College sticker shock

[Anonymous]

Anonymous wrote:

Anonymous wrote:Do any schools promise merit aid before applying ED? I’d love for DC to apply ED to a school that does give merit but only if we know it will be awarded.

Run the NPC for the school. Many will indicate that the student is eligible for merit. Then screen shot it. If you apply ED, get in, and the merit doesn’t come through, then you can withdraw and not be held accountable. But if they offer you the merit and you still can’t afford it OR if they don’t indicate that the student will get merit and you apply ED anyway, then you’re stuck.

Obviously, this isn’t the deal for tippy top schools but many at or below T50 will let you know about merit through the NPC.

To the OP- if you allowed your student to apply ED without any sense of what merit might be coming, you were naive and your student may be held accountable when he/she turns down an acceptance. I think the schools do flag their common app in these cases.

OK. Really good to know. Hope it will help someone who reads it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:What happens if the school goes virtual. Can you then refuse the ED admission?

No. You won’t know if they’re virtual before your kid matriculates. You can’t withdraw because of virtual learning happening before you even get there.

Can you withdraw if you get there and the school becomes virtual (or defer...)?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What happens if the school goes virtual. Can you then refuse the ED admission?

No. You won’t know if they’re virtual before your kid matriculates. You can’t withdraw because of virtual learning happening before you even get there.

Can you withdraw if you get there and the school becomes virtual (or defer...)?

Or can you transfer to State Flagship after a year or so? Or after a semester?

[Anonymous]

I’ve seen the merit aid calculator at UVM and someone above posted Alabama’s. Do any SLACs provide any guidance? I asked one and it was a we know it when we see it response.

[Anonymous]

Anonymous wrote:If you applied binding early decision, did not seek financial aid, and can't afford it, an acceptance will be binding. In addition, other schools will know that you reneged and will not accept you. If you can't afford to attend without aid, you should not be applying early decision, but should ask to be moved to the regular decision pool.

This.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you applied binding early decision, did not seek financial aid, and can't afford it, an acceptance will be binding. In addition, other schools will know that you reneged and will not accept you. If you can't afford to attend without aid, you should not be applying early decision, but should ask to be moved to the regular decision pool.

Is this true? I've heard it, but what do they do, put your name on an email blast?

Not true. If you can't afford it, there's no negative for breaking an ED admissions offer.

Personal experience here. In the early 2000's, accepted at Northwestern ED, parents got divorced my senior year, my finances were a shit show from a financial aid perspective (it looked like I had money but my father refused to pay and my parents spent ten years battling in divorce). Ended up at UVA, which was fine and they accepted me and my grandparents bailed me out along with loans and waiting tables/bartending.

So, yeah, it happens.

That’s different-change in circumstances. OP just did not pay attention that ED is binding. Other colleges will penalize her kid for that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If your kid applied ED to a top college and the cost is 80K. (And if you are not eligible according to FAFSA. Late in filing CSS.). Will they care to offer you any merit scholarsship at all or you have pretty much sealed your fate with the ED checkbox?

Where does your kid stand in their disclosure of top 25% SATs and GPA? And is the school ranked below 50 if it is a university?

Near top for SAT, GPA, rigor, ECs. No other hook. School is top school for sought after STEM major. University is T30.

This is the pp. Suggest you Google Common Data Set for the university. That will tell you how much merit aid is offered, if any. You can check to see if there are any departmental scholarships to which he can apply. The good news is that since he is top of the heap at a top 30, he will definitely qualify for sole merit at lower ranked schools. What about UMCP’s honors program?

This is a hard situation, OP. I was in your shoes two years ago.

[Anonymous]

I think reddit sometimes has good answers to these questions:

https://www.reddit.com/r/ApplyingToCollege/comments/aokdjh/how_to_back_out_of_your_ed_acceptance/

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you applied binding early decision, did not seek financial aid, and can't afford it, an acceptance will be binding. In addition, other schools will know that you reneged and will not accept you. If you can't afford to attend without aid, you should not be applying early decision, but should ask to be moved to the regular decision pool.

Is this true? I've heard it, but what do they do, put your name on an email blast?

Not true. If you can't afford it, there's no negative for breaking an ED admissions offer.

Not true. If the Net Price Calculator says you need aid and the school doesn’t provide it, then you can get out of the contract. However, OP says the FAFSA says they aren’t due any aid. If the kid is accepted, they have a commitment to go.

[Anonymous]

Thank you, everyone. I really appreciate that people have given their pearls of wisdom here. Hope that this is something that will help other parents.

We are not eligible for merit aid or any kind of need based scholarship - solely based on HHI. We can pay the amount but it will undoubtedly will pinch a whole lot. Of course, this is no excuse. Parents like myself may become disengaged with the financial aid process if we are told "you make too much to qualify".

But, another side to it was that we should have absolutely tried to understand if a) there were other ways to get grants and exemptions and b) if the cost of an elite college was worth it for a particular major.

We are older parents, a handful of years away from retirement, and all the kids have not launched fully (working, studying...not married). Our older two kids went through state flagship. Full tuition, merit aid. I paid for room and board. They are very good and hardworking students and did fairly well. In some ways, we became used to not paying for college as a big ticket expense.

My youngest is a student who does well effortlessly and has been exceling throughout. Older siblings are immensely proud of him and they were adamant that he should apply to the BEST and highest ranked school for his major. I was pretty removed from the whole process. In all honesty, I was asked by the kids if we could afford, and I said "sure". I guess once you leave your in-state public schools then everything becomes very expensive. I knew it, and yet, I did not know it.

My focus was pretty much on the admission process and keeping sane during a COVID admissions process which was like a game of Russian roulette.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What happens if the school goes virtual. Can you then refuse the ED admission?

No. You won’t know if they’re virtual before your kid matriculates. You can’t withdraw because of virtual learning happening before you even get there.

Can you withdraw if you get there and the school becomes virtual (or defer...)?

Or can you transfer to State Flagship after a year or so? Or after a semester?

You could ask for a deferment or leave of absence I guess, but you’d already have paid for one term of school (1st quarter or 1st semester). Obviously you can transfer but most transfers are sophomores. Freshman transfers and deferments after matriculation are rare and, from what I understand, only done in extreme situations. Having your school go to virtual classes due to a pandemic isn’t extreme. Often the virtual classes are temporary until the surge dies down.

[Anonymous]

Anonymous wrote:Thank you, everyone. I really appreciate that people have given their pearls of wisdom here. Hope that this is something that will help other parents.

We are not eligible for merit aid or any kind of need based scholarship - solely based on HHI. We can pay the amount but it will undoubtedly will pinch a whole lot. Of course, this is no excuse. Parents like myself may become disengaged with the financial aid process if we are told "you make too much to qualify".

But, another side to it was that we should have absolutely tried to understand if a) there were other ways to get grants and exemptions and b) if the cost of an elite college was worth it for a particular major.

We are older parents, a handful of years away from retirement, and all the kids have not launched fully (working, studying...not married). Our older two kids went through state flagship. Full tuition, merit aid. I paid for room and board. They are very good and hardworking students and did fairly well. In some ways, we became used to not paying for college as a big ticket expense.

My youngest is a student who does well effortlessly and has been exceling throughout. Older siblings are immensely proud of him and they were adamant that he should apply to the BEST and highest ranked school for his major. I was pretty removed from the whole process. In all honesty, I was asked by the kids if we could afford, and I said "sure". I guess once you leave your in-state public schools then everything becomes very expensive. I knew it, and yet, I did not know it.

My focus was pretty much on the admission process and keeping sane during a COVID admissions process which was like a game of Russian roulette.

BUT you and your child had to sign the ED commitment letter! That exercise is to make sure that both you and your child understand that ED is binding. Colleges do share information plus you are going to embarrass the h@ll out of your high school college counselor. You need to call your high school counselor immediately and discuss Ming the application to RD or withdraw completely before an acceptance is issued. You can’t sit on this and say “My bad, I wasn’t engaged”. You will be at least for one year very soon if you don’t do something. Talk to your counselor -maybe he or she can call the college, explain the situation and ferret out some merit aid but it is true that the top schools don’t offer merit aid because they don’t have to.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If you applied binding early decision, did not seek financial aid, and can't afford it, an acceptance will be binding. In addition, other schools will know that you reneged and will not accept you. If you can't afford to attend without aid, you should not be applying early decision, but should ask to be moved to the regular decision pool.

Is this true? I've heard it, but what do they do, put your name on an email blast?

We heard from college counselor that the schools have access to shared information, at least on Common App. A student who applies ED and seeks financial aid, but doesn't get a package they can afford, is generally allowed to withdraw from the binding ED obligation and reapply. But a student who simply changes their mind, or who expected some merit aid (unreasonably) and didn't get any, should not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If you applied binding early decision, did not seek financial aid, and can't afford it, an acceptance will be binding. In addition, other schools will know that you reneged and will not accept you. If you can't afford to attend without aid, you should not be applying early decision, but should ask to be moved to the regular decision pool.

Is this true? I've heard it, but what do they do, put your name on an email blast?

We heard from college counselor that the schools have access to shared information, at least on Common App. A student who applies ED and seeks financial aid, but doesn't get a package they can afford, is generally allowed to withdraw from the binding ED obligation and reapply. But a student who simply changes their mind, or who expected some merit aid (unreasonably) and didn't get any, should not.

This is true but I'd add in one tweak. If you apply ED and seek financial aid and don't get it you don't get automatically out of the agreement if the NPC on the college's page said that you could expect zero in merit and zero in financial aid. Otherwise, everyone would try to buck the system by applying ED and then, if the student changed his or her mind about the college, say "well the EFC says . . .". The NPC takes into account the FAFSA and CSS results. That's why someone wisely said a few pages back to take a screenshot of the NPC.

For most people in the DMV area, the chances of getting a low percentage of EFC is close to nil (we make too much money or have investments or houses). We got 100% EFC and no merit so were full pay all the way.

[Anonymous]

Anonymous wrote:Happened to me 25 years ago -- college promised me (basically) a merit scholarship and then didn't give it to me on my ED acceptance.

I told them sorry, can't do it and got a full ride to a state school. It was on their administration for promising something they didn't deliver.

but you should have known the price before applying ED.

Our DC was deferred ED from an Ivy. Got in in the spring but turned down the Ivy for a full ride and research money from a state school. We would have been full pay and can afford it but the funds have been growing at 30+% a year so even at half that rate, DC will have 600k+ to use for grad school or a house upon graduation.
Full disclosure: I have two Ivy degrees with probably negative ROI but fortunately my spouse with no-name-school degrees makes a lot more than I do.