What does "we meet 100% of demonstrated need" really look like in numbers?

[Anonymous]

Let's say your kid wants to go to a school that is $80k a year.

Your HHI is $200k (I'm guessing on a number here...I don't know what the "thresholds" are for getting aid.

Does the school give merit aid assuming your kid has good grades?

Does "meeting financial need" also mean they'll allow your kid to take $50k in loans? (just guessing some exorbitant number here)

Can someone walk me through some scenarios?

[Anonymous]

Not an expert, but you have to complete the FAFSA which tells you your "expected family contribution" or EFC. I assume... and this is where it gets fuzzy because I didn't have this... that if the total costs are over the EFC, that the school would grant you the difference, along with one small federal loan (5500/year). I could be a little off base, my EFC was over the cost of attendance so did not get to see how it worked in reality but the FAFSA is where you start.

[Anonymous]

First, only the best schools guarantee 100% of needed aid. Second, what you and the school perceive as need may be different. Run the net cost calculator for each school to see how you’d fare. Third, meeting aid is more grants at the best/richest schools and more loans at less selective/poor schools. Also, need-based and merit aid are different.

[Anonymous]

Anonymous wrote:Let's say your kid wants to go to a school that is $80k a year.

Your HHI is $200k (I'm guessing on a number here...I don't know what the "thresholds" are for getting aid.

Does the school give merit aid assuming your kid has good grades?

Does "meeting financial need" also mean they'll allow your kid to take $50k in loans? (just guessing some exorbitant number here)

Can someone walk me through some scenarios?

@200k you'll be mostly on your own to cover those costs. It's possible you might get help for $10k of the 80k total.

[Anonymous]

They’ll give 100% of what the form says you need.

Most schools don’t, so you get your aid package and then have to find some more money on your own to fill the gap.

Of course there are people who think their need is more than the forms say.

[Anonymous]

It means you should have saved more if you are expecting $50K in financial aid.

[Anonymous]

Anonymous wrote:It means you should have saved more if you are expecting $50K in financial aid.

Or cross off those $80k schools from the list!

[Anonymous]

OP, each school has a Net Price Calculator (NPC) on its financial aid website. That will give you a much better estimate than trying to make rough guesses. Assets are also considered. You can run the NPCs as many times as you like, anonymously, use different inputs to see what happens, etc.

[Anonymous]

Anonymous wrote:OP, each school has a Net Price Calculator (NPC) on its financial aid website. That will give you a much better estimate than trying to make rough guesses. Assets are also considered. You can run the NPCs as many times as you like, anonymously, use different inputs to see what happens, etc.

See the bold above.

No, someone who makes $200k will not get financial aid. That is our reality.

[Anonymous]

Anonymous wrote:Not an expert, but you have to complete the FAFSA which tells you your "expected family contribution" or EFC. I assume... and this is where it gets fuzzy because I didn't have this... that if the total costs are over the EFC, that the school would grant you the difference, along with one small federal loan (5500/year). I could be a little off base, my EFC was over the cost of attendance so did not get to see how it worked in reality but the FAFSA is where you start.

The meets-need schools generally want the CSS Profile, which calculates need differently. Unless there's something unusual going on, a $200k income is unlikely to get any need aid.

[Anonymous]

One thing is for sure, the schools definition of “need”’ is likely far from your family’s definition of need. My HHI is about $300k and our EFC is almost $80k so…. There ya go.

[Anonymous]

Our EFC was a low number. Private college that said it would meet 100% of demonstrated need looked at our CSS and said we should pay nearly twice our EFC. Kid went to a public college.

[Anonymous]

But there is merit aid for many many kids. You just have to be willing to move on the USNWR list. Life is all about trade offs.

[Anonymous]

Anonymous wrote:First, only the best schools guarantee 100% of needed aid. Second, what you and the school perceive as need may be different. Run the net cost calculator for each school to see how you’d fare. Third, meeting aid is more grants at the best/richest schools and more loans at less selective/poor schools. Also, need-based and merit aid are different.

And by definition a school that is meets-full-need does not offer merit aid; the exceptions get around this by having a very small number of merit-based scholarships administered by a separate foundation/org (e.g. UVA Jefferson Scholars).

In terms of which meet-full-need schools are more weighted to grants/scholarships vs. loans, it’s about endowment, not selectivity. Yes, those two things often correlate, but not always (e.g. Georgetown).

[Anonymous]

Anonymous wrote:Our EFC was a low number. Private college that said it would meet 100% of demonstrated need looked at our CSS and said we should pay nearly twice our EFC. Kid went to a public college.

Was the college's Net Price Calculator accurate? FAFSA EFC is meaningless as an estimate precisely because it does not consider assets. (It is very important not to rely on the EFC, for those who are not aware.)