With our FAFSA report and CSS profile complete, I started to dig into the Net Price Calculator. Each college and university is required by law to have a Net Price Calculator on their website. About 200 are sponsored by the College Board. The College Board saves your information and makes it easy to estimate your “Calculated Family Contribution.” The other colleges require you to put in basic income and family information.
Once I unearthed our Calculated Family Contribution for our top ten schools, I looked up, bug-eyed, from the computer.
“Give me the rose and the thorn,” my daughter said, using an expression from her counseling class at school.
“Okay, your top school wants to give you a really decent amount of aid. Your second choice, zero aid. Ouch. And your third choice something in between.” The rose, the thorn, and the stem.
But now I wanted to dig deeper. I started checking out lots of schools. Schools we’d never even considered. At the end of the day I think I had looked at about 40 schools, spent over six hours and too much caffeine. It was addicting.
“That’s nothing,” a dad of one of my daughter’s friends told me the next morning. “I ran the numbers for eighty-five schools and I’m still searching.”
The majority of colleges were around the same amount, but there were extremes. I called the top three choice schools asking how accurate those calculations were. The first school told me if my amounts entered were accurate then their calculation would be accurate. The second school, offering us no aid, suggested my daughter might be eligible for merit scholarships, which are not a part of the Net Price Calculations. And the third school said their final package could vary from their calculations based on other factors. I asked if they could tell me what other factors those might be. They said no.
My daughter is planning on applying Early Decision to her top school. This is very tricky since it’s a binding contract financially and I will have to gamble that those estimates are correct. I wonder if it’s better to hold off and have her apply regular decision so that we can weigh the options? Or have her apply Early Decision to her third choice which indicated the best financial aid package, but with unknown factors attached?
We have a week to make up our minds. The Early Decision deadline is November 1. It’s a gamble, that’s for sure. So with a week to go, maybe I’ll rustle around in those rose bushes some more.