<p>Hey everyone--
This question may have already been asked, but I couldn't seem to find it.</p>
<p>Everything I read about Princeton financial aid is that it is one of the best programs in the country, that it doesn't mind spending endowment money on its students, and that, if accepted, they will find a way to help you attend.
When my family completed the FAFSA, it stated our EFC should be in the ballpark of 25k-30k. That is too much for my family to dish out. I know that Princeton will meet 100% of the remainder of the cost after EFC, but is there any help with the EFC itself? I know there is very little merit available, because most Princeton students are extremely intelligent. It just seems like there is something I am missing--do they expect you to pay the entire EFC? And if so, what sets their financial aid program apart from other programs that offer need based aid and grants--what makes their financial aid program the best in the country?
I am afraid that I will be offered an opportunity to study at Princeton, but the price will be unafforable.</p>
<p>Any helpful information would be greatly appreciated!</p>
<p>The EFC is not a controlling number. With multiple offers in hand, you’ll probably wonder how colleges could come up with such disparate offers based on the same application - and this is from schools that award aid based on need only.</p>
<p>All I can say is that Princeton was much more generous than our EFC indicated. Make sure you apply to financial as well as academic safeties and things should work out for you in the spring. Getting in is the hardest part of Princeton. If you have a rounded list, you should have choices come April. If you’re a solid prospect for Princeton, you can surely find schools where you have a shot at big merit aid. Any kid choosing between a full merit school and Princeton with aid has just won the jackpot. It’s all in choosing carefully where to send those apps.</p>
<p>So you don’t necessarily pay your entire EFC with Princeton? Or that was your experience?</p>
<p>Princeton gives way more money in grants than almost any other university, and will give you all the loans you could ever need if the grants aren’t enough. It is Princeton’s policy to cover your entire estimated need in grants. Only a couple other schools can claim to do that.</p>
<p>Princeton requires the FAFSA and their own institutional form. They don’t require the college board form (can’t recall the name). Read the financial aid thread and you’ll learn the differences. In my experience, schools (many of the privates) that use the CB form are less generous with aid. Maybe it’s because our particular circumstances (non business owners, income from salary, some retirement accounts, house mortgage) fare better under Princeton’s own form. Grinnell is another private that doesn’t require the CB form, so there must be others out there. </p>
<p>I wouldn’t base a strategy on the experiences of one poster. I’ve no reason to ferret out why P’s need based aid was more generous to us, just telling you that you have the most influence, obviously, on the process when you choose where to apply. You can always ask for reconsideration if a school’s aid offer is not enough and don’t assume that Princeton will cost you more than your state u. (It is costing us more than state u, but not the full fee and less than any other private on D’s list.)</p>
<p>To calculate financial need Princeton uses their own formula, which is very generous for middle income families. They use the FAFSA only to evaluate eligibility for Federal aid. I assume that they can do this because of their large endowment.</p>
<p>My son was admitted to Princeton, Penn, Duke, and Whitman. Princeton provided the best financial aid, by far. Whitman was actually his first choice, but we couldn’t afford it. Apply to Princeton - if accepted you might be surprised by the aid package. To get an idea, you can use the financial aid calculator on their web site.</p>
<p>For my first year Princeton’s formulas came up with an EFC that was only 2/3 the size of the EFC FAFSA gave us. I don’t know if that is typical. However you do need to pay all of whatever EFC Princeton decides for you. There’s no getting around that.</p>