Among the dozens of pieces of college mail we get, was a comprehensive booklet on financial aid from St. Anselm College, a quite good school in New Hampshire.
I was astonished that the biggest recipients of financial aid, non merit, were kids from families with $150,000 plus in gross adjusted income. The smallest was gross adjusted income of $50,000. - $74,000.
Now this is based on number of students receiving aid and not how much.
64% of the class were from families earning $100,000 plus, with 27% earning more than $150,000, while just 9% between $50,000 and 74,000, which at the bottom end is average family income.
Lots of ways to view this, but interesting nonetheless.
It is likely that they have several kids in school at the same time.
@consolation you have to assume on average all income brackets do.
Yes, if the family has multiples in college, then larger incomes do qualify.
Someone with an income of, say, $160k, with a family of 5, with 2 in college, would likely have a “family contribution” of about $30k per child…so would qualify for aid at schools that cost more than that.
Like you said, it doesn’t say how much. A family with multiples in college may have an EFC of $45k per child, but would still qualify for subsidized loans and maybe a small grant at schools that cost $55k+ per year.
Brochures like that that don’t give specific examples (family income, family size, number in college and actual aid awarded) are very misleading. For the small family with just one in college, with an income of $150k, would likely receive NO FREE money at all…maybe just loans (part subsidized).
Average cost of attendance is $26,000 for those receiving aid, 50% of the top line. So you would think the upper bracket families get meaningful money. The median income for those receiving need based aid was about $120k.
I haven’t looked up the demographic and tuition but if it is a school that doesn’t give “good enough” need based aid to offset the high tuition then more students would be kids from higher income families because those would be the people who might be glad of the “discount” in tuition but still be able to pay the balance. Also, the more than one kid in school thing. There may just not be that many students attending from mid level income brackets . . . to rich to get enough aid to make it affordable and too poor to afford the cost without it.
Are these stats for aid offered to all students or only for aid for enrolled students? If enrolled, then it would indicate that even with FA the school was not affordable to fewer of the students in the lower income brackets. In this case, the numbers make perfect sense. A cost of $26,000 would be a tough go for a family with 50,000 income.
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Average cost of attendance is $26,000 for those receiving aid,
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do you mean after they receive aid? how many also get merit?
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50% of the top line.
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What does that mean?
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So you would think the upper bracket families get meaningful money.
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Why would you think that?
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The median income for those receiving need based aid was about $120k.
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need based aid could be a $5500 loan.
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64% of the class were from families earning $100,000 plus, with 27% earning more than $150,000, while just 9% between $50,000 and 74,000, which at the bottom end is average family income.
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since there are few low income students at this school, that suggests that they don’t have a lot of aid to give.
Remember…the stats are based on who actually ATTENDS. They do NOT reflect the accepted students who got lousy aid pkgs and couldn’t afford the school.
When a school is 2/3 affluent, that suggests to me that those who enroll have parents who are paying for most costs, with the remaining costs being covered by fed loans, maybe some work-study, maybe some merit, etc.
I suspect that some of those lower income students may either commute, be children of employees, or have NCPs or other relatives helping pay.
It’s very hard for schools like that to fund a low EFC student enough to cover costs.
About 70% of all students receive some form of need based aid. Without the average award by income bracket it is hard to tell, but I think it’s interesting such a detailed presentation was offered, probably because so many upper middle class to affluent families believe they won’t get a penny. And surprise it could be quite small in the end.
The stats were enrolled students, BTW.
So what that 70% receive some form of aid. That is a totally meaningless statistic.
For example…there are families who have only $5000 of need, and that is totally met by the Direct Loan of $5500.
Then there are families with $20,000 of need who might also only get the direct Loan.
This school doesn’t meet full need for all.
I never said it met full need. If however, 70% of all attending students receive financial aid and that grant is about 25k on average and the median income is about $120k, then meaningful money is reaching income levels considered upper middle class or even affluent.
The motive of the mailing is certainly obvious.
As pointed out above…you don’t know the other circumstances these kids present on their financial aid application forms.
Kids can have multiple siblings enrolled at the same time.
But the biggest thing…this does not tell you what KIND of financial aid these students received. If those affluent students are getting on,y the Direct Loan, and that IS a possibility, what does the statistic really tell you?
$25 k on average? That means that there are kids who receive far less…and kids who receive far more.
And 30% get nothing…at all. You don’t know whether they don’t qualify…or,whether they didn’t apply.
This is a private school with a current cost of attendance that exceeds $51,000. I’m with others who say there are a lot of students who are fully funding their educations there (we know 30% are)…with many probably only getting the $5500 Direct Loan.
24% had need met
$35,601 avg debt
$12k avg merit
Need-based aid determined by:
Academics
Alumni Affiliation
Athletics
Leadership
Minority Status
Music/Drama
Religious Affiliation
State/District Residency
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70% of all attending students receive financial aid and that grant is about 25k on average and the median income is about $120k, then meaningful money is reaching income levels considered upper middle class or even affluent.
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? Where is it saying that $25k is the average GRANT?
$27,051 average financial aid package
the above would include loans (direct and Perkins) and merit…and work study…and Pell for some)
Financial aid can include grants, loans, scholarships and work-study jobs. Every student’s financial aid package varies depending on individual circumstances.
“$35,601 avg debt”
This is an ugly figure. Some of the graduates must be absolutely wallowing in student debt.
The standard Stafford Loans only total $27,000 for four years. To end up with an average larger than that number from the Staffords, there must be a lot of students who are taking an additional year or two ($7,500 each extra year), are classified as independent ($4,000 additional loan each year), or are dependent students whose parents have been denied PLUS Loans ($4,000 additional loan each year). The place might also have a lot of students who receive Perkins Loans in addition to the Staffords, or it could be making some loans of its own.
Student debt is a systemic problem. This school’s student debt is similar to some public schools outright and better relative to cost. I think U Mass is around $30k and Rutgers is $28.
For all the hoopla on merit awarded by U of Alabama, the debt number is $30k.
For the record, I never said it was fantastic, I was merely highlighting the presentation because I don’t recall the financial aid material targeting more affluent families.
Also, the only way to compare schools is by averages. You can’t analyse a group by picking and choosing situations.
To answer your question, we got FA to an OOS public school that meets full need. Our FA consisted of a grant, work study, Perkins loan and subsidized Stafford. This school requires both the CSS profile and fafsa, but uses the fafsa EFC. We make a relatively high six figure income and have two in college. Once we have one in college we will no longer qualify for aid. The NPC for this school was very accurate for us, but I understand that this may not be the case for everybody.
Did you run the NPC? I did out of curiosity and it left us with a greater net cost than a lot of the other schools I have run calculators for lately (and we have 5 dependent children.)
@ScaredNJDad
Most of the Alabama scholarships reduce tuition only. Students still need to pay for housing, food, and books…plus personal expenses. These cost well in excess of $10,000 a year. There are students who take the Direct Loans for the $27,000 max amount, and still others who also get Perkins Loans, or are independent and get an additional $4000 a year in Direct Loan money.
Those Alabama scholarships are a terrific deal…they are guaranteed for certain stats,mare not income dependent on any way, and for out of state students, they really make this a more affordable option.