Your Experience With Early Decision vs Early Action

[Anonymous]

Anonymous wrote:You did the right thing. Ivy's aren't worth the debt.

For more than 90% of families, if you can get into an Ivy, it will be cheaper than other colleges. The Ivies have essentially eliminated loans from their financial aid packages. Among the few that still include loans, they only include subsidized federal loans that are capped at a total of $23,000 over 4 years. That's just not a terribly large debt load considering the annual total cost of attendance of $65,000+. For most families earning around $150,000, family contributions are generally in the $15,000 ballpark or less. If you earn $150-250,000 and didn't save or can't afford to pay $15-30,000, you're right that private loans and parent loans could add up quickly. But, it's hard to make the case that higher earners should get aid ahead of those who make much less.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You did the right thing. Ivy's aren't worth the debt.

For more than 90% of families, if you can get into an Ivy, it will be cheaper than other colleges. The Ivies have essentially eliminated loans from their financial aid packages. Among the few that still include loans, they only include subsidized federal loans that are capped at a total of $23,000 over 4 years. That's just not a terribly large debt load considering the annual total cost of attendance of $65,000+. For most families earning around $150,000, family contributions are generally in the $15,000 ballpark or less. If you earn $150-250,000 and didn't save or can't afford to pay $15-30,000, you're right that private loans and parent loans could add up quickly. But, it's hard to make the case that higher earners should get aid ahead of those who make much less.

I hear this all the time (10% of your HHI) but is this true though? My friend (DH and DW, GS-13/14, so making 250 k or slightly more combined) has a daughter at Princeton. As far as I know they get no FA - 60k/year with no help. No other kids. What am I missing?

[Anonymous]

Not all Ivy's are the same in their application of FA, with Yale and Harvard generally more generous. But even at these two schools, the amount of aid diminishes considerably once you cross the $180k threshold. And while $250k HHI doesn't sound like an enormous income by DC standards, you have to remember that it is in the top 3% of household incomes across the country.

[Anonymous]

Anonymous wrote:Not all Ivy's are the same in their application of FA, with Yale and Harvard generally more generous. But even at these two schools, the amount of aid diminishes considerably once you cross the $180k threshold. And while $250k HHI doesn't sound like an enormous income by DC standards, you have to remember that it is in the top 3% of household incomes across the country.

Financial aid really drops off at HHI 150,000 at most of the Ivies, so the "no debt" promise extends only to those under that HHI. Also, for those schools you will have to file the FAFSA, the CSS and the Idoc, which requires all sorts of information about purchaase of home, equity, sale price today, date cars were purchased, is there debt on the car, what are you assets, etc. The most we were offered at UVA and Princeton was a $5500 Stafford loan, so in our case, UVA (in state) is much more attractive than Princeton.

[Anonymous]

Sounds like my husband and i should divorce and give him sole custody of kids so that we can qualify for financial aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:You did the right thing. Ivy's aren't worth the debt.

For more than 90% of families, if you can get into an Ivy, it will be cheaper than other colleges. The Ivies have essentially eliminated loans from their financial aid packages. Among the few that still include loans, they only include subsidized federal loans that are capped at a total of $23,000 over 4 years. That's just not a terribly large debt load considering the annual total cost of attendance of $65,000+. For most families earning around $150,000, family contributions are generally in the $15,000 ballpark or less. If you earn $150-250,000 and didn't save or can't afford to pay $15-30,000, you're right that private loans and parent loans could add up quickly. But, it's hard to make the case that higher earners should get aid ahead of those who make much less.

This is only true for some of the Ivies, like Harvard, Yale and Princeton.

[Anonymous]

DC applied EA to Yale and was deferred, and EA to flagship and was admitted. He applied RD to three more ivies, a safety school, and several top LACs. Two of the RD schools have already admitted him; one with considerable merit aid. So we are breathing a sigh of relief. We are waiting to see if he receives other admissions. I think its nice to have at least one admission in your pocket so you can relax a bit; hence I think the EA was a good thing, but I doubt it will make a difference in making his decision.

[Anonymous]

Anonymous wrote:DC applied EA to Yale and was deferred, and EA to flagship and was admitted. He applied RD to three more ivies, a safety school, and several top LACs. Two of the RD schools have already admitted him; one with considerable merit aid. So we are breathing a sigh of relief. We are waiting to see if he receives other admissions. I think its nice to have at least one admission in your pocket so you can relax a bit; hence I think the EA was a good thing, but I doubt it will make a difference in making his decision.

There is no way your DC received substantial merit aid at a top LAC. They do mot offer merit aid (unless your DC won a big scholarship from Duke, Vandy or U of Chicago). Those are only given to the very top applicants. And I would not consider Duke or Vandy a "top" LAC, although both are very good schools.