www.eastside-online.org
Vol. 47 No. 4
Cherry Hill High School East: 1750 Kresson Road, Cherry Hill, NJ 08003
December 2012
Making cents out of financial aid mee ts
loans or work-study (getting a job on campus). As important as the percentage of needApparently, winning one hundred obscure based aid is, the percentage of students essay scholarships is not the underground way whose need was fully met is equally, if not of affording college. If you are even lucky more, significant because it is telling as to enough to be the one-in-a-million student who how the percent of need-based aid is divided. snags the 10,000-dollar scholastic reward, that Take Pennsylvania State—University Park, sum does not actually reduce college tuition. for example. While the school meets 56 perMost colleges will look at the amount of the cent of need-based aid, only 6 percent of stuscholarship, take that quantity and deduct it dents’ need is fully met, meaning a large from the amount of need-based aid they were majority of that 56 percent most likely conoriginally going to provide. A scholarship is sists of loans as opposed to free money. only beneficial to the student if it comes from Returning to the expected family contributhe federal government, the state government tion, that sum is not necessarily the true or the college itself; any other kind could affect price a family can afford to put forth each the amount of need-based aid administered. year. Financial assets such as the amount of But how is need-based aid even determined? equity paid on your home, money in your Part of applying to college involves filling name and student income (if you have a job out the FAFSA (Free Application for Federal that pays 6,000 dollars a year or more) all Student Aid) forms. come into play. The twisted philosophy is “What a family is expected to pay is deterthat in order to avoid putting a student in mined by the federal Department of Education. debt, parents can indebt their families by There’s a formula called the Needs taking money out of what they have already Analysis Formula. You get that by put down on their mortgage and putting it # of putting in financial information about toward college the family, plus how many people are People in If parents have a child in col- tuition. So, if in the family and how many kids are Household lege, the EFC for a college-bound embarking on a in colsibling should be cut in half. witch hunt for 4 lege. It Parent age suggests if a parent scholarships on d e t e r - is close to retiring, they may sites like Freewebs is not going to have a retirement fund. m i n e s make any difference, how can a stu# of w h a t dent attend an ideal college for the Parents they say a family can afford to and Age of Parents most efficient cost? pay no matter where the stuEast guidance counselor Mr. (48 and 45) dent goes to school,” said Ray Roberto Figueroa said, “If your Murphy, the president of GPA, your transcript and your Parents’ Total Solutions for College standardized test scores are realIncome Funding, the largest college ly good comparatively to a school advisory firm in New Jersey. and the numbers it has, it is a 186K For instance, suppose the good idea to apply there, [espeexpected annual family concially if] it’s a tier one or tier two EFC tribution is 40,000 dollars school, meaning the school gets and the cost of the college is a lot of money from the alumni so 60,000 dollars per year. The it has a lot of extra money to give. college should make up the Since there’s such a small percentage vs. differof acceptence of Total taxable income - deducance [at The Expected Family 30K 2 0 , 0 0 0 tions = Adjusted Gross Income. Contribution is often much s u c h dollars higher than a family can afford. schools], i n t h e Reality need-based aid. However, accordschools are often able to give stuing to U.S. News rankings, only 62 dents a lot of money in order to Adjusted colleges in the U.S. meet 100 percent attend the school.” Gross 191 of need-based aid. Another option is to simply ensure Although only nine East students Income Untaxed income is the income t h a t (according to Naviance), since 2005, Untaxed excluded from federal income t h e 12K have applied to Gettysburg College, taxation under the IRS code. school Income which t o m e e t s Includes both savings for the which you are applying meets a sig1.5K 1 0 0 college-bound student and any Savings nificant amount of need-based aid, percent savings of the student’s siblings. as not all schools provide merit aid, of need-based aid and is ranked Investsuch as Northwestern University, number 46 on the U.S. News list of ment 15K Vassar College and the Ivy League best National Liberal Arts Colleges, Equity Colleges due to the implicit aca755 East students applied to Drexel demic excellence that resulted in University, which meets 61 percent of Home acceptance. These may be the 180 most practical approaches for colneed-based aid. And while the 61 per- Equity cent is already a disadvantage, that lege-bound seniors, but for a col61 percent may not even be comlege advisory firm, like Murphy’s, prised of entirely no-stringsthe ideal student is actually a attached money, meaning part of it sophomore or junior. could encompass taking out student See COLLEGE, pg. 2 ■ By Danielle Fox (‘13)
Eastside Editor-in-Chief
93.5% o
f need
61 %
100%
90%
99 %
82%
88%
100%
90%
100%
100%
Flags and dollar sign by Joel Greenspan (‘13)/ Eastside Art Director
46K
Eastside used the FAFSA calculator to determine how the Expected Family Contribution is determined. To learn more information about colleges and financial Aid, visit eastside-online.org for collected statistics.
Inside This Issue
School-based movie aids cancer research News/Features Pg. 3
Kind citizens fund hurricane relief Special Pgs. 12-13
58%
69%
89%
% 100
% 1 00
100%
100%
1 00%
100%
100%
99.7%
92%
College student by Zoe Greenhall (‘13)/ Eastside Art Director
Pizza brain dishes out dough Underground Pg. 17