Let’s say we have two schools, School A and School B. Both promise to fully meet a student’s financial need.
School A: The COA is $15,000 and my EFC is $5,000, so I have a financial need of $10,000. Thus, the COA after financial aid would be $5000.
School B: The COA is $60,000 and my EFC is still $5000, so I have a financial need of $55,000. Thus, the COA after financial aid would be $5000 again.
Probably a simple answer. Where’s the flaw in my thinking?
Each school has its own NPC and may determine your “need” by slightly different variables. So even if they both claim to meet 100% of need, its their determination of your need. Does that make sense?
The schools use different fomulas to compute your financial need. Some use primary home equity. Some add back in business deductions for self employed. Some require a student contribution.
Plus I will say…there isn’t ONE school in this country that costs $15,000 a year COA that guarantees to meet full need.
Schools promise to meet financial need as THEY assess it. School B may look at your EFC but decide you have $200k in equity in your home, or that you have another child in college which halved your EFC, but that child is on a full scholarship so you really have another $5000. They can also meet your need with loans, work study, student contribution.
The EFC determined by the fAFSA filing is not your need.
Not all schools meet demonstrated need. Just because your EFC is $5000 doesn’t mean your COA after financial aid is $5000. For example:
School A: COA = $15,000, EFC = $5,000. A doesn’t meet demonstrated need. So, maybe you get a $2000 grant/aid, and work-study, plus a Pell Grant of around $780, and no merit award. Your COA might be around $12,000ish, minus whatever you make at work-study - if you get it.
School B: COA = $60,000, EFC = $5,000. B doesn’t meet demonstrated need, but is maybe more generous. So, maybe you get a merit award of $10,000, Pell Grant again of around $780, work-study, and financial aid in $40,000. Then, your COA might be more like $9000ish, minus work-study, again.
Basically there are a lot of factors, most schools don’t meet full demonstrated need, and those which do do it based off the CSS profile, typically, not the FAFSA EFC.
In the hypothetical first post…the poster assumed both schools meet full need.
But like I said…no $15,000 schools promise to meet full need for all accepted students!
@thumper1 It was just an example. $15,000 COA with full need would be great though.
Thanks for the replies guys. I guess I’ll just use the NPCs for the schools I’m applying to. Are NPCs usually pretty accurate, and should I expect a higher actual COA than the NPC-given COA as a transfer student?
If your parents are self employed or own a business, own real estate other than your primary residence, are divorced, then the NPCs won’t be particularly accurate.
Oh…and they really are set up,for incoming freshmen, not transfer students.
Same question?
@thumper1 Is there another tool for determining COA for transfers?
@Madison85 Huh, completely forgot I made that thread. Sorry. This refresher was definitely nice though.
Not all schools have the same definition of “need”. And not all schools have an infinite endowment to draw from.
Are you sure your schools meet need for transfers?
@ucbalumnus had a great example where he showed that not only are all meet-full-need schools not the same, but in some circumstances, a school that promises to meet full need could cost more than a school that didn’t promise to meet full need.
You mean this thread comparing UCLA (in-state), USC, and Yale financial aid from their net price calculators?
http://talk.collegeconfidential.com/financial-aid-scholarships/1675058-meet-full-need-schools-can-vary-significantly-in-their-net-prices-p1.html
Yes.
Static. You need to first read carefully on the college websites. If the school says it meets limited aid for transfer students…believe that. Even some schools that meet full need for incoming freshmen do not do so for transfer students. So read carefully.