College Acceptace Fee?

[Hannathy]

If your EFC is $5000 they will come up with an aid package that includes loans, grants, work study to get her to the $19,000any you come up with the $5000. Most schools offer a payment plan too. Pell are not the only grants out there-most schools have their own grants. Honestly, it was less expensive for all of our friends' kids to attend private schools then public schools mainly because of this. When I went to college, the private school I attended was $5000/year LESS then the state schools I applied at-when state schools cost about $8000 and private schools were at $15,000 so that was significant.

Unfortunately they don't always come up enough to only leave you with the EFC.

None of the schools my DD was accepted to came up with enough aid to come close to only leaving the EFC. And My DH was out of work and had been for 2 years so we have no extra money sitting around. We had to take out a parent's plus loan to cover.

 

[bballmom56]

Her cc does have transfer agreements with several state schools. Also, she has been watching the university she applied at's "compatible courses" with her cc, and is just taking the basics for the most part. She was going to have 26 credit hours in before transfer, but decided to take a class in summer at the cc to get to the 30 credit hours (the magic number that apparently makes you an incoming sophomore instead of freshman). We are re-thinking that now.

I have been methodically checking all the private schools I can think of. Can't find any that do the "meet 100% of need" around here, that have a strong mathematics degree. Then again, I kind of am clueless, lol.

I think I have to get her to apply at nearby schools and maybe commute. Transportation cost comes into play, then, though.

So basically, from you all's experience, DD should apply at a few more colleges, pay their acceptance fees, and then make a final college choice when the award offers arrive. Then file for refunds at the unchosen colleges.

My DS transferred from College A to College B after first semester freshman year. Since college B would only accept 6 of his 12 credits from college A, we asked if he could just be counted as a new incoming freshman. College B told us if he had even spent one day as a student at another college, he was considered a transfer student. So you may want to check with the college your DD was accepted at to see if it makes any difference. If it does not, let her continue her CC courses as in the long run it would cost her less money. BTW, my DS also got awarded merit money as a transfer to college B, whereas when he applied to that same college as an incoming freshman, he did not receive any. Highly unusual, but just wanted to mention that it does happen.

As to your $100 deposit, call admissions at that college and ask them outright if it is refundable before May 1. At college A, DS's deposit was refundable, but at college B it was not refundable at all.

You are smart to check out the privates. If she can find a private college where her stats can place her in the top 20%, she could receive merit money or a combination of merit and need based aid that could make it less expensive than a full pay state school. Again, being a transfer could change that, but you (or she) could certainly make some phone calls to any privates that might be interesting to see how they would handle that. Just be blunt and ask.

Good luck!!

 

[punkin]

Her cc does have transfer agreements with several state schools. Also, she has been watching the university she applied at's "compatible courses" with her cc, and is just taking the basics for the most part. She was going to have 26 credit hours in before transfer, but decided to take a class in summer at the cc to get to the 30 credit hours (the magic number that apparently makes you an incoming sophomore instead of freshman). We are re-thinking that now.

I have been methodically checking all the private schools I can think of. Can't find any that do the "meet 100% of need" around here, that have a strong mathematics degree. Then again, I kind of am clueless, lol.

I think I have to get her to apply at nearby schools and maybe commute. Transportation cost comes into play, then, though.

So basically, from you all's experience, DD should apply at a few more colleges, pay their acceptance fees, and then make a final college choice when the award offers arrive. Then file for refunds at the unchosen colleges.

Here you go:

http://www.usnews.com/articles/educ...eet-the-full-financial-needs-of-students.html

 

[Mickey'snewestfan]

This is a dumb question I bet...but if, say, our EFC is $5000 (just tossing it out there, over the Pell Grant threshold which I am sure we barely don't qualify for), and the Estimated Cost of Attendance at the school she got into is $19,000 for in-state students, does that mean the MOST they will expect she (and us) to cough up is $5,000 for the school year? That doesn't sound impossible (just not easy). Does that mean they would make her borrow $14,000 in student loans per year? ($42,000 total for the 3 years she'd have left).

No, because she'll have an estimated contribution as well. There's an expectation that students work and use that income to pay tuition and support themselves.

Most financial aid packages are a combination of loans, grants, and workstudy programs (e.g. they guarantee you a job on campus).

Good luck!

 

[taximomfor4]

No, because she'll have an estimated contribution as well. There's an expectation that students work and use that income to pay tuition and support themselves.

Most financial aid packages are a combination of loans, grants, and workstudy programs (e.g. they guarantee you a job on campus).

Good luck!

I counted what she earns in the estimator thing for FAFSA. Should I not have? (She does work, so I did include an income for her).

No help from our parents and giving up on trying to navigate it all is exactly how me and all my siblings ended up on our own, working to live, and not going to college after high school. We looked around, and figured that it was all just impossible.

I will have dd call the university when she gets home, and get her to complete this Common Application thing for most of the private colleges around here.

 

[allison443]

Unfortunately they don't always come up enough to only leave you with the EFC.

None of the schools my DD was accepted to came up with enough aid to come close to only leaving the EFC. And My DH was out of work and had been for 2 years so we have no extra money sitting around. We had to take out a parent's plus loan to cover.

Yes this is sometimes referred to as "gapping" and unfortunately colleges' financial aid resources are being really stretched as more students need financial aid in this economy (parental job loss, etc.)

 

[Hannathy]

Yes this is sometimes referred to as "gapping" and unfortunately colleges' financial aid resources are being really stretched as more students need financial aid in this economy (parental job loss, etc.)

yep! I just didn't want her to think that the EFC was the only number they would have to come up with and not plan accordingly. Even with no income coming in they expect you to contribute quite a bit.

Your DD might want to think about cutting back her schedule for spring and getting a full time job to put money away for next year. or a lot of part time hours.

 

[mamacatnv]

Lots of great advice here - I just wanted to add a couple of things.

The EFC IMO is a joke and I have heard that from lots of folks. Be warned, you might be in for some sticker shock. The monies our Gov't thinks we can contribute to DS's education would work if we didn't have a mortgage or some type of housing payment and we are not debt ridden nor do we live beyond our means.

The "cost to attend" varies widely. DS's Univ. stated his expected annual cost for this year (Jr.), living off campus (not at home) at $23K.
We pull it off for about $14K and that is for a full 12 months of housing not the 8 months one finds with a dorm. That is a big difference when working on the budget.
When he lived on campus in a dorm his Freshman year the estimated expense was $21K and we did it for about $15K but he was home on our dime for 6 weeks in the winter and 3 months in the summer.

Congrats on DD heading off to college

 

[tvguy]

This is a dumb question I bet...but if, say, our EFC is $5000 (just tossing it out there, over the Pell Grant threshold which I am sure we barely don't qualify for), and the Estimated Cost of Attendance at the school she got into is $19,000 for in-state students, does that mean the MOST they will expect she (and us) to cough up is $5,000 for the school year? That doesn't sound impossible (just not easy). Does that mean they would make her borrow $14,000 in student loans per year? ($42,000 total for the 3 years she'd have left).

Expect you EFC (expected financial contribution) to be roughly 25% of your household GROSS income. So for your EFC to be $5,000, your total household income would be only $20,000.
And Public universities generally speaking offer far far fewer scholarships.
So not knowing your income , but boldly assuming it is more than $20,000 a year, just saying....be prepared to be asked to pay or borrow more than $14,000.

 

[taximomfor4]

Expect you EFC (expected financial contribution) to be roughly 25% of your household GROSS income. So for your EFC to be $5,000, your total household income would be only $20,000.
And Public universities generally speaking offer far far fewer scholarships.
So not knowing your income , but boldly assuming it is more than $20,000 a year, just saying....be prepared to be asked to pay or borrow more than $14,000.

Would the EFC not be what the FAFSA gave us? I was ballparking based on the FAFSA we'd filled out for this school year (dd is at a Comm. College). Our income barely budged again, and we have the same # of dependants. Of course I don't know what happens with that "gapping" pp's mentioned.

 

[emma'smom]

Does your dd's former high school have a college counselor? The community college? Is there an Educational Service Center around (we have them in Ohio) with college counselors?

It sounds like it would be helpful for you and your dd to sit down and have someone walk you through the whole process including strategies for application dates, best financial aid chances at various schools, etc.

Many schools close their early admissions December 1st or 15th and certain scholarships only go to this group of students.

 

[msmayor]

A point to remember is that the phrase "meets full need" does NOT mean that the aid given won't include loans, which you will need to pay back.

Loans ARE aid, and it is money you will eventually have to come up with.

Another point to realize is that as a transfer student, her grant and scholarship aid may not be as good as you would like it to be or think it will be. Most schools save their best scholarship money for incoming freshman.

I realize this isn't the most encouraging information to offer, but its better you know the reality and be prepared.

 

[taximomfor4]

Does your dd's former high school have a college counselor? The community college? Is there an Educational Service Center around (we have them in Ohio) with college counselors?

It sounds like it would be helpful for you and your dd to sit down and have someone walk you through the whole process including strategies for application dates, best financial aid chances at various schools, etc.

Many schools close their early admissions December 1st or 15th and certain scholarships only go to this group of students.

The one at her former high school was frustratingly outdated in information...as we started the process, her info was not how it went. So we gave up on her. The community college has university counselors come in every once in a while, dd is going up there the next time they come (they come to talk about transferring). Never heard of Educational Service Centers. I will have to look that up. Thanks a ton!