Case Studies
What to look for in these cases:
- Students must find good "marriage" to the colleges selected.
- Parents must consider the financial positioning PRIOR to the aid forms/scholarship forms, etc.
- Consider suspending attendance decisions until all of the evidence is in.
- SAT/ACT test scores: IMPORTANT, but is it the ONLY thing the colleges look at?
High EFC Case Study
- Alex
- English Major
- SAT: 2220
- Looked at 8 colleges, in and out of state
- Parent income approx $46,000/year (single parent) and student income approx $9,000/year
- Approx $201,000 in parent investments, $75,000 in student investments and $354,000 in home equity
- 3 family members, 1 in college
- Initial EFC approx $46,000, final EFC approx $21,000
Results:
- Attending Oberlin College, OH
- COA $47,370
- Received: $ 9,713 Grants
- $ 12,000 Scholarships
- $ 3,500 Stafford Loan
- $ 1,700 Work Study
- $ 239 Perkins Loan
- $ 27,152 Total Aid
- $21,713/yr in free money or discounts
- $86,852 in savings over 4 years
High EFC Case Study
- Jennifer, Westwood HS Grad
- Biology/Pre-Med Major
- SAT 1460 / 2190
- Initially 1 college pick, then considered 24, then applied to 9
- Family income approx $110,000
- $160,000 in taxable investments, $150,000 in home equity
- 4 family members, 1 in college
- Initial EFC approx $34,000
- final EFC approx $29,000
Results:
- Attending University of North Carolina, Chapel Hill
- Received: $15,000 Carolina Scholarship
- $ 2,625 Stafford Loan
- $17,625 Total Aid
- $27,398/year COA
- $9,773/year out of pocket to go to out of state, private, tier 1 college
- Total savings over 4 years: $70,500
- Dad is going to retire 2.5 years early
High EFC Case Study
- Sisters - Ann & Amy
- Business Administration Majors
- ACT: 30 & 29
- Family income approx $35,000
- $587,000 in taxable investments and $508,000 in home equity
- 4 family members, 2 in college
- Initial EFC approx $33,000 per student, final EFC approx $12,000 per student
Results:
- Both students attending USC
- COA $47,440 for each student
- Received: $ 8,800 Federal Grants (total for $ 67,054 University Grants
both) - $ 7,000 Subsidized Loans
- $ 5,500 Work Study
- $ 88,354 Total Aid
- $75,854 in free money or discounts per year!
- $303,416 savings over 4 years!
- College bottom line cost is now $6,526/year
High EFC Case Study
- Chris, HS graduate
- Liberal Arts Major
- SAT 1220 / 1820
- Considering 7 colleges nationwide
- Family income at $134,000
- 10,000 in taxable assets.
- Initial EFC at $34,000 per year
- Final EFC at $34,000 per year
Preliminary Results:
- Chris, HS graduate
- Liberal Arts Major
- SAT 1220 / 1820
- Considering 7 colleges nationwide
- Family income at $134,000
- 10,000 in taxable assets.
- Initial EFC at $34,000 per year
- Final EFC at $34,000 per year
Final Results:
- The student was invited to Hiram for personal interview and scholarship competition.
- The University President called him and offered a full tuition waiver for the
- $32,000/year cost of attendance for 4 years.
- Special note: this is unusual in the current world of college funding. "Full rides" are VERY infrequently seen.
High EFC Case Study
- Alice, HS Grad
- Liberal Arts degree
- SAT 1300 / 1940
- Considering 15 colleges nationwide, applied to 7
- Family income approx $106,000
- $190,000 in taxable investments, an estate coming worth $150,000, $180,000 in home equity
- 4 family members, 2 in college (1st student at Cornell - parents are paying $42,779 per year)
- Initial EFC approx $27,000 per student
- Final EFC approx $15,000
Results:
- Student Attending Ursinus University (PA)
- Received: $20,400 Ursinus Grant
- $ 2,625 Subsidized Loan
- $ 7,500 Ursinus Loan
- $30,525 Total Aid
- College out of pocket cost while attending is now $10,125/year
- Remaining loan balance to be paid after college is $40,500/4 yrs