I’ve been using CB calculators and studentaidcalculator.org (or something like that) because different colleges use different calculators. All the schools I’m applying to cover full need, but I’m seeing wildly different estimates on cost–40k aid and 20k cost (CB, for schools like Vassar)) to 20k aid and 40k cost (studentaidcalc for schools like Wesleyan U). Which calculator seems to be more accurate? A brief summary of my inputted iinformation is listed below:
Household income: 125k-150k range
Savings/checking: 80,000-120,000 range
Household investments other than retirement: 400,000
Parent ages: 50s.
1 other sibling in college; no others.
No special circumstances like single parent household, orphaned child/ward of the state, etc. etc.
I would use the calculator linked from each college admission page. But special circumstances that change things for NPC are divorce, self employed or small business, additional properties…
Why are you entering a range of income? I think you can only enter one income for parent, one for child. Are you sure you are indicating 2 in college in all the calculations because that will make a big difference. Be sure to calculate what the cost will be when the other student graduates. You need to estimate for all 4 years.
I am using the calculators listed on their admissions pages, whether tye use studentaidcalc or CB. Also I put up income ranges, but I have more specific data that I’m inputting.
Just from your experience, should I be getting a net price of 20k for private schools or 40k if they are full need? @brownparent
40 sounds more like it for your income level but I don’t know how having 2 in college affects it.
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Household income: 125k-150k range
Savings/checking: 80,000-120,000 range
Household investments other than retirement: 400,000
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2 will be in college.
Well, for one in college, the EFC will be about $70k, so with 2 in college, FAFSA EFC will split, but the CSS contribution would likely be 60/60.
$40k ish for income
$30k ish for assets
Are you applying to CSS schools?
How much will your parents pay?
@mom2collegekids I will be submitting the CSS, and the amount parents are willing to pay depends on what sort of school it is–more for Ivy League types and likely much much less for ‘respectable but not the best’ type schools–they are going largely off the general name of the schools.
So you’re saying that likely the EFC should be 35k? Meaning that even if I got into a school like UPenn, full need would mean the net price of 40k makes more sense than 20k?
Well I have newsflash for you, Wesleyan and Vassar are not less expensive than Ivy League schools.
@BrownParent Actually apparently for Vassar, I got a net price of 17k–similar price for Cornell, UPenn, and the like. JHU gave me 19k. Then I go to Wesleyan, and I get 40k ish .
All these variations for “full need” calculations are driving me nuts haha.
I think your net price will be around 40k. Are you sure you are entering everything correctly for assets for the low ball estimates?
Agree…your net price will likely be in the $40,000 range.
The net price calculators are really set up for incoming freshmen…not for transfers. You will get an estimate only.
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@BrownParent Actually apparently for Vassar, I got a net price of 17k–similar price for Cornell, UPenn, and the like. JHU gave me 19k. Then I go to Wesleyan, and I get 40k ish .
All these variations for “full need” calculations are driving me nuts haha.
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Those calculations are wrong. Some mistake was made. Did you put in ALL the assets ($500k)? Did you put in home equity? (how much is that?)???
Assuming income is around $140k, that alone would give you an EFC of about $20 per kid with 2 in college. Once you add in $500k in assets, that would add another $15k per kid.
I’ve checked multiple times for Vassar and UPenn–colleges that use CB for their NPC, and I can’t find an error. I put in the 90k for liquid assets and 400k for investment assets other than retirement I definitely put in the right income level. I don’t know what’s going on here…
Do they ask whether you are a transfer student? If not…this is an estimate only.
ETA…apply and see what happens. You might get the aid you need…and you might not. Hopefully, you have an affordable transfer option as well.
@mom2collegekids and @thumper1 , I sent you guys a message. And yes, they did ask if I was a transfer student.
You say you don’t own a business, but you show $3000 in business loss on this form.
Also, you have a HUGE amount of primary home equity which some schools will use. This could very much be the reason for the wide variation in your net cost calculations.