Reply to FAFSA says we can pay $90K; should we have applied for FA?

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[quote=Anonymous]Bard College is $63,626 for first year students.  They gave financial aid to 68% of the group and an average grand of $37,800 institutional funds.  So the average amount paid by 68% of the students is $25,826.  Any you can likely take Pell grant money off of that.  So, 68% of Bard students are paying exactly your quoted state school amount.

Bard's incoming class was 563 students.  That means that 180 paid the full fee.  That's out of 6960 applicants to the school.  Bard's not too expensive as they only need to find 180 full pay students each year upon which to operate and subsidize the remaining 383.  And I expect those 180 are happy to be there and pay the tab.

Similar numbers for MIT.  1141 in the freshman class.  703 on financial aid.  438 full pay.  Average financial aid recipient got $38,763.  This is out of a total fee of about $58,000.  They had a total of almost 19,000 applicants for those 1141 spots.  Only needed 438 full pay from that 19,000.

The reality is that the full-pay people at these type schools are seeing value for the expenditure and are unlikely to prefer a much less expensive UMass or SUNY-Albany.  There are plenty of folks in cities paying HS tuition not that far from these numbers to entice to expensive colleges.  And these schools have much larger percent of their students on financial aid than DC/NYC private HS.

You don't think they are worth the price.  Apparently enough other folks do so they are not likely to be closing their doors anytime soon.  But genius kids who choose to go to state schools should take solace in study after study that shows they are likely to perform just as well in the long run as if they had taken the more expensive route.

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