<p>I have pretty high EFC (~60K), but is there any good that can come from it? Because of it, I’m pretty sure I won’t qualify for much need-based aid. Would applying to schools that meets 100% need be good to look at? After all, a LOT of applicants apply for large amounts of FA, and many get turned down because of it. Would this lack of needing aid give me ANY sort of an upperhand?</p>
<p>I know it’s a stupid question, but what can you do when you have a high EFC and you’re not sure it truly reflects your ability to pay for college?</p>
<p>Being able to pay the full price “MIGHT” be an advantage at some schools. You might have a slight edge at being accepted because you are going to be paying the full price. To be honest, the schools that meet 100% of need have huge endowments (even after taking a hit) and being able to pay in full is not really going to be of much benefit at all. </p>
<p>In fact, I’ll venture an additional opinion…if you are hoping that paying full price will give you an admissions “edge” at a school where you might not otherwise be competitive for admissions, I would say this is not true.</p>
<p>Many schools are need blind for admissions, so financial information is not considered or even asked for. But quite a few of the schools that guarantee to meet 100% need are need aware, so you might have an advantage over a kid with similar stats but a very high need. I agree with thumper that it would not matter much if you’re not a competitive candidate to start with.</p>
<p>Obviously having a high EFC means you are well off financially XD… </p>
<p>You will have an advantage at non need blind schools especially in this recession. A lot of top schools will give you an edge because you can pay in full. There are definitely schools who are having hard financial problems now. I think I heard Olin college of engineering took down their full scholarship to all students thing (not sure its a rumor that i heard in school). In addition, Tufts had to throw away need blind admissions for their last 5% admitted students this year. Those are two top schools that I heard about recently.</p>
<p>I think, if the economy doesn’t heal, you will definitely have a good advantage over poorer students, especially with the fact that many may not be applying to those schools due to financial problems.</p>
<p>The only scenario that I could see where it would give you an edge might be the following:</p>
<ul>
<li>You are on the bubble at a school.</li>
<li>There is a similarly qualified student on the wait list with you.</li>
<li>You can pay full ride.</li>
<li>The other student needs $30,000 per year.</li>
<li>It’s late in the process and the FA money has long since been distributed.</li>
</ul>
<p>In a situation like the above, I could see a high EFC giving you an edge. That is the only situation where an edge would be likely.</p>
<p>Good luck trying to get any kind of real answer to your question. I could not find a list of ‘need aware’ schools, though not for lack of trying. Whether or not it makes any difference at most schools is pure specutlation. There are a few exceptions- Reed recently confessed to taking 100 low efc applicants off of the accepted pile and replacing them with high efc apps.</p>
<p>It is easier to look up a list of need-blind schools, since there are so few.</p>
<p>Some schools (100% need schools) this year were unable to accept students off the waitlist if they needed financial aid. Being able to pay in full was an advantage and could possibly have pushed you into the acceptance pile.</p>
<p>I’m not sure if this helps you, but just as an FYI.</p>
<p>A lot of you mentioned that colleges are taking a hit from the recession and had to say “no” this year to a lot of applicants whom asked for large amounts of FA. I’m actually already aware of this fact. (By the way, Merry, I read an article about Reed having to close its doors to those that couldn’t pay the full tuition. Interesting, though it still kind of worries me.)</p>
<p>Although I didn’t quite get the answer I would have wished for, you were all very helpful. Being able to pay more than the next guy might give me a little of an edge as many of you have said, but, as I thought, probably not much of one.</p>
<p>Is there anybody else in a similar situation with thoughts like mine or simply knowledge to share? :-)</p>
<p>Having a high EFC is good because it means your family has more money than most. However, that is not very useful to you if they will or cannot use it towards your college expenses. That situation puts many students in a terrible quandry. Though we hear more about this situation among students with divorced or separated parents, this is actually very common even among intact families.</p>
<p>Many times, one or both parents feel that college is something that the kids have to pay. It may be their strong belief that an education is something that has to be earned by the recipient. Kids from families with high EFCs but with parents’ feeling this way, still have more options than most kids, most of the time. If your family is providing you with a lot of amenities for everyday life, that in itself is a bonanza. You may be able to request cash values instead while at school. I have a neighbor who prides himself in forcing his son to pay every cent of his college. Though technically true, I would not compare that kid to a number of other children who are from families that are truly strapped for money and resources. Though that young man may be paying his $3-4K a year tuition on his own, he drives a new SUV that parents have bought, along with paid insurance for the car, gas allowance, cell phone, a full larder for food, opportunities to earn money needed, all needs provided. Big difference from a family who is struggling to provide the basic home necessities.</p>
<p>Of course, such a kid does not have what many of his peers may have which may be financial support for any college that accepts them. Kids in that category who are on their own for college costs from families that make too much to qualify for aid, are penalized heavily in obtaining an expensive private education, or even any “away” college experience as compared to their peers in the same socio-economic strata. </p>
<p>Looking at schools that offer heavy merit awards is a good option if you are in a high stats category. Looking at Momfromtexas’s thread on full ride scholarships also gives you good advice on getting money. </p>
<p>I can tell you that in some cases you could have an advantage if your EFC is high, for admittance to schools that are need aware. If your parents are willing to dish out some money, and the school dishes out some merit money, with loans, work and negotiation, you may get some yield. The reason for this is that some colleges that are need aware will not take high need kids because they cannot come close to meeting that need, and focus instead on those who can possibly pay at least most of the cost, and try to come up with an acceptable cost. Better to spend $50K total on 5 kids whose families can cough up $40K of the cost, and would appreciate that $10K merit award/discount than to offer the entire $50K to a kid whose family can’t afford much at all and would be stretching even meeting the extra costs above and beyond the award. Enrollment cost management of sorts.</p>