Good evening, I am reading snippets that the ‘free’ tuition will raise the amount of TAP funds available for students in private colleges–at this point, based on our income we qualify for the tiniest award, an amazing $500 per year. It looks like it can go up, but only if our university ‘signs up’ for it. It looks like the university (RIT) has to sign up for it and not increase our tuition, which it will be in fact be raising by 3-4% next year. Factors may include a higher minimum wage and increased energy costs, but…my question is will we still get our amazing $500 a year or are we losing it?
As you already know private schools have the option of whether or not they want to opt into the enhanced program.
Should RIT opt in and freeze tuition for 4 years, then you would be eligible for $6000- $500 (TAP) = $5500
$2750 to be paid by the state and $2750 to be paid by RIT.
Personally, I think that there are too many kinks that need to be worked out on the private school side.
Keep in mind that RIT is a school that does not meet 100% demonstrated need. I wonder if schools opt in will it affect their financial aid packaging because because the money will have to come from somewhere. Will students who don’t meet the income threshold have to absorb the increases to make up for the students whose tuition is being frozen? I could see some potential for a lot of problems with the plan and probably a few potential lawsuits. If you are already getting more than $2750 from them, I don’t see them increasing your package.
IMHO, I am not sure whether or not it would actually help you. The school may take the position that they are giving you more than $6k in need based institutional aid and don’t have a need to participate (if you are eligible for TAP, you are probably going to get more that the $2750 that they would be required to give you under the enhanced plan).
From your end, it leaves you free to anywhere you want after graduation with out the risk of having the enhanced scholarship turn into loans. I also wonder if it would be in RIT’s or any other private school to opt in if it means holding tuition for 4 years.
Let;'s not forget the schools that already meet 100% demonstrated need. If your family income is under $100k, with typical assets (income from work, not self employed, not a blended family, n other real estate outside of your primary home) you stand a chance of getting a good package anyway that will cover most of your tuition. There would really be no incentive for them to freeze tuition.
If you are already getting more than $2750 from RIT, do you really want the strings?
Sybbie: Thanks much. Have a great week.