<p>If a college takes the CCS PROFILE form and says it “meets need” for 100% of those admitted, does this mean that my net cost cannot be greater than my PROFILE calculation for that school?</p>
<p>Ted</p>
<p>The problem is, you may not know what your Profile EFC is … the school doesn’t have to tell you.</p>
<p>Yes, a school that meets need would meet it by taking cost of attendance minus Profile EFC. However, the need may be met through work study and student loans (sometimes in excess of Stafford amounts - Tufts did that in our aid package). So you might have more loans than you anticipated, and you also may have a large work study award - which cannot be subtracted from the tuition/room/board/fees owed.</p>
<p>Also important to consider with needs-meeting schools: Some pad their COA more than others. To accurately compare aid packages, add up the tuition/room/board/fees/and other mandatory costs. Subtract only free money (grants/scholarships). This will tell you what you have to pay through your own money & with loans (should you choose to borrow).</p>
<p>*does this mean that my net cost cannot be greater than my PROFILE calculation for that school?</p>
<p>*</p>
<p>How would you know that in advance? The NPCs aren’t accurate. And they’re really bad for those who are self-employed or have any odd situation.</p>
<p>Also remember that most Profile schools require a student contribution.</p>
<p>If you calculated correctly, which many don’t. if you own a business, are not clear on who is considered a member of the household…so many things can confuse the calculation.</p>
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<p>Love this site for estimating that: [CollegeData</a> - Net Cost Calculator](<a href=“http://www.collegedata.com/cs/promo/promo_netcost_tmpl.jhtml]CollegeData”>http://www.collegedata.com/cs/promo/promo_netcost_tmpl.jhtml)</p>
<p>Wait - a college can meet need with loans? Then I don’t understand why only 50 or so colleges are listed as “100% need fully met”. How hard is it for them to meet need with a loan? It doesn’t cost them anything.</p>
<p>Of course a college can meet need with loans. It isn’t the college’s job to give out free educations, and it is realistic to expect the student to invest some money into their own education and preparation for future career. If money can be gotten through federal loans, which are available to anyone without credit check, then the school knows that that amount of money is available to the student.</p>
<p>All schools can’t say that they meet need (using loans) because there is a limit on the amount of federal loans available. Expensive schools can’t make up the difference between say, $37.000 cost of attending and $5k available in federal loan money. Schools can’t guarantee that the student will be able to get private loans.</p>
<p>My husband NEEDS a new car (his is really starting to feel its age). Should the dealership meet our need and give him one, since he’s on temporary disability?</p>
<p>The vast majority of four year colleges package loans as part of the aid package. This is not new, contrary to what some on CC think. When I worked in financial aid in the 80’s, loans were part of packaging. Because Stafford loans are guaranteed, and are capped annually, they are usually part of the package. Some students will also get Perkins loans, which are also federal loans.</p>
<p>Ah, I see. So “meets need” means they can use federal loans and work study but not private loans?</p>
<p>Here’s the thing: our EFC with the PROFILE is $25K, which is already considerably above what we can afford. I’m trying to figure out what the maximum amount (<em>including</em> loans and work study) a “100% meet need” college will ask for. Could it be all the way up to full price, like $55K or whatever?</p>
<p>Actually, some schools do use private loans to meet need … my D’s package from one school that meets need included some Massachusetts loan. It’s possible that particular loan was state-guaranteed (I have no clue), but it was not a federal loan. None of the other schools that met need included that type of loan, though.</p>
<p>Unfortunately, there is no way to know what your package will be. If you have a very straight forward situation - not self employed, not a lot of assets, no trusts, that sort of thing - you can figure that Profile EFC is pretty close to what schools might compute it to be (remembering each has its own way to compute Profile EFC). Our situation was pretty simple, and Profile EFC was actually lower than FAFSA EFC. 8 schools gave 8 different packages. Several met need, with some meeting it better than others (in our opinion). Some schools had more loan & work study than others, so that is why I always suggest comparing only direct costs & considering only “free” aid.</p>
<p>D went to a school that meets need without loans. They met our need with scholarships, grants, and a small work study award at first. By her senior year, she was awarded a huge scholarship that had a component of need … she didn’t even have to complete a separate application for it. We hit the jackpot. D’s search centered on a wide variety of schools that met need or where she would be eligible for large scholarships.</p>
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<p>Just want to repeat what others have said: for Profile schools, they all use their own policies and calculations, so there is no singular Profile EFC (even though some calculators would like you to believe there is). </p>
<p>I have very simple FA input (no business, trusts, etc.), but both of my kids have had wide ranges in the FA offered, even from 100% need, no loan schools. Some schools can afford to be much more generous with FA due to larger endowments.</p>
<p>OP, Hopefully your child applied to some schools where there will be merit aid possibilities.</p>
<p>I am always puzzled when people say they know the PROFILE EFC, because we never did, although the college D attended ( which met 100%need) seemed to use the FAFSA EFC. :)</p>
<p>Schools certainly do use loans to meet need. Sometimes they only use Stafford & Perkins ( both attractive loans because they can be subsidized with lowish interest), but sometimes grants may be replaced for upperclassmen with private loans. :p</p>
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<p>How do you know your “EFC with the Profile”? The Profile schools ALL use different formulas to compute the family contribution based on the information you provide and how THEY determine they will use it. Unless you have gotten a financial aid award from a Profile school, you would have no way of knowing your “EFC with Profile” except as an estimate.</p>
<p>Schools that meet 100% of need vary in how they package financial aid awards. The thing that is an absolute…your need based award will NOT cover whatever the family contribution is. Some schools package loans as part of their packages and some do not. Some schools do “preferential packaging” meaning that the more desired an applicant you are, the more grant aid, and less loan aid, you MIGHT receive. </p>
<p>Read post 12 again. It says it all. Awards from Profile school can vary WILDLY…by THOUSANDS of dollars simply because the formulas vary.</p>
<p>I think you need to wait “until the end of the day” when all of your student’s acceptances and financial aid packages have been received. Then compare your bottom line costs if that is the deciding factor for your child. Or weigh the packages, the schools, and make a decision. Regardless…you have no way of knowing how your financial aid packages from those Profile schools will look…and compare…until you actually RECEIVE the packages.</p>
<p>And IMPORTANT…the need based aid packages you receive are for ONE year only. You will have to submit your financial aid info again for each subsequent year for consideration of need based aid.</p>
<p>*Here’s the thing: our EFC with the PROFILE is $25K, which is already considerably above what we can afford. I’m trying to figure out what the maximum amount (<em>including</em> loans and work study) a “100% meet need” college will ask for. Could it be all the way up to full price, like $55K or whatever? *</p>
<p>You don’t REALLY know what your Profile EFC is. There is no set number for CSS schools. Ranges can be $20k or more!!! IM calculators do not give a firm value.</p>
<p>Let’s say that your child get accepted to a meets need school that costs 55k per year.</p>
<p>That school may say that your FAMILY contribution is $30k…which might be stated as: $28k for the parents and $2k from the child (assuming the child will work over the summer). many schools have a student contribution. </p>
<p>Ok…so your family is expected to pay $30k. That means that you have $25k in need.</p>
<p>Unless the school has a “no loan” policy, then the school may give you…</p>
<p>$5500 Stafford loans
$1000 Perkins loan
$2500 work study</p>
<h2>$16,000 in grants.</h2>
<p>$25k in need.</p>
<p>However, some schools claim to meet need and include Parent Plus loans in the FA pkgs…very deceptive.</p>
<p>EFC with the PROFILE is $25K, which is already considerably above what we can afford</p>
<p>Then how will you afford those schools? You can’t use merit scholarships to reduce your EFC unless they’re sooooooo large that they also cover that $25k in need.</p>
<p>EFC with the PROFILE is $25K, which is already considerably above what we can afford</p>
<p>So you need to identify schools which don’t use PROFILE and which schools you can afford with only Stafford & possibly PLUS loans.
Merit aid isn’t a given, but worth looking for.</p>
<p>From looking at past posts, it looks like your D has a music interest but doesn’t want a conservatory experience.</p>
<p>I don’t know if it’s too late, but there are schools that give tuition scholarships for talent.</p>
<p>Maybe some posters can name some that don’t have deadlines that have past.</p>
<p>Parent of a very talented musician who plays two “endangered” instruments.</p>
<p>Scholarships for non-majors are very limited in number AND are not often large sums of money. Dd looked into two which required early applications AND an audition process. One was at Davidson and the other at Skidmore. The application deadlines for those have passed for this year.</p>
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Somebody out hunting oboes? :D</p>