net price calculator

Does Your Student Qualify for Financial Aid?

Federal Student Aid is determined by the FAFSA report. To see if your student will qualify for financial aid, have them go through the following list:
  • Your student needs to have completed their high school education either with a diploma or GED.
  • The student must have been accepted by a college or university to receive aid. (They will apply for the aid before being accepted to a school).
  • Male students between 18-25 must register with the Selective Service.
  • The student needs a valid Social Security number.
  • The student agrees that they are not in default of a Federal Student Loan and agrees to use the federal student aid for educational purposes only.
  • The students will maintain satisfactory academic progress.
  • The student must be a US citizen, hold a Green Card, have an arrival-departure record, Battered Immigrant Status or a T-Visa.
Once the student confirms all the above, they can fill out the FAFSA report. The FAFSA report factors in real estate, income and other assets and it will determine the family’s Expected Family Contribution (EFC).
Next take the EFC and subtract the total cost for the school (including fees and room and board). The sum determines your student’s financial need. The aid offered by schools could be in the form of scholarship, Federal Pell Grants, Federal work-study or subsidized direct loans.
Merit-Based Aid differs from financial aid. It is based on your student’s academic achievements and will be offered to the student regardless if they qualify for financial aid.
So how do you determine if you qualify for financial aid? NetPrice Calculators on the financial aid page of every college and university website should help. There you are asked to plug in your student’s EFC number and the Net Price Calculator will calculate your estimated Financial Aid for that specific school.
Many factors apply including owning your home and price of living in your hometown. Financial Aid offices at most colleges and universities can be helpful to parents if you have specific questions.
It’s best to encourage your student to apply to all levels of colleges, private and state. Where one school may give them a full scholarship, the next college may give them nothing. We can’t determine the amount of aid before acceptance, but filling out the FAFSA and using the Net Price calculates are your first steps in understanding if you will qualify at all.

Gardening With the Net Price Calculator

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.

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