So confused by net price calculator

[Anonymous]

Financial aid is mainly based on your income. Did you mention your income? I would also run the NPC at the school your older child is graduating from to double check your calculations.

[Anonymous]

My condolences, OP. It must be quite stressful for you and your kids right now.

I have a low income (<100K/yr) but high assets. We do not qualify for any financial aid anywhere, and have to look at in-state or privates with merit. My oldest is going to an expensive private with merit, and I have to sell a portion of my assets every year to help pay for his schooling. It's fair, OP. I can't complain.

[Anonymous]

I went through this process last year (and will do so again for another DC in a couple years). We have a moderate income $140-160k and a decent amount of equity in our house due to its doubling in value in the last decade. My DC was high stats, which allowed us to target extremely selective schools with big endowments.

I ran a ton of NPCs the spring and summer before apps were due. Most schools offered fairly similar NPCs relative to their endowment-per-student. WASP was fairly similar. Dartmouth, WashU, Vandy, etc. were fairly similar. But there were also many outliers. Wesleyan, which has a smaller relative endowment, offered WASP-level financial aid. Yale, on the other hand, was twice as much as Wesleyan or WASP. And Vasser, which has a reputation for good financial aid, was 3-4x as much.

In the early fall before applications, I made a virtual appointment with a financial aid officer a certain school. For 30-40 minutes, we walked through DC's NPC and our tax returns so that we felt confident that we were processing the NPC accurately.

When it came to actual FA packages (DC was admitted to 10 schools), most were close to the NPC or slightly below. Only one school was meaningfully above its NPC (Dartmouth). I think Dartmouth's FA package was about 20-25% above the NPC. When I appealed, they increased the FA package a little but it was still well above the NPC.

[Anonymous]

Anonymous wrote:I went through this process last year (and will do so again for another DC in a couple years). We have a moderate income $140-160k and a decent amount of equity in our house due to its doubling in value in the last decade. My DC was high stats, which allowed us to target extremely selective schools with big endowments.

I ran a ton of NPCs the spring and summer before apps were due. Most schools offered fairly similar NPCs relative to their endowment-per-student. WASP was fairly similar. Dartmouth, WashU, Vandy, etc. were fairly similar. But there were also many outliers. Wesleyan, which has a smaller relative endowment, offered WASP-level financial aid. Yale, on the other hand, was twice as much as Wesleyan or WASP. And Vasser, which has a reputation for good financial aid, was 3-4x as much.

In the early fall before applications, I made a virtual appointment with a financial aid officer a certain school. For 30-40 minutes, we walked through DC's NPC and our tax returns so that we felt confident that we were processing the NPC accurately.

When it came to actual FA packages (DC was admitted to 10 schools), most were close to the NPC or slightly below. Only one school was meaningfully above its NPC (Dartmouth). I think Dartmouth's FA package was about 20-25% above the NPC. When I appealed, they increased the FA package a little but it was still well above the NPC.

In every conversation about financial aid people post things like this which would be super helpful if they were clear. But I can't tell if Vassar offered 3 to 4 times as much aid, or if the net tuition was 3 to 4 times as much. Same with Yale.

Can you clarify?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I went through this process last year (and will do so again for another DC in a couple years). We have a moderate income $140-160k and a decent amount of equity in our house due to its doubling in value in the last decade. My DC was high stats, which allowed us to target extremely selective schools with big endowments.

I ran a ton of NPCs the spring and summer before apps were due. Most schools offered fairly similar NPCs relative to their endowment-per-student. WASP was fairly similar. Dartmouth, WashU, Vandy, etc. were fairly similar. But there were also many outliers. Wesleyan, which has a smaller relative endowment, offered WASP-level financial aid. Yale, on the other hand, was twice as much as Wesleyan or WASP. And Vasser, which has a reputation for good financial aid, was 3-4x as much.

In the early fall before applications, I made a virtual appointment with a financial aid officer a certain school. For 30-40 minutes, we walked through DC's NPC and our tax returns so that we felt confident that we were processing the NPC accurately.

When it came to actual FA packages (DC was admitted to 10 schools), most were close to the NPC or slightly below. Only one school was meaningfully above its NPC (Dartmouth). I think Dartmouth's FA package was about 20-25% above the NPC. When I appealed, they increased the FA package a little but it was still well above the NPC.

In every conversation about financial aid people post things like this which would be super helpful if they were clear. But I can't tell if Vassar offered 3 to 4 times as much aid, or if the net tuition was 3 to 4 times as much. Same with Yale.

Can you clarify?

Yale is known to be very stingy compared to its peers, and that accords with what I read here. I think it’s clear from the context that Dartmouth gave less aid than expected from the NPC (otherwise why would op appeal?). Not sure what the pp is saying re: Vassar.

[Anonymous]

Catholic universities are notoriously stingy with aid, so widen your net.

But if you have a big chunk of change sitting in an account, colleges will expect you to use it. And your expected contribution will be higher now with just one kid to support rather than 2, as was the case when your DC1 was in college.

If you need to preserve your assets, you will need to look at in-state options. Or seek merit aid from schools that give it to kids who have stats similar to those of your kid. That generally means lowering your sights somewhat. Your kid will need to be a stand-out among applicants to be a candidate for substantial merit aid.

In putting together your DC's list, you need safeties that are not just very likely to admit DC but also are affordable for you even with no aid. Those will be in-state publics and lesser-known OOS publics with affordable OOS tuition (e.g., UNC-Wilmington, UNC-Asheville, Mary Washington, some of the SUNYs). Then add private schools that offer substantial merit aid to kids like your DC--these will also be "safeties" in terms of likelihood of admission, but they're not really safeties for your kid because it's not admission you need, it's merit aid. (E.g, instead of BC, HC, or Trinity, think Clark or Wooster). Then the target/reach will be your in-state flagship.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I went through this process last year (and will do so again for another DC in a couple years). We have a moderate income $140-160k and a decent amount of equity in our house due to its doubling in value in the last decade. My DC was high stats, which allowed us to target extremely selective schools with big endowments.

I ran a ton of NPCs the spring and summer before apps were due. Most schools offered fairly similar NPCs relative to their endowment-per-student. WASP was fairly similar. Dartmouth, WashU, Vandy, etc. were fairly similar. But there were also many outliers. Wesleyan, which has a smaller relative endowment, offered WASP-level financial aid. Yale, on the other hand, was twice as much as Wesleyan or WASP. And Vasser, which has a reputation for good financial aid, was 3-4x as much.

In the early fall before applications, I made a virtual appointment with a financial aid officer a certain school. For 30-40 minutes, we walked through DC's NPC and our tax returns so that we felt confident that we were processing the NPC accurately.

When it came to actual FA packages (DC was admitted to 10 schools), most were close to the NPC or slightly below. Only one school was meaningfully above its NPC (Dartmouth). I think Dartmouth's FA package was about 20-25% above the NPC. When I appealed, they increased the FA package a little but it was still well above the NPC.

In every conversation about financial aid people post things like this which would be super helpful if they were clear. But I can't tell if Vassar offered 3 to 4 times as much aid, or if the net tuition was 3 to 4 times as much. Same with Yale.

Can you clarify?

Vassar was 3-4 times more expensive than the most generous schools. Yale was twice as much as WASP.

To be clear though, Vassar and Yale may be very affordable for others. And Wesleyan might be super expensive. Each school calculates financial need differently, which is why one needs to run the NPCs first.

[Anonymous]

Sorry for your loss, that is sad and a hard road for you and your kids to lose their dad so early.

For school, you should broaden the net and look at some cheaper schools and schools that are more generous with aid. At least when my DD applied in 2021, of her admitted schools, it turned out that Baylor and St. Mary's (the one in Lafayette, CA) were just a couple of thousand a year more than our in-state (ASU and Univ of AZ). There were a bunch in the middle of the pack, and the most expensive would have been Santa Clara and Pepperdine. I was surprised at the package from St. Mary's as it was overall the least expensive. She ended up at Baylor and loved every minute of it.

Broaden the list. I would take a good look at in-state options and some schools that are not on every kid's list. There are Big State U schools that offer good merit to out of state kids. Run the NPC's and see where you land. But don't go broke trying to pay for college.

[Anonymous]

Anonymous wrote:Catholic universities are notoriously stingy with aid, so widen your net.

But if you have a big chunk of change sitting in an account, colleges will expect you to use it. And your expected contribution will be higher now with just one kid to support rather than 2, as was the case when your DC1 was in college.

If you need to preserve your assets, you will need to look at in-state options. Or seek merit aid from schools that give it to kids who have stats similar to those of your kid. That generally means lowering your sights somewhat. Your kid will need to be a stand-out among applicants to be a candidate for substantial merit aid.

In putting together your DC's list, you need safeties that are not just very likely to admit DC but also are affordable for you even with no aid. Those will be in-state publics and lesser-known OOS publics with affordable OOS tuition (e.g., UNC-Wilmington, UNC-Asheville, Mary Washington, some of the SUNYs). Then add private schools that offer substantial merit aid to kids like your DC--these will also be "safeties" in terms of likelihood of admission, but they're not really safeties for your kid because it's not admission you need, it's merit aid. (E.g, instead of BC, HC, or Trinity, think Clark or Wooster). Then the target/reach will be your in-state flagship.

Next tier Jesuit schools (below BC and Holy Cross) -- all the Loyolas! Marquette! -- are known to be generous with merit aid. Check the common data set for the percent of students who get merit before ruling them out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Catholic universities are notoriously stingy with aid, so widen your net.

But if you have a big chunk of change sitting in an account, colleges will expect you to use it. And your expected contribution will be higher now with just one kid to support rather than 2, as was the case when your DC1 was in college.

If you need to preserve your assets, you will need to look at in-state options. Or seek merit aid from schools that give it to kids who have stats similar to those of your kid. That generally means lowering your sights somewhat. Your kid will need to be a stand-out among applicants to be a candidate for substantial merit aid.

In putting together your DC's list, you need safeties that are not just very likely to admit DC but also are affordable for you even with no aid. Those will be in-state publics and lesser-known OOS publics with affordable OOS tuition (e.g., UNC-Wilmington, UNC-Asheville, Mary Washington, some of the SUNYs). Then add private schools that offer substantial merit aid to kids like your DC--these will also be "safeties" in terms of likelihood of admission, but they're not really safeties for your kid because it's not admission you need, it's merit aid. (E.g, instead of BC, HC, or Trinity, think Clark or Wooster). Then the target/reach will be your in-state flagship.

Next tier Jesuit schools (below BC and Holy Cross) -- all the Loyolas! Marquette! -- are known to be generous with merit aid. Check the common data set for the percent of students who get merit before ruling them out.

Notre Dame is also known to be generous with financial aid for accepted students.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Home equity counts more at some schools than others. Keep trying Net Price Calculators to see if you come across any privates that look affordable.

If the kid has high stats, add to the list some less selective schools that offer lots of merit scholarship money.

How much is your annual budget for your junior's college education?

Thank you. So are you saying the NPCs are fairly accurate? My annual budget for the younger's college education is $25K-$40K; the higher end is a stretch.

We will be adding less selective private schools and public schools into the mix. Our intent is to cast a wide net, but I guess I thought that schools with higher endowments offered more generous aid.

Yes, they are fairly accurate.

Here is Paula Bishop’s list of how schools apply home equity to make their determinations. It’s a bit dated, so some of these will have changed, but some will be the same. You’ll still need to run the NPCs, but it will at least give you an idea.

https://nebula.wsimg.com/0ac76805e4245b565040be104bd21ed9?AccessKeyId=F516B514D128B7D58519&disposition=0&alloworigin=1

[Anonymous]

Anonymous wrote:

Anonymous wrote:I mean, how big was your life insurance payout? If you have assets you have to use them. Plenty of single parents who don’t have a payout know this.

This. Why wouldn’t you have to use your money to pay for college. Go instate if you want cheaper.

100% OP. We can only do in-state or possibly OOS.

Private schools are simply out of reach no matter how accomplished or deserving our DC is. We are what they call a "doughnut" family and you may be too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I mean, how big was your life insurance payout? If you have assets you have to use them. Plenty of single parents who don’t have a payout know this.

This. Why wouldn’t you have to use your money to pay for college. Go instate if you want cheaper.

100% OP. We can only do in-state or possibly OOS.

Private schools are simply out of reach no matter how accomplished or deserving our DC is. We are what they call a "doughnut" family and you may be too.

If your kid is truly highly accomplished, they will have plenty of private options with good merit.

[Anonymous]

Anonymous wrote:I'm a single parent (widowed). Oldest just graduated college, and we received substantial aid for her final year at in-state VA school due to our decreased finances as a result of DH's passing. Youngest is finishing up junior year of HS, so we're starting to look at colleges.

I plugged in our info to the net price calculators at 3 schools -- Boston College, Holy Cross, and Trinity. BC and HC have us paying full freight!! I do have a lot of equity in my house, but my mortgage payment takes up most of my paycheck. Retirement funds are healthy-ish, but certainly not extravagant, and I'm going to need every last dollar probably. We get by with Social Security (which will stop before younger DC goes to college), and dipping into the cash reserves from DH's life insurance proceeds.

Trinity's NPC had us paying about what we paid in-state for older DC before her final year -- probably doable, but it will deplete both the 529 and the remaining life insurance cash reserves.

I'm really struggling here, and I stupidly thought the one benefit to DH's passing was that younger DC would get FA in college. The NPCs don't ask what our monthly take home and expenses are, so I'm hoping that the schools' actual FA assessments will be different.

Anyone BTDT and received decent FA offers despite the NPC's unrealistic expectations?

Can you pay off the house with the proceeds of the life insurance? Then your monthly costs will decrease and you will not have an asset that isn’t housing or retirement. Can you consider moving to a lower cost situation once your younger child graduates from high school - maybe buy a house from the equity of your current house?

[Anonymous]

Anonymous wrote:Catholic universities are notoriously stingy with aid, so widen your net.

But if you have a big chunk of change sitting in an account, colleges will expect you to use it. And your expected contribution will be higher now with just one kid to support rather than 2, as was the case when your DC1 was in college.

If you need to preserve your assets, you will need to look at in-state options. Or seek merit aid from schools that give it to kids who have stats similar to those of your kid. That generally means lowering your sights somewhat. Your kid will need to be a stand-out among applicants to be a candidate for substantial merit aid.

In putting together your DC's list, you need safeties that are not just very likely to admit DC but also are affordable for you even with no aid. Those will be in-state publics and lesser-known OOS publics with affordable OOS tuition (e.g., UNC-Wilmington, UNC-Asheville, Mary Washington, some of the SUNYs). Then add private schools that offer substantial merit aid to kids like your DC--these will also be "safeties" in terms of likelihood of admission, but they're not really safeties for your kid because it's not admission you need, it's merit aid. (E.g, instead of BC, HC, or Trinity, think Clark or Wooster). Then the target/reach will be your in-state flagship.

Excellent advice.