Category Archives: Merit-based Aid

Waitlisted?

Students who are waitlisted at their top-choice school should understand how waitlists work, because they can a little bit like Lloyd in Dumb and Dumber: “So you’re telling me there’s a chance!”

Here is a great article explaining how waitlists work. The key takeaway from a money perspective: Waitlists tend to be “need-aware” so waitlisted students who require financial aid to attend should instead focus on the schools at which they’re already accepted. Remember that in addition to the likely lower aid package, you will have to pay a nonrefundable deposit– typically in the $500-$1000 range– at your backup school to retain your spot there since waitlisted students typically are not notified of their acceptance until after May 1. 

Finding Money

Of his two college choices, my son is leaning heavily towards the more expensive one. (Good news: it’s not as much more expensive as we had originally thought, but still around $4,000-$5,000 more for freshman year, including transportation– not exactly chump change.) We tasked him with finding some ways to bring his costs down and we’ve been pleasantly surprised with what he’s learned. Continue reading Finding Money

Athletics and Admissions

David Leonhardt at the New York Times points out that the enrollment scandal all over the news this week would not happen but for the outsize role that athletics plays in college admissions. To summarize: admissions decisions give preferential treatment to excellence in a variety of areas beyond academics– music, art, social service, research activity, athletics. They also boost admissions chances for other groups including low-income, underrepresented minority, and legacy students. However, by far the biggest admissions boost went to recruited athletes, who were “30 percentage points more likely to be admitted than a nonathlete with the same academic record.” Continue reading Athletics and Admissions

Planning for All Four (or More) Years

A friend whose son is my twins’ age was surprised recently when I told her some of the colleges my daughter was applying to. She thought they seemed unlikely choices given my constant messaging of finding affordable schools. Her son was interested in some of the same ones and the net prices they found were quite high. The answer: we have the benefit of two children in college all four years. That means our EFC gets divided between then and in many cases, this yielded lower likely net costs. Good news for my Continue reading Planning for All Four (or More) Years

A Tale of Two Acceptances

(Or: Why You Should Talk to Your Kids About Money Before Applying)

My son applied to two schools: In-State-U and an Out-Of-State-U-With-A-Scholarship. I’m fairly certain that a big reason for applying to OOSU was that his sister is applying to a number of schools and he felt like maybe he’d be doing something wrong if he didn’t. He wants to attend a big school; he loves sports and wants a D-1 sports program to be part of his college experience. His GPA isn’t fabulous but he did really well on the ACT, so he did some research and discovered that OOSU has a big scholarship for out of state students that’s based solely on test scores. Continue reading A Tale of Two Acceptances

College Prep by Grade

I gave a financial aid talk to college and career center volunteers at our high school recently. One question stood out: “This is a lot of information to absorb at once. Can you break it down into some specific suggestions by grade?” Two ideas are important here: College planning is a process that should start well before senior year, and there are things that can be done at any point to make things go more smoothly when the time comes to start applying. So here goes. Continue reading College Prep by Grade

EFC, Net Cost and Aid Packaging

Step 1 in figuring out how to pay for college is estimating your EFC. You can use the FAFSA4caster, or the more detailed EFC Formula Guide (note that’s for 2018-2019; the 2019-2020 version should be released this month). But EFC is just a starting point: schools aren’t required to meet your need, and they certainly aren’t required to meet it through gift aid. That’s why net cost and aid packaging are important concepts to understand. Continue reading EFC, Net Cost and Aid Packaging

Application Deadlines

I just returned from a cross-country trip to visit colleges with my daughter, who’s a rising senior. It was a great trip– informative and enlightening, plus a wonderful opportunity to spend some quality time with her. We visited so many schools we joked that we should have made tour t-shirts– seven “official” tours and two visits on our own. According to my phone, we averaged over 6 miles walking and 19,000 steps each day of the trip. That Continue reading Application Deadlines