College sticker shock

[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.

Most T30 schools do NOT offer merit scholarships to students who do not qualify for need-based aid. There are limited exceptions such as e.g. Duke (1% of freshmen), Swarthmore (2% of freshmen), Wesleyan U. (2% of freshmen).

[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.

I know a friend’s ivy kid who graduated with CS in 2020. Four years of stock options, 2020-2024, will be worth $1M bc the business is booming with the pandemic stay at home demands. The TC and stocks will continue to grow. Ivy education was well worth it.

[Anonymous]

Anonymous wrote:

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.

I know a friend’s ivy kid who graduated with CS in 2020. Four years of stock options, 2020-2024, will be worth $1M bc the business is booming with the pandemic stay at home demands. The TC and stocks will continue to grow. Ivy education was well worth it.

I’m not sure that it proves what you think it does.

[Anonymous]

Anonymous wrote:

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.

I know a friend’s ivy kid who graduated with CS in 2020. Four years of stock options, 2020-2024, will be worth $1M bc the business is booming with the pandemic stay at home demands. The TC and stocks will continue to grow. Ivy education was well worth it.

Actually, none of the Ivy League schools are highly-ranked for CS. Your friend's kid would have done equally well coming out of UMD-CP or UT-Austin.

My kid graduated from a CTCL school five years ago with a CS degree and is making over $200K as a software engineer, plus RSUs and quarterly bonuses.

It's all about the skills.

[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.

Now that you have decided you really don't want to pay, you should have your kid moved to the RD round. It's unethical to try to get the ED advantage and then back out as you now know the cost and the rules.

[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.

If you get deferred, ED is no longer binding. What's your point?

[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.

Which T30 schools give a 15-25K discount to everyone?

[Anonymous]

Anonymous wrote:

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.

Most T30 schools do NOT offer merit scholarships to students who do not qualify for need-based aid. There are limited exceptions such as e.g. Duke (1% of freshmen), Swarthmore (2% of freshmen), Wesleyan U. (2% of freshmen).

Swarthmore and Wesleyan are not T30 though. They are SLACs

[Anonymous]

Anonymous wrote:

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

They only apply National Merit aid, ROTC, and special aid for BFA students. That is a tiny drop in the bucket.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

Most T30 schools do NOT offer merit scholarships to students who do not qualify for need-based aid. There are limited exceptions such as e.g. Duke (1% of freshmen), Swarthmore (2% of freshmen), Wesleyan U. (2% of freshmen).

Swarthmore and Wesleyan are not T30 though. They are SLACs

If you are going to be that technical, Stanford, Northwestern, Vanderbilt, Rice, Notre Dame, UCLA, Cal, Georgetown, Michigan, UVA, USC, UCSB, Florida, UNC, Wake... all offer tons of aid that isn't tied to need.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Most T30 schools do NOT offer merit scholarships to students who do not qualify for need-based aid. There are limited exceptions such as e.g. Duke (1% of freshmen), Swarthmore (2% of freshmen), Wesleyan U. (2% of freshmen).

Swarthmore and Wesleyan are not T30 though. They are SLACs

If you are going to be that technical, Stanford, Northwestern, Vanderbilt, Rice, Notre Dame, UCLA, Cal, Georgetown, Michigan, UVA, USC, UCSB, Florida, UNC, Wake... all offer tons of aid that isn't tied to need.

?? Definitely not at Georgetown. I wish! Are you thinking of athletic recruits?

[Anonymous]

Anonymous wrote:

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

You ever heard of tortious interference with a contract, friend? This isn't about "rights to a customer" it's about "parties to a contract." Ya ding dong.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Most T30 schools do NOT offer merit scholarships to students who do not qualify for need-based aid. There are limited exceptions such as e.g. Duke (1% of freshmen), Swarthmore (2% of freshmen), Wesleyan U. (2% of freshmen).

Swarthmore and Wesleyan are not T30 though. They are SLACs

If you are going to be that technical, Stanford, Northwestern, Vanderbilt, Rice, Notre Dame, UCLA, Cal, Georgetown, Michigan, UVA, USC, UCSB, Florida, UNC, Wake... all offer tons of aid that isn't tied to need.

Not sure where you’re getting this info, but it’s not correct. Stanford doesn’t offer merit aid. Neither does Georgetown.
Florida definitely does although I don’t think it’s a top 30 (my kid goes there. Im not a hater). But it certainly isn’t the price OP is speaking of, and it’s not a token offered to every applicant.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

Most T30 schools do NOT offer merit scholarships to students who do not qualify for need-based aid. There are limited exceptions such as e.g. Duke (1% of freshmen), Swarthmore (2% of freshmen), Wesleyan U. (2% of freshmen).

Swarthmore and Wesleyan are not T30 though. They are SLACs

If you are going to be that technical, Stanford, Northwestern, Vanderbilt, Rice, Notre Dame, UCLA, Cal, Georgetown, Michigan, UVA, USC, UCSB, Florida, UNC, Wake... all offer tons of aid that isn't tied to need.

https://uadmissions.georgetown.edu/financial-aid/
Georgetown does not offer merit aid as many have told you. Straight from their website.

[Anonymous]

Anonymous wrote:

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

Again, lol. This is funny because I’m actually an antitrust lawyer so I’m very familiar with the concept you are trying to explain to me. And no, that doesn’t apply here. And you don’t have a clue what you are talking about.