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Has anybody else gotten the letter from Lafayette about increased aid to families?
We got one Saturday dated March 19 that talked about new economics at Lafayette. Basically, loans are out, for the most part, for those families making less than $100,000 per year.
The money quote (if you will forgive the pun) for me is that, "the College will continue its policy of assembling need-based financial aid packages so that at least 75 percent of each student's need is met with a grant."
I am no expert on the financial aid game (but I am fast becoming one) yet I am wondering if they really mean what they say. For those of us with kids at Lafayette, does this mean they will take the Expected Family Contribution (EFC) figure from the FAFSA filing, subtract it from tuition and fees, and then pay "at least" 75 percent of that in grants?
For our family, when you subtract our EFC from the cost of tuition, it's about $17,000. I believe that is known as the "unmet need" in educational finance jargon. To help alleviate that, we do a HELP loan plus we get a minimal amount of aid.
So are we now looking at $12,750 of financial aid, at a minimum? Free and clear?
That is what it sounds like to me, and if so, Hallelujah! That would make a huge difference to us and I am sure to many in our similar economic boat. On the other hand, there must be a catch somewhere.
Any insight into this is greatly appreciated, but if the way I figure it is true, it is a terrific break for families of Lafayette students.
I suppose I should thank the Ivies for heading in this direction (and since we beat two of their football teams last year I can be in generous mood) but I will also like to thank the Lafayette administration.
That is, if it's the way I figure it, and not some hidden catch that us lurking like the devil in the details.
Lafalum
Let us know if in fact it works out that way I's be interested!!
