<p>Back to your OP...how much need based aid might you get?? Well...with $150,000 income, your need based aid will not be very much. Your EFC will likely come out in the $40,000 range give or take a few thousand dollars. If your family owns a home or has other assets (bank accounts for example) this will also come into play. Many of the schools you list also require submission of the Profile where your home value will come into play. It really doesn't matter that you live in an impoverished area. You, yourself, do not come from an impoverished situation...and you have not overcome your area's poverty to succeed. Re: your college choices (the old list) BC and Tufts have very similar competitiveness...move BC to the reach category. IMHO you have way to many reaches on your list, and WAY WAY too many financial reaches on your list. You need to have a serious discussion with your family re: how much they will finance for college...and do it soon. It's almost December 1...application deadlines are looming.</p>
<p>The (significant, probably) taxes your parents pay will in part go to subsidize the college educations of more needy students. Not the other way around.</p>
<p>Keep in mind that the median family income is somewhat less than 50K per year.</p>
<p>No state income tax in Texas, sblake.... whatever amcantu's parents pay in taxes (such as property taxes), it's probably far less overall than families with similar incomes in most other states have to pay.</p>
<p>Personally I just want to reinforce what Northstarmom is saying here. No one is saying that your HS record isn't just fine. The problem is, you fall into a hole many of us are in. It isn't enough to just "get into" a school - you have to figure out how to afford it too. Your parents may not feel that with $150,000 income they can pay $40,000+/year for college. YOu may have siblings they are thinking of too.</p>
<p>So the trick for you is to QUICKLY identify some schools that might offer you strong merit money and would become affordable. You also need to identify public schools that you can afford. Don't forget that in order to get good merit money you need to (1) Identify schools that give out good merit aid and (2) Be at the very tippy top of a school's applicant pool.</p>
<p>I know nothing about schools in Texas, or even in the south for that matter. Go over to the parent forum and read the threads on there about merit money. Don't forget to take into account travel expenses.</p>
<p>Some good merit money schools I know of: Denison University, Case Western, College of Wooster, Allegheny College, DePauw Univ, Ohio Wesleyan.</p>
<p>SUNY stony brook for math/science</p>
<p>Several FL publics - lottery money</p>
<p>For the people who don't see how someone whose parents make 150k a year can't afford school, read this.</p>
<p>My parents make about 140k a year before taxes, depending on their bonuses. After taxes we maybe get 90k. Then come house payments. And car payments. Our house payment is about 2k a month, so that's 24k right there. That leaves 66k a year for us, and that has to include gas, car payments (which are another 1k a month), food, heat, electricity, water... It goes fast. I'm lucky my parents have saved up about 80k since my sister and I were born. But that has to last for both of us throughout college. If my parents scrimp a bit they can afford another 5k out of pocket a year, so unless I get mad scholarships they can only pay 15k a year and that will go down when my sister goes to college in three years. </p>
<p>My dad is going to have to stop blowing money on goose decoys. :/</p>
<p>Weenie is right on the mark, in my book. It isn't that you are not a candidate for the schools you have listed. You certainly have a shot at all of them. But when you are looking at the accept rates at those schools and at the stats of who is accepted, you are not a shoo in. So you do need an admissions safety school, as all applicants should have. It is just too possible that with such selectivity, you can be left holding the bag. I think you have a guaranteed admissions at UTAustin with the top 10% rule, and from what I have seen, it is a fine school that is also very affordable in state. That is a great match school for you. Would also pick a less selective Texas school as an absolute safety in case something happens to your gpa to bring you under the 10% if that is a possibility--I don't know how the 10% rule works exactly; that is something to discuss with your GC.</p>
<p>As to money, however, your familiy income is not going to yield much if any in financial aid, and your picks are not only expensive, but do not give much in merit money, if any. Your stats are not so waaay up there that you are likely to get big time merit money from the highly selective schools. So if your family is in a situation where they cannot come up with the $50k per year that some of these schools cost, and if it leaves you with a terrrible loan situatio (or your parents into such a loan situation), you may want to look at some schools where merit aid is a distinct possibility, or add some state schools where the cost is low if you would not mind going there. IF UTAustin is your safety both for admissions and financials, but you really want a smaller, east coast school, you need to start looking at schools more desirable than UT Austin to you but with some strong merit possibilities, which would mean a selectivity that would put you in the top category of applicants. </p>
<p>It is not at all uncommon for families that make incomes that look terrific to be unable to pay private college costs. Especially if the income was not there until recently, and there are debts and situations that need to be resolved. High housing areas also put a strain on the finances, as do other kids in the family who are getting the same education and ec opportunities as the college bound child. There are many good reasons why a parent making 6 figures cannot cough up $50K a year and there are too many parents who saved too little for college. Really not something to beat up the parents about at this point. Need to look at the other options.</p>
<p>For the people who don't see how someone whose parents make 150k a year can't afford school, read this.</p>
<p>Ok fair enough
but take your $24K yearly mortgage and double it & you get the national average annual family income before taxes.
Add in a mortgage- gas- car payments- food, heat, electricity, water.... you can say it goes fast again</p>
<p>Emeraldkity, I don't know what housing costs are where you live, but a $24K mortgage ain't gonna getcha much around here. If you are making $150K in this area, you will be remiss putting your family into housing at that cost. It would mean a not safe area, or very squeezed accomodations ( if you can even get them since it would mean a 1 or 2 bedroom apt or co-op with # of inhabitant restriction if you want to be in something "nice". And by "nice", I do not mean luxerious. If you have kids in school, you will probably make a safe area with families with your values, and a good school district a priority. Yes, you are much, much better off than the person who makes $24K a year, but here, with a family, you would be on public assistance, and would be living in a challenging environment, the kind most of us do not want for our kids. I guess if your kid does manage to make it through such a situation and gets into a college that guarantees full need, you would get the financial aid, but such families usually have other issues on their mind.<br>
Don't get me wrong--I know families who do live in more challeging environments and still get their kids into good colleges, and some do it on a shoestring, but I cannot fault a family who is at that income level and buys a home for his family, and provides a lifestyle commensurate to that level, and finds it difficult to pay the tuition. THis is a category that many, many of us are in. We do not get financial aid usually, and very little if we do. If our kids do not get merit money or go to inexpensive schools, we borrow if they are to go to certain colleges. By "we", it is usually both the parents and the kids. Families in this category have to learn the reality of college costs and make decisions in this area as to what to sacrifice for college. Should they sell that half million dollar house and move into an apartment --maybe a good time to do that if there are not other kids or grandparent care issues involved? If there are other kids who are happily going to school, and life is good in the neighborhood, it may not be a wise lifestyle decision to sacrifice this equilibrium so that the college bound child has his choice of schools without financial limitations. Retirement may be an issue--failed investments, past problems may have made savings non existant. There may be health or other issues looming where it is not a wise choice to spend large amounts of income and borrow or take from savings or retirement plans or home equity to pay for an expensive education. These are difficult things for all of us in this situation, as we so much want to give our kids the best college match regardless of price. Yes, we are aware that we are in a high income category, and are fortunate to be weighing these choices, but it also is tough when we have made education and school match for our kids such a top priority, that we may find that other priorities are more pressing. It is hard when it seems like so many of your kids peers are either eligible for all kinds of aid or have the money, and seem to be able to pick their schools without regard for cost. Even when you know the true picture is not quite that way. I can say for myself that I am not looking for pity about our situation, but hopefully those on this site understand that it is not easy for families in this income bracket. That is why many of us are on CC; looking for the best avenues to weigh the cost vs value of colleges, and balancing the app list with financial safeties as well as reaches so that we can somehow maneuver, not just the admissions, but the finances in all of this.</p>
<p>People with incomes like OP's family do get squeezed. The very needy, with family incomes under 40K or so, will likely end up with an EFC near zero, and some great financial aid packages. Those in the 60K to 90K range will generally still get some financial aid, depending on their reportable assets. And the very well off, making over 200K or so, usually have the means to pay full college costs for their kids. But the people stuck in between-- making 100K to 200K or so before taxes, do get pinched because they won't get need-based aid, but often don't have the resources to pay the full cost of college.</p>
<p>Emeraldkity, I don't know what housing costs are where you live, but a $24K mortgage ain't gonna getcha much around here</p>
<p>I was referring to the mortgage * payments*
dyserenity was referring to house payments of $2,000 a month
I agree a mortgage of $24,000 would be more aligned with costs 60 years ago.</p>
<p>Still- while families under $40,000 will be having their costs waived- that is only at the very selective schools for the most part.</p>
<p>If you are a family- whose income is less than $40K, or even $70K, it is likely that your resources during your childs upbringing, have been much more challenged than someone whose family makes 6 figures.</p>
<p>More resources means better support, and more ability to qualify for merit aid, and stronger academic preparation by being able to live in an area with better schools.</p>
<p>Students who are 1st gen college, who are bright, but not bright enough to get enough merit aid to make a difference, who are afraid of taking out more than $5,000 in loans every year, have limited choices- even though a family making $60K will probably still get some need based aid, is it even going to be enough to make a difference?( especially considering that aid packages, may consist 100% of loans &/or not meet 100% of need)</p>
<p>there are scholarships for minority students however :)
<a href="http://www.gmsp.org/(dsjzlq553gxvevqhouq40245)/default.aspx%5B/url%5D">http://www.gmsp.org/(dsjzlq553gxvevqhouq40245)/default.aspx</a>
<a href="http://www.hsf.net/%5B/url%5D">http://www.hsf.net/</a></p>
<p>
This is kind of a myth, because the vast majority of colleges do not guarantee to meet full need of all their students, and many financial aid packages have a substantial loan components. It is also very difficult for families with incomes under 40K to provide their kids with the support and resources that are likely to make them competitive for the top colleges. So really, it is only a very small percentage of college-bound kids from that category who end up in the position to get substantial need-based aid. I mean -- Harvard will give them a free ride, but how do you you get to Harvard from a poor quality high school in a low-income district? It's not easy. </p>
<p>The vast majority of kids in that income category are looking at working their way through college, usually at a state public, and taking on substantial debt along the way.
[quote]
Those in the 60K to 90K range will generally still get some financial aid, depending on their reportable assets.
[/quote]
Yes, and they will also be expected to borrow a substantial amount.
[quote]
But the people stuck in between-- making 100K to 200K or so before taxes, do get pinched because they won't get need-based aid, but often don't have the resources to pay the full cost of college.
[/quote]
Their borrowing power is greater than those in the 60-90K range, and the aid formulas really are proportionate to their income. Just as they can afford to pay more for a monthly mortgage on a house in a nicer neighborhood, they can afford to make a greater monthly payment on a PLUS loan. They are no more squeezed than the family who makes less money, but is paying the same as they are in terms of the percentage of their available income going to pay direct costs or carry loan payments.</p>
<p>
[quote]
For the people who don't see how someone whose parents make 150k a year can't afford school, read this.</p>
<p>My parents make about 140k a year before taxes, depending on their bonuses. After taxes we maybe get 90k. Then come house payments. And car payments. Our house payment is about 2k a month, so that's 24k right there. That leaves 66k a year for us, and that has to include gas, car payments (which are another 1k a month), food, heat, electricity, water... It goes fast. I'm lucky my parents have saved up about 80k since my sister and I were born. But that has to last for both of us throughout college. If my parents scrimp a bit they can afford another 5k out of pocket a year, so unless I get mad scholarships they can only pay 15k a year and that will go down when my sister goes to college in three years. </p>
<p>My dad is going to have to stop blowing money on goose decoys. :/
[/quote]
</p>
<p>a 2k/mo mortgage? that's a $720,000 house! </p>
<p>80k for college isn't bad at all, especially for 2 people. That'll cover 4-year tuition at least in state schools, but I'm assuming you're one of those that MUST go to an elite, right?</p>
<p>I'm sorry, but the sense of entitlement on this place sometimes blows me away. Some here have nothing saved for college, some live in the tight zone where their parents gross only about $50,000/year.</p>
<p>You live in a home that (without the interest) costs what, about half a million if not more? Then again, I'm basing this on a 30-year mortgage so correct me if I'm wrong.....but you have a lot to play with there so I have no idea why you're complaining.</p>
<p>in your case, your parents likely have a ton of equity built up....hopefully. They also have the ability to take out loans due to income and probable collateral.</p>
<br>
<blockquote> <p>That leaves 66k a year for us, and that has to include gas, car payments (which are another 1k a month), food, heat, electricity, water>></p> </blockquote>
<br>
<p>Dyserenity, I'm sorry to tell you this...but 66K per year for gas, car payments, electricity, heat and water is a LOT of money. You indicate car payments of $1000 per month...that is very high. I realized three car payments for new cars can cost that much...but that is viewed as a financial CHOICE, not a necessity. With 66K for those expenses, you are looking at 5K per month...that is more than many families bring home. I'm sorry, but with that amount, some amount of that will be expected to be contributed to college educations.</p>
<p>Are you a National Hispanic Scholar? If you scored in the top percentage (not sure whether it's 1 or 2 percent, or whatever) on your PSAT and you listed yourself as Hispanic, that automatically qualifies you for a $3000 per year scholarship at UT Austin. (I would not consider UT a 'safety' though - it is my son's 1st choice too but it is actually VERY competitive. A LOT of kids with great stats get turned away because it is so competitive.)</p>
<p>National Hispanic Scholars also get offers of FULL tuition from a lot of oos schools - do a search for 'Hispanic' and you will find at least 4 threads that list those schools - and locally Texas State offers $10,000 per year automatically. (Now THAT is a true safety.)</p>
<p>If for some reason you didn't make NHS, you can do a search for 'hispanic scholarships' and you will find LOTS. My son actually couldn't do any of those because, while 1/2 Hispanic, he was not raised with the Mexican/Hispanic culture. If you were, then you would have that as your advantage.</p>
<p>I would tend to agree, though, that if your parents make that much, then why are they not helping you? I think you need to sit them down and lay it out. Insist that they let you know whether they are going to be there for you or not.</p>
<p>Most of these Hispanic scholarships are designed for minorities who are from low socioeconomic backgrounds. I hope your parents are not trying to do something unethical and take advantage of your minority status when they really can afford to pay for it.</p>
<p>If your parents truly won't help you, then I would advise spending some time doing some internet searches, and do it NOW because many have Dec. 1 deadlines!</p>
<p>I just don't understand why parents come down so hard on kids who are frustrated because their parent's assets/income put them in a range that need based financial aid alone, if they get any, will not cover what their family is willing to or capable of paying. The attitude of telling a kid in this situation that they have bad parents who 1) obviously don't care about them or their future 2) are spendthrift, partying, alcoholics who are making lifestyle choices that preclude the student from every having any future 3) are spoiled whiny brats 4) have stats that would indicate that the student is "just average" and therefore doesn't deserve any help from anywhere or my personal favorite 5) Be man/woman enough to stand up to your parents and DEMAND that they use THEIR money to support whatever college lifestyle YOU choose because after all, your college is far more important than their retirement, grandparents medical well being, siblings present and future opportunities, etc. How does any of this help the student? The kid didn't make any of these choices and telling them they have bad, non-loving parents because their parents made choices we wouldn't isn't helping the student resolve any of the issues at home. Why do some parents feel the need to bash other parents TO THE KID, thus adding to their anxiety and feelings of disappointment. If the parent was asking, I could understand this attitude but too many times it's the kid asking and they are already frustrated with their parents. </p>
<p>Knowing someone from the region covered by the University of Texas Pan American, this income level is probably fairly new to the family. UTPA did not offer PhDs until fairly recently so in all probability, the parents have only recently attained the advanced degrees. So, as far as having a college fund set up, the parents have probably been going to school themselves and money has been going to those expenses. Also, they probably have acquired some loans for their own education they are currently paying off. And, culturally, in this region, it is not only acceptable but expected that adult children help with the expenses of parents and grandparents. Maybe some income is going here. To me all these things say your parents are working hard to correct any past "financial mistakes" they made and they should be commended for caring enough about their future to advance their education and enough about you to try to play catch up on their own retirement and take care of family members so you don't have to do these things when you graduate. </p>
<p>cptofthehouse - well said. None of us know someone else's expenses. Just because you make $50,000 or $250,000 in a year, we can't know what expenses and financial commitments have piled up when you weren't making that kind of money. I know someone with $250,000 a year income should be able to pay for far more than I can but that doesn't mean that $50,000 a year for one child is doable or desirable for even that person. </p>
<p>A $2000 house payment is not neccesarily a $720,000 house. My house payment of $1280 includes on $579 of actual house payment. The rest is taxes, mandatory insurance, etc. So, depending on the interest rate, a $2000 house payment could be only $900 in actual mortgage payment and the house could be only $125,000-$175,000. In some areas, this isn't much house. In other areas, this is close to a mansion. </p>
<p>As far as "expecting you would be val or sal", this area is full of extremes. Not much middle class. A High School could be 75% below the poverty level but 10-15% may be over $200,00 a year. Most of these have parents who are professionals who are Drs, Lawyers, Own construction companies, etc. and so there are probably many students in the OPs school who have as many or more resources than he does. This whole geographic area is economically depressed so there isn't as much economic segregation by schools (ala inner city vs suburbs). Most schools are low income with a "wealthier" element in each. Frequently, these populations don't mix socially within the schools.</p>
<p>And, being from "the Valley" does give students a geogrphic boost at "some" top ranked schools. This area is is considered "special" (think not really Texas but "the border area") by some recruiters and it is tough to get kids to go too far from home. So, sometimes URMs from this area get a little bit of a geographic boost too, just depends on the school. Or so says my past school board and University friends from this area.</p>
<p>amcantu, using the IB mantra of my rank is low because the AP kids don't work won't get you anywhere. You posted a rank of 49 at one point. Was that from after your Soph year? Wasn't that before you started the IB diplomae program or were you in an IB program in 9th and 10th grade? If you weren't in IB 9th and 10th, you were taking the same classes as the AP kids at your school, No? And you ranked 49. Looks to me like IB only helped you pull up your rank, not lower it. </p>
<p>Like many posters said, you do need to have a heart to heart talk with your parents. They don't owe it to you to tell you their income or their expenses. That's their information to share or not as they see fit. What you do need to try to get from them is 1) how much do you think you can contribute yearly to my total cost of education including plane fares, tuition, books, etc. 2) Would you consider taking out any loans to help finance college and if so how much total? 3) Would you cosign any loans for me. Remember, even if you want to, you can't take out much per year as an 18 year old with no cosigner and this could negatively impact the credit rating of whoever cosigns for you.</p>
<p>Have your parents go to finaid.org. There are two financial aid calculators. One is for FAFSA (govt method used more frequently by state schools) and one is for PROFILE (instituional method used more frequently by private schools). They don't need to tell you their income. They can use these themselves and just tell you the EFC (Expected Family Contribution). Given your URM status, IB diploma, geography, and level of ECs, some need only schools may be willing to "tweak" things to give you more money (costs more to fly from your area so we'll count $1500 per trip, etc.). However, that will only give you a small boost of a few thousand so if they are able to up it $4000 and your EFC is $22,000 that may get you in a range you and your parents can come up wtih. If your EFC is $40,000, the little bit of tweaking they do may not help. </p>
<p>And then, back to drawing board for you. Don't necessarily give up on all your dream schools, just cut back because your dream schools are mostly need based only. You mentioned Tufts in some previous posts so keep it and one or two other need based on the list. Must be something you would be more than willing to go into debt for. You say you love your safety so that is great. George Washington gives merit aid and you say you are applying there. You may or may not be in line for a scholarship there but go for it anyway. Can you come up with a smaller school closer to home you wouldn't mind going to if you could get it in the right price range? What about Austin College in Sherman or St. Mary's in San Antonio? Some outside scholarships only allow you to use the money instate so having a second Texas school would be a good idea just so you have some choices come April. And look at LACS in the midwest. They tend to have merit aid more frequently and your geography could give you a boost. Don't give up. Just readjust your mind. Your situation is what it is. Take the hand you have been given and play it as aggresively as you can. Fortunately, you do have a safety that could produce a great education, in a fun city, with lots of name cache for after college connections if you choose to stay in Texas. While disappointing, that is not a bad position to be in.</p>
<p>Great posts, Keepmesane.</p>
<p>wow, i didn't know such wisdom could be transmitted through an online forum...thanks, that helped A LOT.</p>
<p>and yeah, you hit some things spot on...recieved their degrees recently...paying off their own loans...and HEAVILY supporting my grandparents financially.</p>
<p>see now if they can write up something, indicating how much they are supporting your grandparents with- that may be considered by some schools and allow you to deduct that amount from "available" income</p>