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