<p>I have spoken to a couple of financial aid officers. I have learned that some schools do have a ceiling on how much in FA grants that they will award, regardless of need. You may want to look into how much that ceiling is if you think you might qualify for some financial aid. It is really an important point, even if you are not a high need family. For example, my son was accepted to a school with a COA that is over 54,000. This school has a ceiling of financial aid grants that they will award of 10,000. If a student did not get a merit award, that leaves parents and the student a 44,000 bill less loans and work study (after the 10,000 in FA grants). My son did get considerable merit aid, so his package does not look like that, but is still not a good package for our family.</p>
<p>^^^</p>
<p>Wow…good info. Too bad there isn’t an easy way to find this info out. Too bad it’s not listed on collegeboard in the college info area. </p>
<p>I wonder if colleges would be hesitant to let people know this before applying because it could reduce the number of applications they receive.</p>
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<p>Probably. Additionally, many families get caught up in the dream school/best school saga and end up making that package work, even if they borrow using private and/or PLUS loans too. The school isn’t going to care how many loans are taken as look as the kid goes, fills the seat, and keeps that yield up!</p>
<p>I think if I had to do it over again, I would ask each FA office if they have a ceiling on grants (and if merit awards are counted in that ceiling).</p>
<p>I think if I had to do it over again, I would ask each FA office if they have a ceiling on grants (and if merit awards are counted in that ceiling).</p>
<p>I wonder if they include Pell or other free gov’t aid with those limits (even tho those funds come from elsewhere.). </p>
<p>I’ve seen statements on some websites that say merit (including outside merit) cannot exceed tuition. I guess that is done so that they can give to more students.</p>
<p>I don’t know the answer to that, but I really think that all that they care about is not giving more than 10k in FA grants out of THEIR institutional funds.</p>
<p>I don’t think one would need to worry about exceeding COA with merit aid at this school. Their COA is 54,000 and the most that I sm aware about being awarded in merit aid is around 22,000. I suppose that a few students out there might get a bit more, but I am not certain of that.</p>
<p>This is quite interesting and something I also wasn’t aware of. S2 only applied to one college that is still a no-loan school and it’s reachy and he applied regular decision so no breath holding there, we only need one more financial aid package to arrive, but I have actually not seen any packages that exceed $10,000 in outright grants so very interesting, the mix of merit that came with the acceptances and now the federal monies and grants…</p>
<p>I am assuming if the school’s average need-based gift aid is $16,000 or $27,000, for example, their “grant ceiling” could be no less than that amount. Right?</p>
<p>They could be adding merit awards and grants together when you see numbers like 27,000 in grants, IMO.</p>
<p>momofthreeboys, that is interesting. I guess the question is, “Were you gapped after merit aid, FA grants, student loans, and work study?”</p>
<p>what does “ceiling” mean here?</p>
<p>Meaning that a private school stated that the most that they give out in addition to merit aid in outright grants (their institutional funds) is 10,000, regradlless of need! </p>
<p>So, if a school costs 50k, you get 10k merit aid, and your efc is 7k:</p>
<p>Your package will be: 5500 in loans
1500 in w/s
10,000 in grants
10,000 merit award</p>
<p>This leaves you with a 23,000 bill to pay. This is what you might call an admit/deny, meaning that you were accepted, but if your need is too high, you either walk away or go into heavy debt to pay your way!!!</p>
<p>Yes we have been gapped everywhere so far. But none of these schools was “meets 100% need”, those that meet 100% need are the two we have not received yet. The biggest gap right now is $7000, that one had $7000 in grants and $7000 in merit roughly plus some work/study and a teeny tiny Perkins --about what I spend at the grocery store in a month.</p>
<p>So have we, but one school did not gap us too much. Their package was far better than everyone else’s package. Interestingly, they also gave the least in merit aid, and although their sticker price is lower, I do not like not knowing what the FA package will look like in year 2-4. Since such a small amount is “locked in” as far as merit aid, I still do not feel comfortable with this package. We have not received most of our packages yet.</p>
<p>When do the schools let us know what grants are students are eligible to receive?<br>
This is our first student and I’m confused…</p>
<p>I don’t blame you for being confused! </p>
<p>Have you completed the fafsa and any other financial forms that they want (ie: college specific form and/or css profile).</p>
<p>If you are nervous about something missing, call the financial aid offices of each school.
That is what I did. They will let you know when you will get a package. Some schools won’t send it out until April. Some have sent it out already.</p>
<p>I am assuming if the school’s average need-based gift aid is $16,000 or $27,000, for example, their “grant ceiling” could be no less than that amount. Right?</p>
<p>No…</p>
<p>I don’t think you’re using the right terminology. I don’t think the word “gift” is used. I think what gets posted is the “average need-based aid.” That can include grants, loans, and work-study. So, even if a school provides an average of - say $18k in need-based awards - then $10k may be in grants, $5k may be in student loans, and $3k may be in work/study. So, their grant ceiling may be $10k, but they avg $18k in need based awards.</p>
<p>Actually, Princeton Review does use that terminology in its information about each school’s tuition and financial aid: “Average Freshman Total Need-Based Gift Aid.”</p>
<p>I had a situation like that with the last admissions cycle. School took my word on the FAFSA, didn’t care about the income tax returns or other special circumstances. Mailed us a FA package with the usual $5500.00 Stafford Loans, a $10,000 Grant & no Work Study. That was it! After I mailed out the tax returns etc & I made an inquiry about the medical expenses, “special circumstances” etc. their reply was more or less “We told you what to do, if your child wants to enroll, then send in the deposit by May 1st.” I think it was just the same package for everybody, no matter what! Off the table!</p>
<p>^^^</p>
<p>Kind of a “one size fits all” FA package. Makes you think that their tuition is purposely inflated by $10k so they can award people $10k and everyone thinks they’ve been given something.</p>
<p>Reminds me of a music camp my neighbor’s D went to…the cost had been $3k for 6 weeks, then they started having a drop in enrollment. So, they raised the price to $4k and then awarded each applicant a $1k “scholarship”. It’s amazing how that can work psychologically. My neighbor’s H didn’t want to spend the money, but my neighbor said, “we can’t just give up a $1k scholarship”. </p>
<p>Enrollment managers have fine-tuned this stuff to an art. LOL</p>
<p>Oh, do a Google on “Enrollment Managers” “Financial Aid Leveraging” “Preferential Packaging” and see what you come up with! The Enrollment Managers would love us all to be morons and totally clueless! However, many of us are not! An Enrollment Manager’s job is to get you to enroll for the least amount of money!</p>
<p>mom2collegekids, I think that inflating the cost in order to discount is what I feel that many, if not most schools do. They also then have room to award the wealthy something in merit aid, and may yet have room for a little bit extra left over to offer a greater discount to a lower income student, or those that they want more with more dollars.</p>
<p>My B+ student was offered merit aid at every private that accepted him, with the exception of one school. Oh, and he was NOT within the top 25% in stats at all of these schools.</p>