College sticker shock

[Anonymous]

Anonymous wrote:

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.

But that has nothing to do with OP’s situation.

[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?

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.

Yes, this. OP, if you can't honestly afford for your latest child to go to the school to which they applied binding ED, they should pull out ASAP. If the aid that the school offers is in line with the expected family contribution, that school could reasonably hold you to that - and that would effectively mean your child couldn't go to any other school if they pulled out. It's discretionary on them to let you out if the aid doesn't match what you need, but if you had no expected need-based aid I am not seeing how this works for you. Your kid could end up with nothing but community college. Come clean to the ED school is your better bet.

[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.

CMU? They are not very generous when it comes to FA.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If kid’s stats are decent you will get something. A token discount of 15-25k. Schools know even with ED, not many can pay full pay and that doesn’t do anybody any good.

Are you speaking from experience or what you think?

NP here. This is generally NOT true. Do not depend on false information, OP. This is why there are so many applicants to certain schools, because the $80k schools are untouchable for most people (assuming they have the stats and are top of their class).

[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.

Which T30 school offers merit aid?

[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?

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.

Do you really think a college would fight you, block you from other options and risk losing a subsequent lawsuit with massive damages (from blocking other options)? An ED admit isn't worth it to them

[Anonymous]

It is absolutely inexcusable that you've put your child in this position by being so completely out to lunch. Your best strategy now is to pull the ED application completely if the school offers no merit aid, switch it to RD if it does offer merit, and then apply to a mix of schools you know you can afford with no aid, including some academic safeties, and other schools that do offer merit aid (with the understanding that attendance is contingent on merit). This is the very common strategy that anyone with any common sense who has limited financial means uses.

Or suck it up and pay the tuition, on the theory that you got off easy with your other two kids. I feel like your older kids now see how unhelpful you were to them and are trying to save their sibling from their fate.

[Anonymous]

Anonymous wrote:

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?

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.

Do you really think a college would fight you, block you from other options and risk losing a subsequent lawsuit with massive damages (from blocking other options)? An ED admit isn't worth it to them

You really think there would be "massive damages" lol.

[Anonymous]

Anonymous wrote:

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.

Which T30 school offers merit aid?

Tufts

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

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.

Do you really think a college would fight you, block you from other options and risk losing a subsequent lawsuit with massive damages (from blocking other options)? An ED admit isn't worth it to them

You really think there would be "massive damages" lol.

When a business tells of its competitors that it has rights to a customer and everyone in the industry agrees to respect those rights? Yes, that setup can lead to massive damages

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If kid’s stats are decent you will get something. A token discount of 15-25k. Schools know even with ED, not many can pay full pay and that doesn’t do anybody any good.

Are you speaking from experience or what you think?

NP here. This is generally NOT true. Do not depend on false information, OP. This is why there are so many applicants to certain schools, because the $80k schools are untouchable for most people (assuming they have the stats and are top of their class).

It IS generally true.

[Anonymous]

Anonymous wrote:

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?

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.

Do you really think a college would fight you, block you from other options and risk losing a subsequent lawsuit with massive damages (from blocking other options)? An ED admit isn't worth it to them

You are discounting the problem of the high school college counselor whose job it was to get OP and daughter to sign the ED application which clearly lays out OP’s obligation. She or he loses credibility if OP suddenly says “oh we changed our mind”. That’s not how ED works. Many counselors will say “forget it -I got you in to your ED and not helping you further “. That means no more college applications. You need your high school counselor on your side, not furious at you, because you checked out. The counselor is the one who sends the transcripts, the class profile and her own letter of recommendation ( at least in Virginia for VA schools). They are the ones who check off the most rigorous box. OP needs to go see their counselor stat and explain the situation before the ED is accepted. BTW not only does she have a counselor problem but she has a student cohort problem because these kids all talk to one another about SCEA, REA and ED applications. They know the rules about ED. How is DC going to change her mind without everyone talking about it? And because of money? The poor kid will be humiliated. And yes the schools do compare notes -especially amongst the college representatives for a certain area. They know each other and often travel together. If OP’s kid is a high flyer the ED school will hear she has applied (if the high school counselor allows it) to a RD school and say “Hey! We already accepted her ED!” and then your name is mud. And so is your high school and the high school counselor’s name.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If kid’s stats are decent you will get something. A token discount of 15-25k. Schools know even with ED, not many can pay full pay and that doesn’t do anybody any good.

Are you speaking from experience or what you think?

NP here. This is generally NOT true. Do not depend on false information, OP. This is why there are so many applicants to certain schools, because the $80k schools are untouchable for most people (assuming they have the stats and are top of their class).

It IS generally true.

+1. The top schools don’t give merit aid because they don’t have to. They can fill their class with full-pay students because of the size and quality f students applying. Then they reserve any scholarship funds for the truly needy, Questbridge etc

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If kid’s stats are decent you will get something. A token discount of 15-25k. Schools know even with ED, not many can pay full pay and that doesn’t do anybody any good.

Are you speaking from experience or what you think?

NP here. This is generally NOT true. Do not depend on false information, OP. This is why there are so many applicants to certain schools, because the $80k schools are untouchable for most people (assuming they have the stats and are top of their class).

It IS generally true.

I’m not sure what schools you’re thinking of (it would help to be specific) but most top schools don’t even offer merit aid, only financial aid. My children were admitted to a couple top schools in that price range and received absolutely nothing (Georgetown was one). If you want to keep asserting this, name some colleges that do offer it.

[Anonymous]

Anonymous wrote:It is absolutely inexcusable that you've put your child in this position by being so completely out to lunch. Your best strategy now is to pull the ED application completely if the school offers no merit aid, switch it to RD if it does offer merit, and then apply to a mix of schools you know you can afford with no aid, including some academic safeties, and other schools that do offer merit aid (with the understanding that attendance is contingent on merit). This is the very common strategy that anyone with any common sense who has limited financial means uses.

Or suck it up and pay the tuition, on the theory that you got off easy with your other two kids. I feel like your older kids now see how unhelpful you were to them and are trying to save their sibling from their fate.

+1

OP, you come across as a nice person, but really, you cannot do this.