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Is the financial aid package accurate?


Kendall
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We have received the complete financial aid package from the 3 colleges.

I know that the scholarships are set in stone and renewable provided he keeps his grades up. But what about work study and federal grants(pell, acg, seog). Has it been your experience that the numbers are the same when you actually have to pay? Have you found them to vary much in subsequent years?

 

This whole process has been a huge learning experience. I'll share some of it in another thread.

 

Thanks,

Kendall

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I know that the scholarships are set in stone and renewable provided he keeps his grades up. But what about work study and federal grants(pell, acg, seog). Has it been your experience that the numbers are the same when you actually have to pay? Have you found them to vary much in subsequent years?

 

 

My daughter is a first year college student so I don't have been there, done that knowledge yet. That said, I do know that the Pell Grant and SEOG can vary based on your EFC from year to year. I believe this to be true of work study as well. The Academic Competitiveness Grant (ACG) is $750 for a freshman and $1300 for a sophomore and then disappears.

 

Regards,

Kareni

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I was a little shocked today to learn that what has been offered by one college leaves us responsible for a dollar amount that is three times our EFC -- and we are one of the few families (it seems) that has a very reasonable EFC, one that makes sense for our family.

 

I was also startled that this same college offered half as much work-study as another. Very surprising.

 

So I can't really answer your question. I'm just as puzzled about all this as I was before we got the aid package!

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I was a little shocked today to learn that what has been offered by one college leaves us responsible for a dollar amount that is three times our EFC -- and we are one of the few families (it seems) that has a very reasonable EFC, one that makes sense for our family.

 

I was also startled that this same college offered half as much work-study as another. Very surprising.

 

 

My guess, Nicole, is that that college is one that uses Institutional Methodology (IM) in determining your family's need. Our FAFSA determined EFC last year was about $2500; however, when I was speaking to one of the colleges that accepted our daughter, I learned that our EFC as determined by IM was about $8500. This college used the CSS Profile to determine need. Some colleges have their own aid forms. Colleges must use the Federal Methodology's FAFSA generated EFC to distribute federal monies and determine work study allotments; however, they can allot their own monies as they see fit.

 

It was also interesting to us to see how federal monies and work study differed amongst the eight offers my daughter received. For some colleges, the Pell grant was higher than the SEOG; in other cases, the reverse was true. Work study also varied from school to school.

 

Financial aid remains a true mystery to me.

 

Regards,

Kareni

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We just finished year 3 paper work for our daughter in college. She goes to a private college here in Missouri. And it has not been the same funds, grants, loans or work study hours given for all 3 years. We believe the college can do as they please when it comes to the distribution of funds. They can change things as they seem fit. I know this does not sound right, but from our experience it is true. When I called this year and asked FAFSA about it they told me they only collect and process the information for the school and then it is up to the school. Oh and some how every year we have had to send our tax forms, ect. to the college for approval. Now she has kept herself on the deans list and all her scholarships have remained the same$$. But the school has increased in $$ by $1000.00 for the past 2 years :confused: Bottom line you can only depend 100% on your scholarships.

 

Lisa

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My guess, Nicole, is that that college is one that uses Institutional Methodology (IM) in determining your family's need. Our FAFSA determined EFC last year was about $2500; however, when I was speaking to one of the colleges that accepted our daughter, I learned that our EFC as determined by IM was about $8500. This college used the CSS Profile to determine need. Some colleges have their own aid forms. Colleges must use the Federal Methodology's FAFSA generated EFC to distribute federal monies and determine work study allotments; however, they can allot their own monies as they see fit.

 

It was also interesting to us to see how federal monies and work study differed amongst the eight offers my daughter received. For some colleges, the Pell grant was higher than the SEOG; in other cases, the reverse was true. Work study also varied from school to school.

 

Financial aid remains a true mystery to me.

 

Regards,

Kareni

 

Interesting about the different methodologies. The mystery just continues to become more mysterious. What's that wrapped-in-an-enigma saying?

 

I'm glad I was in a good mood when my son opened that letter. While I'm willing to invest in his education and make sacrifices, handing over all of my paycheck every month (save a hundred dollars) isn't quite an option. Not when the 13 yo remaining at home is needing to eat every two hours!

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:confused: Bottom line you can only depend 100% on your scholarships.

 

Lisa

 

Boy, this statement makes me feel better that ds went with his largest scholarship offer with no need grants or other financial aid. We thought that perhaps in the future, if I returned to work, that need aid could go away but the scholarship, if he keeps the required 3.0 gpa, was more secure.

 

It is so true that each school has its own "twist" on financial aid. We found that to be the most stressful part of the whole senior year - working thru/comparing the financial aid pkgs - but on the other hand, I felt like we were informed consumers.

 

Susie

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