Hi, How far we can rely on colleges net price calculators? because most colleges don’t ask GPA and SAT scores. So how the grants based on merit will be estimated? also if we have more loan to pay off, will we get more grants though the household income is more than 250k?
Some NPCs do not include merit, while others do. Those asking for GPA, test scores, etc. presumably do.
For need based aid they are more likely to be accurate for married parents (or widowed single parent) with mostly W-2 income and ordinary assets. For small business, self employment, farm, or rental income, some colleges treat related deductions unfavorably; some of their NPCs may be less accurate.
If the parents are divorced, see http://talk.collegeconfidential.com/financial-aid-scholarships/2083835-faq-divorced-parents-financial-aid-and-net-price-calculators.html .
I don’t think colleges consider consumer debt. If the debt is from medical expenses, they might. NPCs that aren’t asking for stats probably don’t offer merit awards or offer competitive ones.
- NPC is reliable when you put in accurate information.
- Need based grants are not based on GPA, SAT. NPC is usually for need based financial aid. Merit based grants are based on GPA, SAT.
Well, some schools just meet need and don’t do merit. Or have such small amounts of merit available that they don’t bother calculating it into the NPC. If your finances are relatively straight forward, NPC’s are usually fairly accurate. In our experience, if schools aren’t trying to calculate merit into their NPC, there’s a good chance you will not be getting significant merit there or any merit aid is highly competitive. The most generous merit schools will ask for stats.
If you are paying off loans, FAFSA/CSS does not care about that. If your household income is higher than 250K you are unlikely to get any aid at any school for a single student unless you have some extreme extenuating circumstances.
Your loans/mortgages aren’t usually a consideration unless they’re for large medical debts. Having a big mortgage is typically seen as a personal choice.
Grants are based on need.
Scholarships are based on merit (altho some Ivys call their need-based grants “scholarships”)
Which schools are you looking at? Some schools don’t give any merit scholarships at all.
Both of my kids were at schools that gave merit awards based on stats. Both NPC asked for the stats, I put them in, and they spit out the merit awards. Both were accurate.
Both were FAFSA only schools, and my financial situation was pretty simple.
Your kiddo is an international student. You own a rental property. Right here you have two things that have the potential to render the net price calculators to NOT be accurate.
You also mention in another thread that your kiddo is applying to Columbia where there is no merit aid.
And your income is in the $250,000 a year range…right?
Did you expect to get need based aid??
Most NPCs are accurate if you work at a job with a steady income from year to year. If you work at a job with a back-ended payout most schools do not care that the money should be for retirement and not tuition. So if you work at a company with a lower salary and get a huge bonus in year 5 to make up for the lower salary in years 1 to 4 most schools do not care if the bonus year is also your FAFSA year. btdt
You also need to check if the NPC is for domestic students only or if there is a box to check for internationals. Most NPC include loans and federal aid in the numbers. If there is no ‘international’ box, the NPC will not be accurate.
There are several things that can make the net price calculators less than accurate.
Being an international student, and owning real estate other than your primary residence are two of those things.
Other things include being self employed, owning a business, parents divorced.
Your kiddo is an international student. You own rental property.
I would say…the net price calculator results should be viewed with caution.
Also, you say your income is over $250,000 which would put you out of range for need based aid at most colleges if you have only one kiddo in college.
And lastly…Columbia doesn’t give merit aid.
Where else is your kiddo applying?
If you are so concerned about college finances…why…why are you allowing your kiddo to apply ED?
In your situation, the NPC will not be accurate. If you want to know what factors will matter for a particular college/university, you need to speak directly with the financial aid office. Sorry. But that is the way it works for international students.
Run your own numbers. Decide what your family can afford. Tell your kid what that limit is. Repeat that information until your kid understands. Sometimes the best option for an international student is to study in their home country.
Oops…wrong thread…