ED and FA

jcll2002 · 04-25-2008, 06:34 PM

I am currently a junior and I was pretty sure I was going to apply ED to penn (it is my 1st choice) but the cost of this type of education really made me nervous. I'm really worried about getting in ED (although that would be awesome) and being bound to a less than adequate FA package. I really want to have to opportunity to get offers from multiple schools.

I have a twin brother who is also going to apply to top tier schools, another brother who took a semester off of Cal Poly to attend a JC, and a sister who is going to apply to business school in a few years. My family makes about $450k.

Will my family's income lead to a bad FA package when applying ED?

Thanks, I'm really in need of some advice.

swimcatsmom · 04-25-2008, 06:45 PM

$450k ?????

A year?????

And you are worried about getting adequate financial aid??????

Quote:

Will my family's income lead to a bad FA package when applying ED?

It will lead to a bad financial aid package whenever you apply. You are unlikely to qualify for any financial aid. So if that is the only thing that is making you hesitate to apply ED then go ahead and apply ED.

eatsalot · 04-25-2008, 08:19 PM

^i second that.

wharton4life · 04-25-2008, 08:25 PM

I certainly hope that number was a mistype.

CDN_dancer · 04-25-2008, 08:28 PM

As others have said, if your family's income is actually $450k per year, you're unlikely to get FA anywhere, unless of extreme extenuating circumstances (i.e. your family is spending a lot of money paying for your siblings' tuition, caring for an elderly relative, etc.)

thumper1 · 04-25-2008, 08:37 PM

$450K per year is about nine times the national average for a family income. Even with three kids in college at the same time, that income will not likely net you need based aid....which is all that UPenn gives. Your other sibs in college will be factored into the formula determining your need and is NOT an extenuating circumstance.

Now...having said all of that...I have several questions...

1. Have your parents told you that they hope you will get need based aid? What is their basis for feeling you have financial need?

2. If you REALLY want to be able to compare financial aid packages...regardless of your income...do NOT apply ED. ED is binding and you know the rules before you apply...and the costs. When you apply ED, you agree to attend the school with the financial aid the SCHOOL determines you need.

3. Have you considered applying to schools where you might be in the running for merit aid? If you truly have the stuff to gain admittance to UPenn, you likely have the stuff to get a decent merit award at other schools.

4. Do you think that your financial aid packages (even if your family income is really $450K) will be different at a school that meets full need if you are accepted ED? If so, you are wrong. If the school meets full need (as UPenn does) your financial aid package should be the same if you apply Regular decision.

5. If your family income is really $450,000 per year, WHY are you afraid of the cost of attending UPenn?

Lastly, you should really post this on the Financial Aid and Scholarships section of this board...where you will get more info.

jcll2002 · 04-25-2008, 08:53 PM

sorry haha i meant 250k which I guess is still high.

Quote:

3. Have you considered applying to schools where you might be in the running for merit aid? If you truly have the stuff to gain admittance to UPenn, you likely have the stuff to get a decent merit award at other schools.

4. Do you think that your financial aid packages (even if your family income is really $450K) will be different at a school that meets full need if you are accepted ED? If so, you are wrong. If the school meets full need (as UPenn does) your financial aid package should be the same if you apply Regular decision.

your fourth comment was what I was really getting at. I was under the impression that FA packages were "Better" RD. I guess I just assumed that and what that really means is one is able to compare and possibly negotiate?

My parents have just been hinting that I'll need a scholarship/FA to go to the schools I want because of my siblings... Guess they're wrong.

thumper1 · 04-25-2008, 09:08 PM

>>I was under the impression that FA packages were "Better" RD. I guess I just assumed that and what that really means is one is able to compare and possibly negotiate?>>

Well...UPenn is a school that meets full need. It doesn't matter when you get accepted, they will meet your need as THEY determine your need to be. It will not vary whether it's ED or RD.

Schools that do not meet full need, and have an ED option, may not give you as good a package ED. Simply put...you have committed to attending their school. What incentive do they need to give you? None. So, in that case, your financial aid might actually be BETTER regular decision....when they are trying to encourage you to accept their offer. Of course, that would assume that you are a student who they want to attract to their school.

Re: ED...if finances are a consideration...you should NOT (repeat DO NOT) apply ED. By doing so, you will have only one acceptance and only one bite at the financial aid apple...the one from the ED school.

Now...to the $250,000 per year income. With three students in college at the same time, you "might" (notice...might...no guarantees) qualify for a bit of need based aid. In my opinion, however, it is unlikely that it will be very substantial. That income is five times the national family average.

There are some schools with new finaid guidelines (I don't think UPenn is in that group) that is awarding need based aid to families with incomes of $150,000 or less. With three kids in college, I'm not sure how that type of school would consider your family's income.

I personally think that your best bet is to look at some schools that award merit aid...there are a ton of very fine schools...and if you have the stats to really get into UPenn..you might qualify for merit aid elsewhere.

jcll2002 · 04-25-2008, 09:12 PM

Thanks for the response. "
Schools that do not meet full need, and have an ED option, may not give you as good a package ED. Simply put...you have committed to attending their school. What incentive do they need to give you? None. So, in that case, your financial aid might actually be BETTER regular decision....when they are trying to encourage you to accept their offer. Of course, that would assume that you are a student who they want to attract to their school."

That's really what I was thinking. Before reading this post I looked for schools with the best merit aid in a thread in the FA section. I'll continue looking, but do you have any suggestions off hand?

Thanks again.

thumper1 · 04-25-2008, 09:20 PM

Since I have no idea what you are interested in studying, where you want to attend school, what kind of location you prefer, what your profile is (standardized test scores, gpa, class rank, type of courseload, etc)....it is impossible for me to even speculate. Again...I would suggest that give the folks on the finaid forum a bit of info...not more than you feel comfortable giving...and ask about schools that might offer merit aid to you. There are a number of very knowledgable parents who post there. You should get some ideas.

The other thing you can do is look at school websites. Often, they list scholarships and the stats it takes to get them....or a range.

GroovyGeek · 04-25-2008, 11:41 PM

The typical EFC for $250k income would be above $80k. With three siblings in college you might get some FA, with only two your family is likely paying full ride at Penn or wherever else you get in, unless you get merit money.

collegeinfo91 · 04-30-2008, 07:27 PM

...not to hijack....but my family makes about 110K per year....how does that sound if i apply ED?
im willing to take loans i guess...but not that much...i think. im confused....any figures on what aid i wud get.
btw my sis is goin to med school....but i think she is taking a full loan...i dunno...and is her being independent or dependent gonna effect the FA i get? if any?
thanks =)