<p>Thanks, I understand what you are saying. </p>
<p>Indeed, we had our kids later in life and live in a very expensive part of the country. And that will make a difference in where they can choose to go, and we’ve been up front with them about the limits of what we can do. I wish Chicago seemed as if it were going to be more of an option.</p>
<p>Zetesis,</p>
<p>We were in the same boat - from a high cost of living area, older, dependent on savings for retirement etc. Our income was such that we just barely qualified for minimum aid from Chicago (which matched the aid award from two ivies…), which was a subsidized guaranteed student loan! Big Deal.</p>
<p>Worse, my D won a full ride to Michigan State (one of their ADS scholarships). We (meaning D and family together) decided to pass up the MSU scholarship, after much thought and deliberation.</p>
<p>Now that she’s graduated college (this past June), looking back, I can say it was an excellent decision, because the fit between her and Chicago was so good. She excelled at Chicago in ways that I don’t think would have happened anywhere else. </p>
<p>Yes, we are a lot poorer than we would have been, and will keep working for a few years longer (and with recent stock market problems, even longer still), but such is life. We invested in our family. </p>
<p>Each case is individual - I think anyone would understand if you came to a different conclusion, that a private education is not worth the investment. And it is funny that even now, I have family that can’t understand why we passed up MSU. They think we were just trying to make a social statement, or are richer than we are. Oh well.</p>
<p>I was hoping that you all could answer a few questions for me on our situation. My D is applying EA this year. I just looked at the financial aid deadlines and it says for EA forms are due November 3. In 2007 our income was significantly higher than usual because we exercised stock options and did a same day sale of the stock. The proceeds of the stock sale are included in the AGI on our tax returns. If they go by our 2007 AGI then we will definitely not qualify for any financial aid. </p>
<p>So my questions are: (1) are they going off the 2007 tax returns for EA financial aid, (2) if so should we submit a fa application since we would likely not receive any aid and (3) am I understanding correctly that a fin aid app is not needed for a merit award. </p>
<p>BTW my D is applying to other schools EA but their financial aid deadlines are not until January or February. So I was a little surprised by Chicago’s earlier deadline. </p>
<p>Thanks for the help.</p>
<p>(1) yes.
(2) yes, especially if you expect to qualify in future years.
(3) I believe this is correct for Chicago. Interestingly, when we applied 5 years ago, a few schools like CMU required a fin aid app even for merit awards. Hmmm…</p>
<p>Newmassdad – I certainly understand your decision; a number of our friends have made the same decision. We are doubtful that we can, even if the numbers say that we (theoretically) could. I suppose we all have different ways of assessing just what is feasible, but I sure don’t see how these calculators come up with the EFCs for us that they do! I’d guess we aren’t alone here.</p>
<p>But I had no idea before we got into this how complicated the whole situation would be on virtually every level!</p>
<p>My son is on finaid at Chicago, in his 4th year. Grant aid has increased each year - was 13000 1st year, is 16500 this year - so the grant portion has proportionally kept pace, in our situation at least (income went up a bit, assets didn’t). </p>
<p>If your child is still in high school, remember that as college proceeds, and you take out loans, you will likely be paying on them while you are scrambling for tuition - don’t forget that in your calculation. Also, while mortgages and second mortgage payments are counted as ‘protected’ income, home equity loans/lines are not. </p>
<p>None of this is easy, but, for us at least, has been worth it.</p>
<p>Zetesis,</p>
<p>"We are doubtful that we can, even if the numbers say that we (theoretically) could. "</p>
<p>EFC calculations are harsher for some families than others; don’t feel badly if it doesn’t work. Plenty of options for bright kids out there!</p>
<p>I think what’s confusing in part is that we were just at a session with several top liberal arts colleges, and to a person the admissions deans said, “Don’t let the thought that you can’t afford it keep you from applying!” They were trying to say that they’ll help us afford it, but I think their understanding of “afford” comes from a different dictionary, if the anecdotal reports on these boards are anything to go by. Needless to say, we are exploring options at other colleges too.</p>
<p>"They were trying to say that they’ll help us afford it, but I think their understanding of “afford” comes from a different dictionary, if the anecdotal reports on these boards are anything to go by. "</p>
<p>Yes, that would be the one where you learn that EFC means Every F’ing Cent. </p>
<p>That said, sometimes you get nice surprises in the way of a better financial aid award than you though, or an unexpected merit package. If the whole family can agree that attending is conditional on the dollars as well as the acceptance, then I think things will work out.</p>
<p>I always thought of my family as middle class, and I receive around $37K in grants, per year… Don’t really want to reveal too many specifics, but wanted to put it out there that if you’re truly middle class and won’t be able to legitimately afford UChicago, you probably will get a decent finaid package. I still have to take out ~$12K a year in loans, but I find that’s acceptable.</p>
<p>Yes, our D is well aware that attending anywhere is conditional on the dollars as well as her acceptance; she has not complained. After the applications are in, we’ll have to see how it all shakes out and what viable options we have. </p>
<p>As for the explanation of EFC = !!</p>
<p>I would also not rely on the FAFSA to give a good indication of your aid package, especially if you have assets (especially if you run a farm or a business) that the FAFSA doesn’t reflect, but the profile will. I received a disappointingly low offer, and it ended up being a significantly more expensive option than Yale and Harvard. Also, I’m currently a sophomore in college, so all of these offers were really before Yale and Harvard revamped their programs.</p>
<p>Yes - assets of both parents are considered.</p>