<p>Bottom line, though, it come down to how much you and your student has to pay, through savings and current income or sweat equity or future income in the form of loans. Only grants reduce that cost. I don’t care what percentage of cost the grants covered. 75% of $60K, and, yes, some of these schools are not coming up with COA’s even in excess of $60K, though generous at $45K still leaves $15K each year that has to be coughed up. That is the minimal amount, as costs do increase each year. For a family that has the income and prospects of future income, some savings, that is one thing, but for a low EFC family that is living hand to mouth, we are talking about $60K in debt. This is really to much for a kid to take on; certainly no bank is going to lend it to an undergrad, so it has to be a family decision. </p>
<p>There are a number of schools that do give initial awards based on PROFILE and then just require FAFSA for subsequent years. The “tone” for fin aid is set with the PROFILE info and the FAFSA just makes sure that federal eligibility is maintained.</p>
<p>Also, as far as I am concerned, schools that give loans beyond the Staffords and Perkins are not meeting full need though they may so claim. I saw one award at such a school with over $15K In a school loan that they were hanging on the kid. Also any number of schools, package their financial aid letters so that the PLUS are even included as part of the award. Some nerve, given that the parents may not even qualify for the loan.</p>