I just checked my FAFSA EFC and it says 0457XX. My parents earn a combined income of a little over 150k but my dad earns the majority of the money. They don’t plan on helping me out much with my college tuition. I had to pay for the majority of my 2 years at CC by myself. Does this high off an EFC mean I am not going to get any aid or need-based scholorships??
You can always get federal loans, which most people consider aid, but you will not be eligible for any federal grants with a family income of more than $150k. For any institutional need-based aid, it depends on the college, and the more generous schools that might give need-based aid at your level of family income will calculate their own EFC.
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Major - Information Technology
GPA - 3.96 (Will probably be 3.92 after this semester ends)
Part of Honors Association and Phi Theta Kappa
The colleges which I am currently looking at are:
NYU
Carnegie Mellon
Columbia
Princeton
Cornell
Georgia Institute of Technology
Stevens Institute of Technology
Penn State
NJIT
Kean
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Looks like you need a new and likely much shorter list.
If your parents aren’t going to pay anything, then your only choice is to commute to a local public and pay for it with a $7500 student loan, summer earnings, and a part-time job during the school year.
None of those schools will be even remotely affordable. I hope you haven’t wasted your money on applying to them.
Institutional aid won’t help really because that will still be based on your parents’ income, so you’d be expected to pay $25k-50k+ per year, which you don’t have.
I sounds like it may be a tad high but in the ball park. You can only get aid for your defined need
Need = COA - EFC
All students can get their federal student loan which is 7,500 each year starting Jr year until you reach the cap of 32,000
http://admission.princeton.edu/applyingforadmission/admission-faqs/eligibility
Is it possible to transfer to Princeton from another college or university?
No. Princeton does not offer transfer admission. Any student who has graduated from secondary school and enrolled as a full-time degree candidate at another college or university is considered a transfer applicant and is not eligible for undergraduate admission. Additionally, any student who has completed a post-secondary degree is not eligible for undergraduate admission or a second undergraduate degree from Princeton.
That is not 6 figures. With EFC that high, you should look for merit based scholarships for transfer.
^^^ @4kidsdad
his biggest problem as a transfer will be that altho he might get some merit, the remaining costs will be WELL-BEYOND what he can self-fund.
I don’t think there are any full tuition transfer scholarships, but even if there were, he can’t self-fund the room, board, books, fees, and personal expenses.
My updated list of colleges is:
Columbia
Carnegie Mellon
Cornell
NYU
Stevens
Penn State
Rutgers New Brunswick
Georgia Tech
Virginia Tech
James Madison
NJIT
I have already sent them my FAFSA info. I know that with NJIT and Rutgers I will be paying next to nothing with the PTK and Honors scholarships I will probably get. The first 5 schools on my list are the most expensive and I won’t be able to attend unless I get enough money from them to lower my costs to under 30k a year (unlikely). We will have to see how things play out once I get my aid and scholorships back from them. Are there any schools you guys think aren’t even worth applying to?
You need to contact each place on your list and ask very specifically about the aid policy for transfer students:
Do they offer any merit-based aid? If so, how much?
Do they offer any need-based aid? If so, do they have an accurate Net Price Calculator for transfer students?
You also need to get a dollar figure from your parents. You can only borrow $7,500 in a federal student loan.
Are you 24 years old?
I’m 19…
0457XX That would be $45700 which is five figures, not six.
With $150,000 in income, this is very possibly your EFC. Is that income before or after taxes?
Add in any assets you may have…and easily a $150,000 income could be $40,000-$50,000 a year for the EFC.
Ok, so still a dependent for FAFSA.
What degree are you aiming for? Will you have an AA degree after 2 years of CC? Could you work and take classes part time to finish your degree?
I am getting an AAS in Information Technology after my next semester. I was initially planning on get a BA in Information Tech or similar but I am now going the Information Science route since that is something that also interests me.
Why why why would you not choose Rutgers in your financial situation?
First off, I would probably choose NJIT over Rutgers for my degree program. Secondly, I went to CC with the intention of transferring to a school with better academics and smarter students than Rutgers. Not to bash on Rutgers, but a 3.9 GPA should get me to a better school.
No problem. BTW, I used to think the same as you concerning Rutgers. You can see that on some of my original threads. I also have an unaffordable EFC. However, I have gotten over myself and my dream for mystical financial aid. While my stats are high so are those of many other people. So even though I have already gotten into some schools with a higher rank and more prestige, I will probably go to Rutgers, which I can attend without $100,000+ in loans (or any) So I guess some smart people do go to Rutgers after all. Good luck with your decisions.
Thanks man, I appreciate your honesty. It’s nice to know there are others in similar situations.
Columbia
Carnegie Mellon
Cornell
NYU
Georgia Tech
All of the above schools also require the CSS Profile…so you will need to get that done too, it delves much deeper into your finances than the FAFSA. These schools will use the Profile to determine your need based aid. Don’t be surprised if they expect your family to contribute more annually than the FAFSA indicates.