Wow. I am more and more grateful and awed by the aid pkg. from my daughter's first choice school. We got an award letter from another one of her acceptances on Saturday. While not quite as bad as the first package we got, which had a HUGE gap, College I "only" expects me to cover about $17000 yearly. (FYI, my federal efc is under half of this amount; however both these schools, as well as her first choice, required the Profile form, so they calculate need according to their own institutional formulas.)
But, when comparing the offers side by side, it bacame obvious the offer from my d's preferred school is stellar in many ways. For example, it has the smallest work-study component of any of the three schools, which may seem to be a bad thing, but is really not. Schools award this aid, but it is not subtracted from your total bill, because a) it has not been earned yet, and it may not be, depending upon if the student can find a work-study job on campus, and b) most students use this money for personal expenses. So, in reality, the amount of this "award" is still something parents have to cover.
As far as loans, one of the schools did give her a larger Perkins loan than her first choice, but her first choice school only gave her subsidized loans, vs larger unsubsidized loans at P and I. Yeah!!!! This means no interest accrues while she is in school, and the loan rate on the subsidized loan is 3.4 fixed, vs 5% for the perkins and 6.8% for unsubsidized loans. Overall her interest cost will be much lower at her #1 school.
We have not received aid pkgs. yet from three other schools, including our state U., where daughter earned free tuition and a $2500 fellowship. It would be the less expensive option, but it was a fall-back, as it is a BIG school, and neither dd nor I think she would do as well there as at the smaller school.
I hope everyone on this thread will be as happy as we are with their financial aid---well, as happy as one can be taking on this kind of financial obligation.
BTW, I posted upthread about daughter being disappointed about not earning a scholarship she applied to at school I. I believe now there was a reason for this....it would have made the cost at I comparable to #1, and would have complicated her decision a bit, because while she does not like I as much as #1, it is closer to home, and the distance from home is the one teeny, tiny negative that scares her a bit.