Financial aid concerns??

wakka · 11-01-2009, 09:37 PM

Okay, I really really want to go to Rice. We did some fin aid estimator and my family is expected to pay almost everything (65K). However, it didnt ask if I had a twin applying to the same colleges...Just asked if I had a sibling in college.. I know you guys don't really know the answer, but can anyone tell me around how much my parents have to pay for both of us? How much financial aid did Rice offer to you?

Income: Almost 200K
That's the problem. My dad makes a lot, but we are really frugal and we are saving up for college. But even with that income, sending both twins to private universities that are around 60K a yr for one person is quite concerning. I really want to go to Rice and not a state univeristy

anxiousmom · 11-01-2009, 09:51 PM

How do you get 60k at Rice? Cost of attendance is a lot lower than that!

wakka · 11-01-2009, 10:34 PM

that amount (65K) was the Expected Financial Contribution from my family. it could be over the cost of attendance at rice...so my parents will have to pay full tuition according to that amount...

Kallistos · 11-01-2009, 11:02 PM

Is the $65k tuition for both you and your sibling? Total tuition and fees(including dorm) should come out to like $32k. Rice is one of the few top pvt universities that offer merit fin aid so keep that in mind.

wakka · 11-02-2009, 12:09 AM

It was just for one of us

college316 · 11-02-2009, 12:29 AM

My family and I were in almost the same situation.
You will find that out of all the top-ranked schools, Rice is one of the most generous in terms of merit-based aid.
There are varying levels of merit-based aid but if you do get aid, your total cost of attendance will be MUCH more reasonable than at other schools.

wakka · 11-02-2009, 12:39 AM

To be honest, I don't think I fit the criteria for the merit based aid. My twin is a national merit semifinalist though..

But just in terms of financial aid, is Rice generous??

wakka · 11-02-2009, 12:50 AM

Wait... so is it possible to get merit based aid w/o getting a scholarship???

I have the best chance of getting the Trustee Diversity Scholarship than the other ones though b/c of my essay maybe....maybe. It's a stretch tho

Yeah, sorry guys. I need to do some more research. I took college for granted until a few months ago

anxiousmom · 11-02-2009, 10:16 PM

merit aid IS scholarship! 32K does not include room and board.

swarthmoredad · 11-02-2009, 10:39 PM

You should talk about very carefully about budgets and affordability with your parents. If your parental income is $200K/year, it is highly likely that your parents will pay list price for college, less any merit scholarships. That's for multiple children in college, not one.

Students at Rice with significant financial aid have low EFC numbers. In addition to income, assets are included by colleges in calculating an EFC. High-income parents usually have homes, savings accounts, mutual funds, etc. A rule-of-thumb is 6% contribution per year of the asset total. Any assets in a student's name are assumed to be available for college expenses. Rice is generous with financial aid for those that qualify, but many families pay list price.

This discussion doesn't just apply to Rice. Any top-tier private college has similar financial aid policies and they are need-based.

Colleges give limited consideration to the cost of siblings in college at the same time. Colleges generally are very clear that it is the parent's responsibility to pay for the cost of college education. Another way of saying this is that one college is not going to subsidize the costs of another child at a different school. If a sibling chooses to attend an expensive private school, the family is expected to pay for it.

The estimated cost of Rice this year is ~$46K. Rice has one significant financial advantage vs. other top-tier private schools. As expensive as $46K sounds, and it is, other top private colleges are now in the $55K range.

Rice also does have some merit scholarships (although most are small National Merit scholarships). Don't assume too much about getting a Trustee's Distinguished or Diversity merit scholarship. Rice has thousands of highly qualified applicants with great scores, grades, and resumes. Finally, remember that merit scholarships generally decrease financial aid dollar for dollar.

Good luck with the admissions process. Rice is a very special school.

Modulation · 11-02-2009, 10:53 PM

Nobody can say exactly how much you're expected to pay. However if you have another twin/sibling in college, you'll probably get more aid. They won't expect your family to pay 50% of your family income for college (unless you've saved up a lot).

Anyway, you should apply if you feel Rice is a good fit. Worry about financial concerns when you get your aid package.

wakka · 11-02-2009, 11:40 PM

Okay, thanks. I have one more question though. I have to apply for financial aid every yr in college right? So if my parents do use up all their assets for paying for the 1st yr in college, wouldn't I get a more generous financial aid package the next yr?

Oh, and if my bro and I both go to Rice, is there a discount?

r-crispie · 11-04-2009, 03:31 AM

EFC is FAFSA total family calculated contribution, applied to the total costs of both students. So in principle, 120k-65k = 55k loans, grants and student work if both colleges are "meets 100% of need". CSS Profile is more demanding, counts more assets into the family contribution. Rice will likely be one of the best cost and need based F/A packages that you will get from the top 20 universities, so I would definitely consider it carefully, along with your twin.

Rice historically especially liked National Merit Scholars and Finalists, where the Nat'l Merit Scholarship was one of the easiest forms of merit aid to get (list/change Rice as your #1 choice to CEEB). Also I think Rice has graduating loan limit policies that are favorable to to the student, the rest in grants and work study.