Hi Tulip,
I posted my answer but it seems to have gotten stuck in cyberspace so here it is again
Go to the college board's website
http://www.collegeboard.com/splash/
type the name of the school in the college quick finder
Boston University
click find it
the school's information will show up
Click the tab Costs and Financial aid. You will find the following..
Quote:
Average percent of need met: 88%
Average financial aid package: $28,032
Average need-based loan: $4,736
Average need-based scholarship or grant award: $19,069
Average non-need based aid: $13,379
Average indebtedness at graduation: $24,939
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Quote:
Financial Aid Distribution
Percent of total undergraduate aid awarded as:
Scholarships / grants: 71%
Loans / jobs: 29%
Non-need-based aid
determined by:
Academics
Alumni Affiliation
Art
Athletics
Leadership
Music/Drama
ROTC
Religious Affiliation
State/District Residency
Need-based aid determined by:
Academics
Art
Leadership
Minority Status
Music/Drama
Scholarship opportunities:
Trustee Scholar Program; full tuition and fees (renewable); candidates nominated by high school principals, headmasters, or students. University Scholarships; half tuition (renewable); based on exceptionally strong high school academic record. Dean's Scholarships; $10,000 (renewable); based on strong academic credentials; for students who have applied for need-based financial aid but have financial resources which exceed, cost of attendance. Dr. Martin Luther King, Jr. Scholarship; full tuition; for academically gifted students with proven leadership abilities and strong commitment to social justice and community involvement.
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Quote:
Financial Aid Forms
Domestic first-year financial aid applicants must submit the following forms, if applicable:
Business/farm supplement
CSS/Financial Aid PROFILE
FAFSA
Noncustodial (divorced/separated) Parents Statement
State aid form
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this way you can see if your package aligns with the information that the school has given. When looking at how aid is packaged, hopefully we wnat to find a higher grant/scholarship (free money) to loan ratio
You can also information if your school has a Common Data Set
Links to the Common Data Sets Posted by Colleges
In the common data set check section H (Financial aid) Sometimes you may have to look for the office of institutional research to find the CDS
You can also pay $15 for the US New best colleges on line edition (personally it is one of the best $15 you will spend because you can compare your schools side by side based on various criteria.
As far as calculating your EFC
use the financial aid calculators
http://www.collegeboard.com/student/...it-up/401.html
run your numbers using:
the federal methodology (FAFSA)
Institutional Methodology (CSS profile)
both FM & IM
In the event that you ask for a financial review, be use to ask the follow up questions (get them in writing if you must)
Is the "new package" you are being offered for 1 year only
Barring and substantial changes in income (loss of job, hitting the lottery) can you expect to receive the same package year over year ?
If there are stafford loans in your package, they may go up each year as your child will be able to borrow more $$ (3500 freshman year, 4500 sophomore year, 5500 junior year until completion of the first bachelors).
When it comes to straight $ merit money, will increased me made that relect increases in tuition (tuition increases at a rate of ~ 5% a year)
You want to know all of the terms of the merit money
gpa
Is it tied to a certain major?
Is there a phase in period?
What happens if your child has an off term?
Is there a grace period so your child can bounce back before losing the scholarship?
If your child loses the merit scholarship is there need based aid to help make up the $$?
If your child loses the scholarship does s/he have a chance of getting it back?
hope this helps