<p>Lately I have been typing in my family income into EFC calculators and net price calculators for universities to which I have applied. My family makes around 100,000 USD a year, which I am very lucky to have.</p>
<p>However, my parents have estimated that they are only able to pay 10,000 USD maximum for my college education. Most of my EFC calculations for universities I have applied for are around 17k - 25k USD per year after loans, that is, the colleges I have relative interest in.</p>
<p>What can I honestly do? Am I screwed because of my income level? A friend of mine with stats slightly lower than mine is getting almost full-need because she is low-income even though her EFC was 8k USD per year.</p>
<p>What I've seen has made me believe that top colleges are only for the poor and the rich, the middle class need not apply.</p>
<p>Well, your parents are making a choice to only spend a certain amount on your education. They could dig into savings, or take loans, or do lots of other things to pay for your education if they wanted to. You aren’t “screwed”, you just need to look for schools that are more affordable given your parents limitations. We make much less than your parents, but are paying about 11,000 per year even though our EFC was just 8000. My D isn’t going to her first choice, she is attending the school that offered the best FA package of Merit and need based aid and is the most affordable choice for us. We are paying with income and small parent borrowing. We had to deny our D the top choice school, because we just couldn’t swing the cost and manage any emergency that could pop up. We had to draw a line. D is very happy, doing well, and can’t imagine being at any other school now. You’ll find a great, AFFORDABLE school if you keep an open mind.</p>
<p>Do you mean 10,000 a year or total? Have your parents looked closely at college costs or are they just throwing out a number? If they haven’t, I suggest you run calculators for schools that interest you and instate flagships (prob most affordable) and show them. Maybe they don’t realize the cost. Additionally, see if they will do a FAFSA estimator or fill out FAFSA using estimates. It may be you are not using the right number in the net price calculators. Don’t waste your time comparing your situation to other people. You have a chance to get a good education somewhere.</p>
<p>The most important college application is to at least one safety school that you know you can get into and afford. If you can’t afford the schools you have applied to, or aren’t sure you can afford them, you should find one or more you can afford.</p>
<p>Well, yeah, if all the schools you’ve applied to cost $7 - 15k more than your parents can afford, then you are screwed. There’s no magic financial aid fairy who’s going to show up in April and pay the difference for you.</p>
<p>Look for schools where it’s not too late to apply and where you can get significant merit aid based on your stat’s. You can start with these:</p>
<p><a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html</a></p>
<p><a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/1348012-automatic-full-tuition-full-ride-scholarships.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/1348012-automatic-full-tuition-full-ride-scholarships.html</a></p>
<p>But also look at private schools where your stat’s (or EC’s, or geographic background, or gender) would make you an exceptional candidate. If you’re a boy, look at liberal arts colleges (usually heavily dominated by girls). If you’re a girl, look at engineering schools (usually heavily dominated by boys). If you have a 3.5 GPA, look at schools where the top 75th percentile is 3.4 or below. And so on, and so on.</p>
<p>Some schools will accept your application even if it’s past their deadline. If you find a school that looks promising, call (or email) and ask!</p>
<p>But, yeah, if the only schools you want to attend are the ones you can’t afford, then you are screwed. So do something about it!!!</p>
<p>It’s not the colleges that are making this difficult, it is your parents. Our houshold income is in a similar range, and we are fully prepared to pay up to $25,000 each year if need be. If they can truly only afford $10,000 per year, there may be some extenuating circumstances that could be reported to colleges, but it may only be a matter of choice on their part. here may be luxuries (not what THEY consider luxuries, but what a family with an EFC of $10,000 would consider luxuries) that they may not be willing to give up. Or they may be overextended due to living beyond their means. If that is the case, it is their past decisions that are limiting your choices. Keep in mind that you have probably benefited from those very same choices (bigger house, nicer car, vacations, cable TV, cell phone plan…).</p>
<p>If your parents are only willing to pay $10,000 you will need to take out loans (with them co-signing), or modify your expectations. Your friend who is getting more aid has lower income, so has higher need - it has nothing to do with her stats. Perhaps with your better stats you can apply for merit scholarships. If her EFC is only $8k, her houshold income is significantly lower than yours. If she is getting almost full-need, then she is still being asked to come up with more than her EFC (perhaps you mean a full ride?)</p>
<p>$100,000 is by no means middle class.</p>
<p>FourierSeries -</p>
<p>Our income is very nearly the same as your family’s, but we can scrape up only about two thirds of what your parents have offered you. My kid’s grades and test scores were nowhere near what you listed in your “Chance Me” threads, which meant that the only option was community college for two years followed by a less expensive in-state public. No matter, kid is thriving. (And by the way CTScoutmom, kudos to you. You must have done some things very, very, very right financially for the past umpteen years in order to be prepared to shell out 1/4 of the current family income each year for your kid’s college education.)</p>
<p>If your “Chance Me” is accurate, there are a number of places that would cough up significant merit aid for you. Possibly places that would be free. You have $10,000 from your family, the possibility of $5,500 in federal loans for your freshman year, and whatever you can make by working in the summers and during the school year. In many states that would cover at least one of the in-state public Us. If you deliberately look for places that will give you merit money (or OOS publics that are very, very, very cheap) you will find lots of options for yourself. Ditch the fantasy that only certain institutions are worth attending, and you will be fine.</p>
<p>First of all, be aware that the EFCs are just qualifier for federal money. Very few people are lucky enough to even get a package where all they pay is the EFC. Most colleges don’t meet need. So you could get the same financial aid package as someone whose EFC is much lower, and who has more need. </p>
<p>If your parents have a dollar amount they are willing to pay, then you have to work around it. Though you can find some schools with merit money that may give you a scholarship and reduce your cost to make it affordable, you can’t count on that. Look at some commuting options. Living at home is another $6–10 in support. Sleep away college is expensive. Look at some local schools that may discount the tution for you. My son was surprised and delighted when a local Catholic school gave him a very nice grant and his stats were not stellar. He’s found out that a lot of kids he has known over the years are taking that option. You can work part time, take out some loans ($5500 Staffords on your own for the first year, going up a bit thereafter). </p>
<p>Your most important picks are the affordable schools that will take you.</p>
<p>Thank you to everyone for your replies. I am very thankful for what I have and your posts have reassured me.</p>
<p>Thanks again</p>
<ul>
<li>Luke</li>
</ul>
<p>Yes, $100,000 family income IS middle class. Right square in the middle, IMO. </p>
<p>OP, are you sure you’re using the actual income numbers from your parents’ tax forms? “income” can be many things - make sure you use the actual income called for on the NPC. I see $100k as an estimate, so not sure you’re just roughing out numbers or using real figures. It can make a big dif. Also, what about assets? </p>
<p>If you can find colleges that really want you acedemically maybe you’ll find more merit aid to help fill the gap. I’d say apply to several you are more than qualified for yet have programs you’re interested in - there are LOTS of great schools that give aid to very good students who fall in their higher brackets acedemically. Don’t forget, the NPC is NOT the same as the package you’ll be offered, just an estimate.</p>
<p>If DOUBLE the median household income is “right square in the middle” of middle class, we have a huge problem…</p>
<p>
Maybe in Beverly Hills or upper Manhattan.</p>
<p>I hate to continue to hijack the OPs thread but it depends on if you consider the term middle class to be strictly the middle household income group, i.e. it can float up or down as incomes fall or rise and always stays the same size, or if you consider middle class to be a lifestyle that has been established over the last 50-60 years that can shrink or expand as incomes fall or rise. I believe it’s the latter and I would put $100,000 near but not at the top in my part of the country in terms of the lifestyle it can support these days. So I also think it varies by the cost of living in different areas of the country.</p>
<p>80th percentile is by no means middle class.</p>
<p>I definitely know how you feel. My family makes around 90k and we can probably only afford 7k per year. My EFC is much higher than that, though. We are too poor to not worry about college, but make too much money to get full need. I have applied for a TON of scholarships (mainly ones offered by schools) and have a definite safety. Do you have a financial safety?</p>
