<p>I'm in the process of trying to narrow down my college application list. While i'm not, of course, basing my list upon financial aid alone, I want to have somewhat of a realistic mindset when it comes to financial aid.</p>
<p>My parents make around 120k; An EFC of 28k is what was given to us by the College Board Calculator. </p>
<p>Now I know some reputable private universities are notoriously stingy with financial aid to the upper middle class; On the other hand, Harvard, Princeton, Yale, and Stanford claim to make sure no student in the 120k-180k range pays more than 10% of their income. I really can't afford to pay full tuition anywhere. </p>
<p>Which reputable schools are stingy with UMC financial aid? Which ones are particularly generous?</p>
<p>Some schools I'm looking into include:
UPenn
Rice
Vanderbilt
Duke
Dartmouth
Carnegie Mellon
Pomona
Emory
WashU
Brown</p>
<p>Are you a competitive admit? If so, the college will offer you more aid. Appeals are always possible, but obviously that puts you in a less-than-ideal situation. If you’re eligible for merit aid, then I would start applying for scholarships. You’re in that gray area where you’ll need aid. </p>
<p>St. John’s offered my sister 100% aid and then some…</p>
<p>You can pretty much assume you will be asked to pay $28k by all these schools (only HYPS will be better). You need to look for school which award merit aid in addition to need based aid (IF you have very high stats). Rice, Vandy, WashU and Emory do this. However to get merit aid at that kind of school you would need to be at the top of your graduating class, great ECs, great scores…</p>
<p>^^^The post ahead of this one is correct. While some of the schools on your list in the original post offer merit aid, it is very hard to come by; your record will have to be stellar in all respects. The rest do not offer merit aid at all, and do not promise 10% to those in your income range.</p>
<p>However, some do offer no-loan financial aid to those who qualify for need-based aid, so you might spend some time on the schools’ web sites and determine whether or not the school has gone no-loan (Vanderbilt has, and others may have, also). </p>
<p>If your record does not put you in merit scholarship range for these schools, look for somewhat less selective schools where you are in range.</p>
<p>And recall that we are in a recession, that most schools have lost 20-40% of their endowment, and they’ll either have phased out some scholarships or be really stingy with them. So I would be aggressive about getting funds now, instead of simply waiting for the school.</p>
<p>Even at HYPS, it’s not as simple as 10% really. That assumes their definition of “average assets.” Some of them count home equity while others don’t.</p>
<p>I would not depend on College Board’s calculator but I would agree with those who said that number will probably end up the minimum expected. Many schools have their own calculators on their web site and those will be most helpful.</p>
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<p>All college lists should start with financial reality. too many don’t and the result is shock and pain when decision letters come. No sense in wasting time on applications to schools your family can’t afford.</p>
<p>A calculated EFC of $28k does not necessarily end up being $28k at some of these schools. It may be higher, it may be lower. In addition, some schools pad their cost of attendance quite a bit … you may find that what you actually have to pay is less than you think. My D goes to Vandy and we have found their need based aid to be excellent. However, others may not experience the same thing. It depends on your financial situation - more than just the surface stuff the calculators ask for. The IM calculators don’t give a great EFC, because different colleges use the info collected on Profile differently. You do have a good list of schools that may meet need. Choose a few, add a financial safety or two, and you will have a good list.</p>
<p>If you’re looking for merit aid, you need to cast around for some some lower-ranked schools, just to make sure you end up with a college you can afford. There are a lot of smart kids at CMU, for instance, and the school is notoriously stingy. Also, look outside your geographic area. Some schools will sweeten the pot if you provide diversity. Have you checked out the parents’ board? There are a few stickied posts that describe merit aid at various schools. Lots of good info there.</p>
<p>Also, keep in mind that you will pay MORE than $28,000 at some colleges, because they will meet your need with loans. To me, loans are not “financial aid.” You’re looking for outright grants that don’t need to be paid back.</p>
<p>I want to commend you for thinking about this so far ahead. So many kids apply to schools willy nilly. Then, in May, they don’t have anyplace affordable to attend. Best of luck to you!</p>