decline an early decision acceptance offer?

Parents Forum
941

<p>“Colleges do not take cost of living into consideration. They do not give FA to families with income over 150 or 200. When they are figuring out EFC, they do not care if you are living in NYC where a one bedroom apartment rents for 3000 or in the middle of no where where you could get a 3 bedroom apartment for less than 1000. Yes, many families in the NYC area are not qualified for FA and most people would say, “Cry me a river.” They also do not take into consideration that you are divorced, with families you are supporting overseas, large medical bills, small business owner.”</p>

<p>Oldfort, so what does 100% of need mean?</p>

942

<p>calcom - I don’t really have a problem with OP wanting to see if she can get into MIT, if ego was the reason. But coupled with questions about how to transfer from Penn to MIT makes me believe that it is not an ego thing, but rather a desire to actually attend MIT, if accepted (otherwise why be worried about a <em>release</em> from Penn of the ED decision).</p>

943

<p>Not getting why FA officers are so brutal for RD decisions, as we all know, but supposedly so lovey-dovey and understanding during ED FA negotiations.</p>

944

<p>I always thought 100% of need was the difference between your EFC (different at each school due to the Profile) and the COA. No?</p>

945

<p>

</p>

<p>Only if I drop dead, unfortunately.</p>

946

<p>I’m not interested in my EFC right now. I’m interested in what I really need.</p>

<p>If the colleges don’t include these things …that oldfort mentioned…how do colleges really calculate a true need?</p>

947

<p>Not sure what is meant for brutal for RD decisions? There are many wonderful FA officers. I’m particularly attached to the one I work with at my older son’s school. We often agree to disagree but in general the relationship is more amicable than adversarial. There are some that devote much time to helping kids on the Finaid boards. Not sure where the ‘brutal’ comments are stemming from?</p>

948

<p>100% need does not mean 100% of YOUR need is met, it is a “need” that applies to average Americans. If you do not fit into that category then you should have a plan B. In this country we all like one size fits all. If you fall outside of that size, then you need to pay up. It should be a huge hint to someone as soon as one uses the financial calculator - it says your EFC is 40,000, but you could only afford 10,000. Oops. Or are we the kind of people that also don’t believe a teaser rate mortgage would never go up in payment? But of course, if we were to plead ignorance than it wouldn’t be our fault.</p>

949

<p>Right. We’re taking out loans for our EFC. No complaints.<br>
That’s funny dstark.</p>

950

<p>I don’t think Penn has a calculator. Dartmouth says its calculator is not accurate.</p>

<p>So…who is average? :)</p>

951

<p>If colleges wanted to be transparent they would say “we meet 100% of what we think you need.”</p>

952

<p>“Right. We’re taking out loans for our EFC. No complaints.
That’s funny dstark.”</p>

<p>I wish it was funny.</p>

953

<p>

??? </p>

<p>Where was that? </p>

<p>She had some questions about how to transfer from the Penn School of Engineering (SEAS) to the Penn Management & Technology program (Penn M&T). Two programs within the same school - that has absolutely nothing to do with MIT.</p>

954

<p>

Excuse me, pizzalover? Better check the past posts, because I didn’t make any generalizations about “asian” parents. Maybe I should call you “evil” for misattribution? You seem to like that word.</p>

955

<p>“100% need does not mean 100% of YOUR need is met, it is a “need” that applies to average Americans.”</p>

<p>Where does it say this?</p>

<p>Because everybody uses FAFSA?</p>

956

<p>

</p>

<p>What??? This makes no sense. If this is what colleges mean then I’ve got a problem with that. That’s even nuttier than “we meet 100% of need” when they are calculating the need.</p>

957

<p>My experience was, even with a completely straightforward, uncomplicated financial situation, FA offers varied between schools by over 10k/year. All these posters who feel sure that Penn offers “generous FA” – have you ever applied for FA? I feel that the phrase “meets 100% of need” is deliberately misleading and therefore, unethical. Actually, I think it’s a lie, and should be banned. Colleges know exactly what they’re doing and what they are leading applicants to believe. Yes, buyer beware, etc., but the facts could easily be made clear. The disclaimer that “need” is whatever the college defines it to be is not enough.</p>

958

<p>If colleges meet 100% of average need and we are using the median for average only 50% of the students are covered by schools that provide 100% of a student’s need. </p>

<p>Is that what we are talking about?</p>

959

<p>It doesn’t need to be said because it is what it is. If you don’t like their definition of “100% need” then you don’t need to take money from them. Come up with 50,000/year, and you could define it any way you like.</p>

<p>There is no fair way of doing it. One family may think it is necessary to have a car for each member of its family. Another may think it is reasonable to go out to dinner few times a week. Someone may think it’s his responsibility to take care of his siblings and someone may think it’s unreasonable. Where do you draw the line what is necessary expense? When I brought up the expense of working and living in NYC, someone said, “Well, you don’t have to live in upper Eastside, you could live up in Harlem for a quarter of price. You could live in PA (and spend 4 hours commuting into NYC).”</p>

960

<p>Oldfort is right. It is what it is.</p>