High School class of 2011

[ctinct]

It is my understanding that with ED you can opt out if the financial aid package isn't good enough.

Also, keep in mind that you can talk to the Financial Aid office at the school if you have a change in your income from last year. If you had to report income last year, alimony, but know you won't get it this year, that is something they will take into consideration and may rework the aid package for you.

You can opt out if it is impossible for you to pay, although I don't know who gets to determine what is "impossible." In my mind, taking $20-25,000 of loans a year or re-mortgaging my house are both impossible for me financially, but colleges may not agree with me. Also, keep in mind that I have heard there is a "blacklist" of sorts if you back out of ED. Some colleges share this info with other colleges. That is why everything I have ever read suggests only applying ED if you love the school and can afford it on your own. I am just worried that this particular school, since it fills nearly half its seats with ED applicants, may not have enough aid to give out for RD applicants. (Or in any case, enough for what I consider I need.)

I was able to add in the "special circumstances" area of the financial aid form the info about alimony and child support ending. I don't expect it will help much for her freshman year, since financial aid is based on last year's income, but I have run the estimated FAFSA for next year and know my EFC will be significantly less. Unfortunately, there is no guarantee at most schools that they will meet 100% of need, so it is hard to know what the future years will bring in terms of aid.

Maybe my chief regret is really that I haven't won the lottery.
Wake me when the next four years are over!

 

[kbeverina]

awww--that would be hard to hear, that she will cry if the financials don't come through. My son is now starting to take a closer look at South Carolina--which I'm happy about because they have a good business school and he can minor in Sports Management and I would prefer for him to go there over Bowling Green. But...we haven't heard about the scholarship yet and I don't want him getting too excited about USC until we do. He has the stats to qualify for the in-state tuition, but I've been reading that they're cutting back on those in a big way this year, so I'm not that hopeful.

I did fill out fafsa and USC has already sent us the letter that we qualify for nothing, not even work study. I guess if he doesn't get the in-state tuition, we'll have to decide if paying for out-of-state is worth it. It definitely felt a lot better when Bowling Green was his first choice and he already had a big scholarship to go there. I'm wishing now I hadn't sent fafsa to USC before scholarship decisions because I'm afraid they won't truly be need-blind in making that decision.

 

[ctinct]

Unfortunately, there is no guarantee at most schools that they will meet 100% of need, so it is hard to know what the future years will bring in terms of aid.

QUOTE]

Quoting myself because I want to share something I just found on Huffington Post when I went there to read the link someone on another thread had posted about kids who take huge school loans.

The article said that out of 1700 schools, there were only sixty-something that guaranteed to meet full need. Which is not to say that other schools won't meet full need for some people sometimes, but still, this is a pretty scary fact. Keep in mind that loans are a part of need, so if a parent has an EFC of say 10,000 (not all that uncommon since it seems to run about one-fourth of income), their student will probably get a loan of 5500 for the first year and the parent may be offered a loan of several thousands a year. So, now the parent has to come up with say 14000 a year (loan plus efc-not counting the studen's loan), but maybe there is a gap of say 8000 that has to be funded since the college does not meet full need. The parent has to come up with that extra 8000 somewhere. Very daunting indeed.

 

[golfgal]

Unfortunately, there is no guarantee at most schools that they will meet 100% of need, so it is hard to know what the future years will bring in terms of aid.

QUOTE]

Quoting myself because I want to share something I just found on Huffington Post when I went there to read the link someone on another thread had posted about kids who take huge school loans.

The article said that out of 1700 schools, there were only sixty-something that guaranteed to meet full need. Which is not to say that other schools won't meet full need for some people sometimes, but still, this is a pretty scary fact. Keep in mind that loans are a part of need, so if a parent has an EFC of say 10,000 (not all that uncommon since it seems to run about one-fourth of income), their student will probably get a loan of 5500 for the first year and the parent may be offered a loan of several thousands a year. So, now the parent has to come up with say 14000 a year (loan plus efc-not counting the studen's loan), but maybe there is a gap of say 8000 that has to be funded since the college does not meet full need. The parent has to come up with that extra 8000 somewhere. Very daunting indeed.

Really?? That number seems VERY low compared to what I have found so far-meaning I haven't found a school YET that doesn't meet full need. The first time I heard of this was when whomever it was posted about Penn State. Do you have a link? I tried to find it but could not.

 

[allison443]

What are your regrets so far after getting this far in the process?

For me, I am wondering if we made a huge mistake in applying regular decision for my daughter's favorite school vs early decision. I was afraid to get locked into ED because of financial concerns (having to commit if accepted without knowing the aid pkg. until after you are locked in.) Daughter's favorite school is a little unique-they have TWO early decision rounds and accept 44% of their class ED. I have read about financial aid offered in past years to other rd applicants, and they just seem so all over the place. Some people were ecstatic with their pkgs., while others knew from the aid pkgs. the school would be impossible for them to attend.

It all seems so random. I am worried because on paper I have a very decent income---however, alimony has now ended and child support will be ending this year, and it is only within the past two years that my own income from work has been enough to sustain us. I went to college as an adult a few years ago and have my own college loans to pay. The school knows all this, but still.... We were stunned by the huge gap left by one of daughter's other favorite schools. I hope we are stunned in a good way like Agnes and her dd were. Please keep your fingers crossed for us. We should know in about 3-4 weeks. Daughter told me last night "You know I'm going to cry if I can't go, right?" She will be devastated, but at least we do have a viable compromise available at this point. I guess I am just second-guessing myself now. In reality, I just could not take the financial chance on early decision and I need to come to peace with that.

Please don't second guess yourselves...there is no way to predict what would have happened...you made the best decision at the time. You have already helped your dd immensely by guiding her in her college search and helping her find many different possibilities/opportunities.

I think most families have to put limitations on their kids college...everyone has a finite amount they can pay. Those who don't qualify for financial aid are out of luck at many dream schools that only give need based aid. Students who worked hard but still weren't at the top aren't as likely to get merit scholarships at the schools they would like to attend.

From your posts I know your dd has worked hard and done well in school and she already has some good options I think? You have done a lot of work encouraging her in her search and helping her get this far. You and she will make the right decision from her choices. I know it is a very stressful time but you will get through it together.

 

[allison443]

Really?? That number seems VERY low compared to what I have found so far-meaning I haven't found a school YET that doesn't meet full need. The first time I heard of this was when whomever it was posted about Penn State. Do you have a link? I tried to find it but could not.

Really. It is not common for schools to have an "offical policy" of meeting full need. Of course, schools do meet full need for some students, but there are only about 60 schools that promise to meet full need for everyone.
Here is the list:

http://******************/college-a...full-financial-aid-needs-of-admitted-students

 

[golfgal]

Really. It is not common for schools to have an "offical policy" of meeting full need. Of course, schools do meet full need for some students, but there are only about 60 schools that promise to meet full need for everyone.
Here is the list:

http://******************/college-a...full-financial-aid-needs-of-admitted-students

The filter blanked out that link. What is the part before /college-admission?

 

[ctinct]

http://www.huffingtonpost.com/2011/...i_n_825318.html#s242655&title=Barnard_College

Here you go.
Third paragraph.

 

[golfgal]

Ok, using the info in your post I googled this:

http://www.insidecollege.com/reno/Colleges-that-Meet-the-Financial-Needs-of-Students/349/list.do

Here is another list with well over 100 colleges listed, and I know this is NOT a complete list because several of the colleges we are looking at that list on their websites that they meet 100% of all need are not listed.

 

[allison443]

The filter blanked out that link. What is the part before /college-admission?

Hmm, I wonder why? It was ****************** and it references the stats from US News and World Report.


edited to add, wow, I guess that website is banned or something? I have no idea why? It's not bad or anything...

 

[DisneyNutMary]

I must say, I've been surprised through this whole process how hard it is going to be to pay for college. I may be naive, but I thought for sure anything above the EFC would be met with grants, work-study and low interest student loans. I never banked on having to take a parent loan out. I'm hoping my DS pulls together the money in scholarships- he has applied for so many, I hope some of that hard work essay writing pays off.

I hate to take away his first choice of Penn State, but they outright said they would not meet the EFC, and with the company my DH and I work for in bankruptcy right now, I can't gamble with taking loans I may not be able to pay back in a year or so.

Why can't this all be easier?

 

[ctinct]

Ok, using the info in your post I googled this:

http://www.insidecollege.com/reno/Colleges-that-Meet-the-Financial-Needs-of-Students/349/list.do

Here is another list with well over 100 colleges listed, and I know this is NOT a complete list because several of the colleges we are looking at that list on their websites that they meet 100% of all need are not listed.

Well, I like your list because the college my dd is waiting on is listed as meeting 100% of need. However, I don't think it quite does anymore, although it is on some finacial aid honor roll that some other ranking service puts out. That is one of the reasons I chose to drag my daughter there. The problem is that many of these schools use the CSS Profile and calculate need at a much lower amount because they take things like retirement accounts and equity on your primary home into consideration, while the FAFSA does not. Which might be a good tip for those of you beginning your searches---FAFSA only schools may be a better option if you are looking for aid and have assets in retirement funds, a large amount of equity in your home, a business, etc. As for us, all we can do is wait and see. Keeping my fingers crossed!

 

[DisneyNutMary]

I'm confused about Stafford Loans Can anyone help me understand?

I was looking at my son's account for his (currently) #2 choice school, which will probably be where he ends up going. Anyway, he won a very nice scholarship, which covers full tuition, room/board etc is not covered, so I was looking at his current financial package. There are two loans listed Stafford Subsidized Loan and Stafford Unsubsidized Loan. I don't know what this means, and what the difference is... I thought a Stafford Loan is a Stafford Loan.

Does anyone know?

 

[cruisnfamily]

Any Floridians on here that applied for bright futures?

When you check the status, it says "pending" but when I click on the timeline it says "mid year Eligible/ineligble notifications available online March 1st" so I just wondered if DD's should say something other than pending since it is now March 3rd. I was looking for something that says "yes, you got it!" or something.

 

[golfgal]

I'm confused about Stafford Loans Can anyone help me understand?

I was looking at my son's account for his (currently) #2 choice school, which will probably be where he ends up going. Anyway, he won a very nice scholarship, which covers full tuition, room/board etc is not covered, so I was looking at his current financial package. There are two loans listed Stafford Subsidized Loan and Stafford Unsubsidized Loan. I don't know what this means, and what the difference is... I thought a Stafford Loan is a Stafford Loan.

Does anyone know?

The Subsidized Loan is at a lower interest rate and you don't have to make any payments at all while in college and interest doesn't start accruing until 6 months after you graduate. With the unsubsidized loan interest accrues and you CAN make interest only payments while in school-which is a good idea because it keeps your payments lower in the end. You don't have to make the payments while in school though. I think the Subsidized loan rate is 4. something right now and the unsubsidized is 6.something.

All college kids qualify for the unsubsidized loans, the subsidized loans are part of a "need" package based on your FAFSA results.

 

[agnes!]

I hadn't really heard of these schools that guarantee to meet 100% of need (or 100% of the gap between EFC and the total college cost) before...I guess none of them were on our radar.

Of course, as someone up-thread mentioned, be aware if a school on your list requires the CSS. The CSS is school-specific...some schools want to know how old your cars are (other schools don't) and so on. It seems pretty generic that schools *do* want to know all about any and all retirement funds (IRAs/401ks/pensions) and one of the questions on our CSS was "Are there any relatives (like a grandparent or others) that plan to pay for any or all of your education?"

Anyone else waiting (waiting *waiting* WAITING!) for those last acceptance/financial aid letters? ("WHEN is the mail going to get here?!? Nothing from XXX and YYY colleges YET? AUuuuuggggggh!" <<--that is me talking, DD is just trying to stay motivated for HS these days.)
DD's last two schools have an April 1st deadline for us to know, but from what I've seen online, stuff could arrive anytime between now and then with decisions in the past starting to trickle in mid-month.

agnes!

 

[golfgal]

I hadn't really heard of these schools that guarantee to meet 100% of need (or 100% of the gap between EFC and the total college cost) before...I guess none of them were on our radar.

Of course, as someone up-thread mentioned, be aware if a school on your list requires the CSS. The CSS is school-specific...some schools want to know how old your cars are (other schools don't) and so on. It seems pretty generic that schools *do* want to know all about any and all retirement funds (IRAs/401ks/pensions) and one of the questions on our CSS was "Are there any relatives (like a grandparent or others) that plan to pay for any or all of your education?"

Anyone else waiting (waiting *waiting* WAITING!) for those last acceptance/financial aid letters? ("WHEN is the mail going to get here?!? Nothing from XXX and YYY colleges YET? AUuuuuggggggh!" <<--that is me talking, DD is just trying to stay motivated for HS these days.)
DD's last two schools have an April 1st deadline for us to know, but from what I've seen online, stuff could arrive anytime between now and then with decisions in the past starting to trickle in mid-month.

agnes!

That is a fair question since the FAFSA doesn't take into consideration any people outside of the family willing to pay. It is often recommended to have a grandparent take out a 529 plan vs the parents because of this.

 

[kbeverina]

Anyone else waiting (waiting *waiting* WAITING!) for those last acceptance/financial aid letters? ("WHEN is the mail going to get here?!? Nothing from XXX and YYY colleges YET? AUuuuuggggggh!" <<--that is me talking, DD is just trying to stay motivated for HS these days.)
DD's last two schools have an April 1st deadline for us to know, but from what I've seen online, stuff could arrive anytime between now and then with decisions in the past starting to trickle in mid-month.

agnes!

Yes! We're still waiting to hear from Tech and JMU. Tech started sending out Corps of Cadet and Honors College acceptances at the end of last week. I'm also anxiously awaiting scholarship decisions from South Carolina, which started coming out this week last year. The difference between in-state and out-of-state is about $15,000/year, so I've been checking the USC board on college confidential like crazy to see if anyone else has gotten notification yet.

 

[bluesaturn]

We have been officially told that he will receive no aid from hopkins.

Ah, what a tough situation! I completely agree with others, get in contact with the Hopkins grad people now. Ask how many people they take from Hopkins, or from other schools. In some fields, grad schools prefer to take kids from other schools rather than their own undergrads. This allows them to spread their word farther basically.
Look at the requirements to get into grad school at Hopkins. Then look at the B.S. requirements at Auburn. Would your son fulfill those requirements, or at least have those electives available to him? Since the field is very new, there are obviously kids getting into BME grad programs who didn't get a BS in that.
A full scholarship in undergrad could really influence his grad school experience. He would be able to do unpaid internships or volunteer work throughout college and during the summers. If he has no debt from undergrad he will be able to take lower paying but more beneficial jobs right after graduating. He might be able to afford a more expensive grad program.

 

[cruisnfamily]

Anybody interested in a drawing for $1,000?

http://www.suntrusteducation.com/sweeps/default.asp

For the sixth consecutive year, SunTrust is pleased to offer the Off To College Scholarship Sweepstakes where students can win a $1,000 scholarship for education expenses at an accredited college or private career school.