Some college selction and financial aid questions?

Parents Forum
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<p>Sorry for my stupid questions but trying to navigate in unknown waters so may be asking wrong questions. Do not want to come across as arrogant but just trying to understand the method how it works? </p>

<p>Financial Aid questions:

  1. Is profile an IM method of funding?
  2. How good is Princeton calculator for preliminary estimate?
  3. What is the earliest date for filing profile for kids applying for a 2007 program? Can you do it online or you have to do in paper form?
  4. Which private school uses FAFSA to give aid? In our case FAFSA aid estimate are lower so would not be applying to federal method of FAFSA</p>

<p>Where to apply: (Asian kid will be applying in social studies)

  1. How do you select school which will be math, likely and safety for a student who needs high financial need based aid awards? Is prep school scatter gram based on GPA and SAT1 scores are good to select the school?
  2. How many school should be in total should apply:
    Reach 3-5
    match 3-5
    safety two</p>

<p>How do you show passion in ECs?

  1. Is working in a prep school newspaper where you put more than 25+ hours in a week is a sign of a passion? And top of it many awards in Debate and Model UN.
  2. Is having a very strong math/science achievements (AIME 5, regional math team) but with many more awards in humanities are a plus?</p>
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<p>You can file the Profile (through the college board’s site ) in October. It is easier and faster to do the forms on line.</p>

<p>The FAFSA and the CSS profile measure 2 different things.</p>

<p>The FAFSA (federal methodology) really only looks at your eligibility for federal aid (loans and pell/seog grants ). All schools require the FAFSA.</p>

<p>If you are attending a school that gives need based FA, they most likely use an institutional/concensus methodology to determing aid will most likely ask for the Profile or their own institutional aid form in addition to the FAFSA. </p>

<p>A school that use the FAFSA long with the CSS profile / their own institutional forms does look at the income assets of both parents: custodial/non-custodial and even step parents. </p>

<p>Your EFC from a school that only uses the FAFSA will look very different from a school that uses the FAFSA and the CSS profile or their own instiutional aid form.</p>

<p>The information from the profile will account for your increase in EFC because your EFC may show that you have considerable income/assets/equity which shows up on the profile that you don’t have to indicate on the FAFSA.</p>

<p>The FAFSA is requested by all schools and is mainly used by schools that calculate FA using the federal methodology. </p>

<p>The schools that require the CSS profile often distribute their own institutional funds and use an institutional/ concensus methodolody. The Profile is used to get a more complete picture of your financial situation.</p>

<p>Differences between the IM and FM models include:</p>

<p>IM collects information on estimated academic year family income, medical expenses, elementary and secondary school tuition and unusual circumstances. FM omits these questions.</p>

<p>IM considers a fuller range of family asset information, while FM ignores assets of siblings, all assets of certain families with less than $50,000 of income, and both home and family farm equity.</p>

<p>FM defines income as the “adjusted gross income” on federal tax returns, plus various categories of untaxed income. IM includes in total income any paper depreciation, business, rental or capital losses which artificially reduce adjusted gross income.</p>

<p>FM does not assume a minimum student contribution to education; IM expects the student, as primary beneficiary of the education, to devote some time each year to earning money to pay for education.</p>

<p>FM ignores the noncustodial parent in cases of divorce or separation; IM expects parents to help pay for education, regardless of current marital status.</p>

<p>FM and IM apply different percentages to adjust the parental contribution when multiple siblings are simultaneously enrolled in college, and IM considers only siblings enrolled in undergraduate programs.</p>

<p>The IM expected family share represents a best estimate of a family’s capacity (relative to other families) to absorb, over time, the costs of education. It is not an assessment of cash on hand, a value judgment about how much a family should be able to use current income, or a measure of liquidity. The final determinations of demonstrated need and awards rest with the University and are based upon a uniform and consistent treatment of family circumstances.</p>

<p>Except in the most extraordinary circumstances, Colleges classifies incoming students as dependent upon parents for institutional aid purposes, even though some students may meet the federal definition of “independence.”</p>

<p>Students enrolling as dependent students are considered dependent throughout their undergraduate years when need for institutional scholarships is determined.</p>

<p>For institutional aid purposes a student may not “declare” independence due to attainment of legal age, internal family arrangements, marriage or family disagreements.</p>

<p>Your COA (cost of attendance) is tuition, room board, books travel expenses and some misc. expenses associated with attending college.</p>

<p>As a student, there are cumulative limit of $23,000 which you can borrow for an undergraduate education using stafford or perkins loans.</p>

3

<p>Some of my answers:</p>

<p>Princeton calculator might be OK for Princeton only, but seemed to NOT predict FAFSA EFC for us.</p>

<p>Schools to apply to: In some cases, it might be one, if it’s the right school (academically and financially). My son found a program that was a perfet fit in everyway, and that ended up being the only application he sent out. Oops - correction: He also applied to the state flagship as a backup. So maybe two. On the other hand, a person might not be so focused on one particular program. So the list above looks fine.</p>

<p>Passion in ECs: One way is as you say, especially awards. But another way is to show LONG-TERM commitment. In my son’s portfolio he submitted as part of his application, he included some things he did as a 10-year-old (and a progression up to current). Probably not the recommended way to show off your best work, but it showed how long he’s been passionate about what he was doing and how his talent grew.</p>

4

<p>My daughters school may be the sole exception but it does not require the fafsa. They get zero federal funding. They use the profile only.</p>

5

<p>The Princeton calculator seems to do a decent job of prediction for schools that use the Profile and are 100% need met schools. It won’t predict merit aid, and it can’t tell you what mix of grants and loans will be.</p>