<p>Okay so my parents earn about $120,000 a year and I've looked at some of the "aid at a glance" charts that some school provide. We would still have to pay like $15,000 to $20,000. We seriously can't even pay that amount! I mean, if you take out the medical fees (i just got braces), mortgage, and car payments....we literally have like nothing left! Does anybody know what the schools would do about this?</p>
<p>I doubt you would be expected to pay that much. My small day school has my family paying less than 10 and my parents make about 180.</p>
<p>These schools have huge endowments and want to give money away.</p>
<p>it depends on what school, but most schools are willing to pay alot towards you if you are well qualified.
It also gives the school a better name, the bigger the endowment, and more impressive.
I wouldn't worry about it, only a few days left, don't sweat it!
But I'm sure you would get alot=] They've had this experiance! =]</p>
<p>On the Middlesex and Groton financial aid charts, there are many kids whose parents make $120,000 and are get $30,000+ in FA.</p>
<p>I was just checking on the exeter fa section and it seems pretty high, but I doubt that this is reality</p>
<p>it's funny (according to this high tuition scale) that they think that someone making 130 can afford 16, but someone making 190 can afford 17. I really don't think that the person in charge of fa is using this scale</p>
<p>wow, your folks make that much?
My mom makes like HALF of that.
This realy helps me feel more at ease about the whole $$$ problem bs presents.</p>
<p>Unfortunately, it sounds about right!</p>
<p>It really depends on your parents' personal circumstances. (cost of living, second homes, vacations, other kids in tuition-charging schools, etc.)</p>
<p>I think one thing many people don't realize (at least in my experience) is that the EFC is just a guideline for the school to use. If your parents EFC is $3000, it does not mean that the school will automatically give you $37000 in FA. Perhaps some schools with gigantic endowment funds will fund 100% of the shortfall (tuition minus the EFC), but many will only offer up to 70 or 80%. It depends on many factors.</p>
<p>Agee very much with jennycraig on this one. </p>
<p>Schools develop policies with regards to how to fund FA. In general they start with a percentage to matching the EFC. They do make adjustments for exceptional individual situations, but car payments, braces, and the like are not the types of things that fall into the exception list as they are normal expected expenses of raising a family. Having a special needs family member, a serious catastrophic illness or injury, or natural disaster (house damaged in flood) fall into this category.</p>
<p>Depending upon your income and assets, it often means taking out loans even when the school matches your EFC, as some families have greater asset levels, but those assets are not liquid (like cash and stocks). Other situations where the cash flow doesn't allow for financing out of current income exist as well. For example, you talk of car payments. Not everyone with kids in prep school have 2 car payments. Some have 2 paid for cars (although they might have over 100K miles on the odometer). Not making $800 a month in car payments allows those with older vehicles to pay that extra $10K per year out of their monthly paychecks, while the family with 2 newer model vehicles and car payments may have to borrow that $10K.</p>
<p>While it may not seem right to have to take out that extra debt, it is a life lesson that driving a nice car comes at a price when you ask for help.</p>
<p>BTW, I have been told that even though SSS asks about your car ownership and payments, these amounts do NOT calculate into your EFC. They just allow schools to understand the financial situation of the family.</p>
<p>I guess I was too embarrassed/ashamed to apply for FA for my S. We make about 180k and that may sound like/be alot, but after mortage, braces, prop taxes, living expenses, it doesn't go far in a major metro area. I really think based on the net funds available, we should qualify for FA, and the reality is that MANY of the families at the DS we applied to probably make more like 300k-up, some lower of course. With an endowment in the hundreds of millions, this school has plenty of aid available, but I just wasn't comfortable expaining a lack of significant assets at this income level. Therefore if he gets accepted I will borrow the tuition for the first year. I do think that income is relative. I mean, this school sits in a neighborhood/area where the MIN house is probably in excess of $1 mil and max out at $17 mil. I seriously doubt that there is anyone at our income level in that area. So by their standards, we are probably 'poor'. My guess is that, regardless of lack of ability to pay, the aid will go to the diversity students, many of whom come from families with much lower income.</p>
<p>When determining financial aid the financial aid officers want to know any special circumstances. So if you have a lot of medical bills, or a sibling in college or something, they'll want to know about it. So they should consider your personal circumstances when thinking of the aid.</p>
<p>I mean, this school sits in a neighborhood/area where the MIN house is probably in excess of $1 mil and max out at $17 mil.</p>
<p>???!!!Where is this....not a NH/MA school, I guess. Sounds like the Potomoc, MD area. Lots of ostentatious McMansions.</p>
<p>'I mean, this school sits in a neighborhood/area where the MIN house is probably in excess of $1 mil and max out at $17 mil.</p>
<p>???!!!Where is this....not a NH/MA school, I guess. Sounds like the Potomoc, MD area. Lots of ostentatious McMansions.'</p>
<p>I think you could buy our whole town for that money. Make me an offer, then I wouldn't have to worry about FA.</p>
<p>The homes immediately around Andover are probably well over 1 million</p>
<p>tenafly type of town</p>
<p>
[quote]
Therefore if he gets accepted I will borrow the tuition for the first year.
[/quote]
Some schools state that if you do not apply for FA the first year, or apply and are denied FA, the family will be expected to pay full tuition, room and board for each year the student attends the school.</p>
<p>However, if you can show a drastic change in your income, or can document life-changing events, such as illness, you will then be able to apply for FA in the subsequent years.</p>
<p>I don't want to name the school here, but the school is in the largest city in the southeast, the one many say you have to fly through its airport no matter where you are headed. The school is in a very 'old money' neighborhood/section of the city where most of the corp. execs and business owners live. For most of these people, $18k/yr is just another bill to pay. There are 3 or 4 top private day schools in this immediate area and the public schools for this neighborhood aren't very desirable. Therefore demand is extremely high for the private day schools here.</p>