I was accepted to Yale through SCEA, but I am worrying about my financial situation. It looks like I am going to pay full price, and my parents and I can only afford to pay about 40k a year. I will have to take out loans for the rest.
What options do I have? Are the student loans worth the education, or should I apply to more schools that will give me great merit aid? What higher-ranked schools will pay for most of my education? Look at my previous post for my stats.
You, the student, have very limited loans you can take in your own name. If you complete the FAFSA in January, you will be eligible for $5500 in student loans…that’s it.
Any additional loans will need to be either taken out by your parents, or cosigned by them.
Hoping you have other applications pending…or acceptances to places,within the budget your parents have set. There are PLENTY of colleges you could attend for $40,000 a year.
Are you saying you haven’t applied to any schools yet with guaranteed merit aid? What about your instate flagship? Surely that would be within the $40,000 a year price point.
Student loans may the answers. Your Direct loans and your parents PLUS loans could cover your COA for Yale.
“Higher ranked schools like Yale” don’t give you any merit based scholarships because they have more than enough applicants
There are a few schools that give large merit for Yale level applicants. It may be too late for some. duke etc. check the pinned threads at the top of the forum and you will see thread for competitive fe merit.
http://automaticfulltuition.yolasite.com/
http://competitivefulltuition.yolasite.com/
http://nmfscholarships.yolasite.com/
I just looked at your other thread. You applied to schools very similar to Yale…which won’t be any more affordable than…Yale.
You also say you applied to your instate safety.
You know…there are a LOT of colleges between those top 20 schools and you state public universities. Many do give merit aid to top students.
Did you apply to University of Alabama where you would have gotten a terrific merit award? If you are a NMSF its not too late to apply there.
There are lots of excellent schools that give merit aid as well as need based. Vanderbilt, Duke, Wake Forest, University of Chicago, plus a whole bunch of smaller LACs…muhlenberg, Villanova, Lehigh, Lawrence. And some good publics, but you may be too late for them…Ohio State, Pitt, U of South Carolina (the McNair is a full merit ride…but that application deadline has passed).
Plenty of schools would consider you for merit aid. But they aren’t likely in the top 20. That doesn’t mean the schools are lacking.
since Yale gives super aid, then your parents must have assets or have a business or take business deductions because usually with that income there is “some” aid from Yale. Or do you have a Non Custodial Parent?
Hey guys, I was hoping you could give me some advice while I start applying to colleges. Here are some of the schools I am planning on applying to (excluding state safeties): Penn (Wharton), UCLA, Berkeley, USC, Stanford, Yale, Columbia, NYU, and UChicago.
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Basic info:
Male
White
Midwest
Income around 150k-200k
School Stats:
Unweighted GPA: 4.00/4.00 (hs doesn’t weight)
Class rank: 1/350
ACT: 35 (English-36 Math-35, Reading-33, Science-36, Writing-11)
AP Scores: US History-5 Euro History-5 Lang-4 Microecon-5 Macroecon-5 US Gov-5
I have taken seven semesters of dual enrollment classes on top of my APs.
Senior year: AP Comp Gov, AP Psych, AP Stat, two dual enrollments, language
Awards: AP scholar w/ distinction, governor’s action award, Herbert Hoover uncommon student award, finalist in state “Know Your Constitution” contest, x3 academic letter winner, x6 varsity letter winner, math awards, etc
Extracurriculars:
Varsity team for golf, tennis, and swimming since sophomore year
Yale Young Global Scholar (International affairs)
Summer program at Brown over economics
Lt. Governor at Boys State
Four years of Student Senate, served as VP and president
President of my school’s history club (most active club in
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What is your major and career goal?
Did your parents run the NPC before you applied to these schools?? If so, what were the results.
It would be unwise for you to borrow $25k per year…Even a total of $60k of debt would be too much…so certainly $80k-100k would be too much. Plus, costs go up every year.
Yale is typically quite generous with aid. So how you’ll be looking for merit aid. There is a lot if it for a student with your stats. There is still time to get some of those apps in, but you may have missed deadlines for the ones that offer separate merit $.