it is done in a very short timeframe. All other delaying tactics are simply expression of gamesmanship. </p>
<p>Should you apply to an ED school with a family income of 40,000? Absolutely yes. Actually, contrary to popular belief, student from the lowest SES might very well be the biggest NET gainers in the ED rounds, as their chances are MUCH lower in the regular rounds. </p>
<p>Fwiw, the theory of comparing financial packages is both overrated and not imcompatible to applying ED. All that one loses is the ability to apply to that school in the RD round. What one gains is substantial, namely participating in an “easier” pool and gaining peace of mind. If the ED does not work out, you are not in a worse position than you were before. </p>
<p>Lastly, the suggestion of looking at QB is indeed a very good one. Even if you do not end using the program, you will find that the the request to start early does pay huge dividends in the quality of your applications.</p>
<p>In fact, I would advise you to start working on the application today, as well as learning all you can about the QB participants and the financial aid packages they offer.</p>
<p>xiggi really knows his stuff.</p>
<p>Just wanted to add that the worst FA DS received was from a school that claims to meet 100% of need. What this means is less than scientific… Other offers were so much more generous.
Even after spending many hours trying to learn all there is to know about FA, it turned out differently from our understanding.</p>
<p>It will end up well if you do your best, and no matter what, you will do better to be active and not passive.
Which means listening to xiggi. </p>
<p>Best of luck to you.</p>
<p>So you are suggesting not even bothering applying to the out of state public schools? Well, that would certainly lighten up my list</p>
<p>Don’t bother applying to any OOS publics with such high need unless your stats would give you a HUGE merit or the school is UVA or UNC-CH.</p>
<p>But, an income of 40k isn’t the sole determiner of “need” for (nearly all) schools that use the CSS Profile. More assets count in your financial picture.</p>
<p>When schools “meet” 100% of need by throwing in loans, it inflates what they seem to give you, their supposed generosity. You have to look at how they meet 100% need. Look at their own examples on their web sites. If cost is 50k and you see a package that’s 40k, it seems the family gap is 10k. But, if that 40k package is really 34.5 in grants and work-study and 5500 of Staffords thrown in, the family total is really 15.5. This is why you need to learn-up a bit.</p>
<p>You apply ED if there is one school that you wish to attend above all others. Your parents will sign the agreement and your GC will sign the agreement. You need to have a realistic understanding of what your parents costs will be, so use the calculators with your parents and it’s best if the college has an on-line calculator. Check the ED agreement with that particular school to understand what circumstances might allow you to renege on the agreement. Look closely at the deadlines both for application and for notification and what if any other schools you can simultaneously apply. The notification date is important because it will be very close to deadlines for other schools and you might get caught in a time bind with other apps or scholarship deadlines for other college.</p>
<p>ED is not something to take lightly. It can work out well or it can be traumatic if the expectations for financial aid are too high. If you are low income, programs like Questbridge can work out also.</p>