Hi – I’m the parent of a Junior. We probably won’t qualify for any financial aid for the small Northeast LACs we are looking at, but we might get a little. Are you at a disadvantage if you apply for any aid on an early decision application? (Not looking at Ivies but various little Ivies) Is there a clear way to see how they calculate parental assets? Thanks!
(i think) it depends on whether or not the school is need-blind. colby and bates are not need-blind, but bowdoin and williams are, as is amherst. if you’re applying to a need-blind school, your ability to pay is not considered. however, if you’re applying to a need-aware or need-sensitive school, your ability to pay is factored in. i’m not sure if anyone knows how much it matters, all anyone knows is that it does.
if you think you won’t receive any aid (or only very little), look into the liberal arts colleges that grant merit scholarships. the midwestern LACs like grinnell, kenyon, oberlin, and macalester are examples.
Most need-aware colleges (Wesleyan being another one of them) that I’m familiar with, don’t take financial aid into account until they near the end of their self-imposed budget which tends to be in last stages of the admissions process - well after early decision. If you are deferred or rejected during ED, it probably won’t be because you applied for financial aid.
I agree, but there are exceptions. Carleton told me (when I asked): “We are need-sensitive for the duration of the process.”
This site seems convenient: https://myintuition.org/.
Coeducational LACs in and near the Northeast that have indicated they don’t consider need include the following:
Amherst
Bowdoin
Hamilton
Haverford
Middlebury
Swarthmore
University of Richmond
Vassar
Williams
These schools also pledge to meet full demonstrated financial need.
^ Why would an applicant avoid a school that is need-aware but meets full need? Why leave them out? Some have less stringent admission requirements than these.
Applicants shouldn’t in general. However, colleges that do not consider need have the financial capacity to create more inclusive campus atmospheres, a consideration for some.
This relates to how I interpreted the OP’s question, or at least a fraction of it.
???
Amherst
Bowdoin
Hamilton
Haverford
Middlebury
Swarthmore
University of Richmond
Vassar
Williams
More inclusive than who? With sticker prices upwards of $70,000 a year, that statement is kind of laughable. And not a single one of them is so recession-proof that a stiff economic downturn wouldn’t wreak havoc with their financial aid budgets almost overnight. More often than not, the line between what constitutes a good choice between a need-blind and a need-aware college involves due diligence (i.e., looking at their net price calculators), not on one college booster’s list.
Indeed. Half of NESCAC is need-aware. As are Colgate, Pitzer, Occidental, Oberlin and Macalester when last I looked.
So what if the University of Richmond accepted my relative? I’d respect UR’s policies either way.
The net price calculators. MyInution is a useful tool and very quick, but has less detail than most NPCs.
If OP is close to full pay, I wouldn’t worry about Need Aware. It hurts more for borderline kids with high need. Or maybe higher need kuds who apply from areas that offer lots of competing applicants.
The important point is to understand her match, not just that she likes these schools.
Are you self employed? Do you own a business? Do you own real estate in addition to your primary residence? Are you divorced? Are you an international student?
If the answer is NO to all of these questions, then run the Net Price Calculators on the college websites.
hey @thumper1 or anyone else, our calculator was way off from actual offer, one person self employed - any idea on how self employed messes up calculator vs actual FA offer?
There are deductions allowed by the IRS for tax purposes for,the self employed that are NOT allowed for financial aid purposes. These are then added back in as income for financial aid calculation purposes.
This cries by college…but includes things like travel, clothing, food/dining, anything related to home offices including utilities, cars, phones, computers, etc.
Because…these are things it is assumed you would have anyway…like that room in your house is there anyway, you would have a cell phone anyway. You would have a car anyway.
Self-employed people generally take business deductions, like cell phones, gasoline, car leases, depreciation, and others stuff, that schools will add back in. So one parent may be deducting $10k-50k or more that CSS schools will add back in…so a FAFSA income may be $80k, but CSS May consider the income as $125k or more.
And remember too…your contributions to tax deferred retirement accounts for your FAFSA year will also be added back in as income.
I wrote:
Well, I was wrong and I thought it best to come back and say so. There was a thread this morning on the Wesleyan CC page that began with the OP, an international student, quoting or paraphrasing a deferral letter (from ED2 to RD) that stated explicitly that the decision was based on the fact that the applicant was an international student with “high need” and even gave the acceptance rate for such students - a depressingly low 5%.
http://talk.collegeconfidential.com/wesleyan-university/2126539-deferred-to-regular-decision.html
So, there you have it, straight from the horse’s mouth. Sorry, for my misstatement.
Haverford moved to need-aware a couple of years ago FYI. I don’t think they went back to need-blind but I could be wrong. Definitely check on that one.
We went to the Haverford info session last year and the admissions officer said they are mostly need blind, but consider need when filling the last 5% of the class.