@pamelank Not only won’t the Boston colleges be affordable (BC, BU, Northeastern). Even if you didn’t have the 450k in assets, they would not be affordable since they do not meet need. She should replace those 3 for sure.
I strongly agree with others that your daughter should apply to the top in-state public university in Florida (which as far as I know is the University of Florida, but we live ~1,200 miles north of you and we haven’t looked that far south).
To me given your financial situation it wouldn’t make any sense at all to be full pay at for example Boston University or Northeastern (both of which we toured a few years back) when your daughter could attend UF for 1/3 the price. Even if you get enough aid to get it down to $40,000 per year (we didn’t at these two) to me it still wouldn’t make any sense to go to such an expensive school. Not only would this jeopardize your retirement and future, but it very possibly could make graduate school impossible for your daughter.
Also Miami does not meet need.
Your inheritance only affects Columbia, which only has a 7% acceptance, and Tulane, which has a 25% acceptance. Both of those schools meet need but getting in is like winning the lottery.
This was always largely an unaffordable list. Tons of kids work hard and tons of kids go to there state school because that is affordable. She can go to a HS for grad school. You need to rework this list fast because for merit opportunities you have to apply early at many places (Nov 1st). What is her major? What are her stats?
Is it possible for either parent to increase earned income? That would help with paying for college and with saving for retirement.
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Im sure she will get some kind of merit scholarships,
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Some of those schools don’t give merit. Don’t expect merit from Columbia or Boston College. Depending on stats, she could get merit from Tulane, BU, NEU and UMiami…and too many of these don’t give great aid.
I think she needs a better list.
Is she a NMSF?
Is she applying to UFlorida?
What about some LACs?
What is her major and career goal?
Do you qualify for SNAP, free or reduced lunch or any other means tested benefit? Is your income $45,000 before or after taxes?
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The 45K is with the rental income, and the gain from the stocks (conservative brokerage acc) and yes this is for our retirement, which to me is really not that much, Im don’t expect her to go full ride, I would be comfortable paying 25K a year, (help from my mother)
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Is your home paid off as well?
It sounds like either you or your husband doesnt’ work. If true, is it possible for the nonworking parent to get a job to help pay for college? If not, then prepare your DD for the situation so that she has an appropriate list where she’ll get enough merit so that the $25k per year can cover the rest. Do you know for sure how much your mom will contribute?
With a $45,000 income, your dd should recognize that $$ is an issue and that the family needs to make a financially responsible college list. The vast majority of tippy top students do not attend expensive highly selective schools. There are stellar students on just about every campus in the country. Students who actively pursue opportunities on their UG campuses and graduate from those non-tippy top schools have great career options and are accepted to top grad programs across the country. Since FL has great schools, that is the obvious place to start.
If she is qualified for admissions to very selective schools, then there are lower ranked schools where she would be competitive for large merit scholarships. She could attend a really good university for a fraction of a $100,000. Many competitive scholarships close Oct 15-Nov 1, so she would need to alter her list immediately in order to apply for those.
If your income is $45,000 a year…how would you be able to pay $25,000 per year for college? Your take home pay is probably less than $40,000 a year.
I know you said your parent would help put…but really…this does not sound financially sustainable.
And what if something happens and your parent needs the money for,their own needs?
Again I ask…do,you qualify for free or reduced lunch, SNAP or some other means tested benefit. And is your $45,000 income before or after taxes?
You have yet to post any stats so in the context of this posting, we have no clue what the possibilities are. I can tell you that we are in a similar situation and the only schools we would consider are the High Merit Universities based on stats. Based on some of the schools on your list (all private), you are setting yourself for A BIG LETDOWN. Again we do not know her stats, but the majority of the schools are ranked in the 30 to 60 range. Why not move the list to schools in the 55 to 100 range. I think you will find an amazing set of schools that would offer decent merit or at least in your range. Both UF and FSU are very good schools and extremely affordable. South Carolina, Alabama, and others offer some decent Merit. Many of these schools have an Honors program which could make a difference to your daughter.
We just got back from a Boston trip. We had a chance to walk around the city including the areas of BU. I can tell you that room and board alone can run you $20K. Boston IS VERY EXPENSIVE… Compare that to Gainesville or Tallahassee and the savings is substantial. Is you are looking for a smaller school take a look at the College of Charleston or even Elon (got to research this). Both of our kids are aware of the financials and my daughter understands what the her options are. She has her financial safeties and she has her financial reaches. They are all good schools . She is applying to see what can happen. But she has to apply to Financial safeties.
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The 45K is with the rental income, and the gain from the stocks (conservative brokerage acc) <<<<<<<
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If your annual income from a job, (?1/2/none) rental income and brokerage is 45K, I can’t think we are talking about significant value assets. You cite the value as 450K but income is so little? Maybe you should look at boglehads.org re your brokerage account. How much of the value is in the rentals and why is the rental income so low?
Go Gators! (or 'Noles, or Knights, or Bulls). All your Florida options (except Miami) will be under your goal price of $25k, and many will be substantially less. She might get enough aid from Miami that with Bright Futures (~$3100) and the FRAG ($3300) you could make it work.
Do not leave all the money on the table just to go OOS. Even though you have a lower income, you will not be considered a low income family because of your assets. That’s just a college financing reality that your daughter will have to accept. She is so lucky to have all the Florida options.
Quoting @twoinanddone for emphasis.
There’s going to college and graduating from college. In between there are a whole lot of financial elements. It sounds as if your girl is a star in her school, and wants to go someplace with a name that is commensurate with that- which is completely fair and natural. Sadly, it does not appear to be realistic- and honestly, these days it isn’t for most people.
Be sure to apply for all the honors options in FL. If out of state is important to her, pull up all the high merit college lists here on CC (quickly- as others have said, deadlines are really soon!) and look for ones that she might like. There are places that will want her, that you can afford and where she won’t cripple her first 10 (or more) years out of college with debt.
She has a 33 ACT superscored 34 ,4.3 GPA , IB diploma candidate, 45K after taxes, She is applying to UF, she doesn’t like FSU, she wants a city for a change,
How about USF in Tampa?
And she should try for U Miami because she will still get some of the Florida benefits (and any local scholarships?) to use there, but it’s expensive.
@pamelamk I don’t know about city, but with an ACT like that you can get huge merit aid from the University of Alabama. @mom2collegekids What is her major? Her final cost could be in the low 20s and that is a very good school. It is in Tuscaloosa which is apparently a city.
Also UMass Lowell will probably come in affordable with merit. Not far from Boston. Good school for tech.
We need to know her major.
Gotta remember: no college is a “dream school” if you can’t afford it.
My kids have very similar stats and we have no financial need, there are no real unicorns out there for a 33 IBP/top GPA et al. The partial merit awards at places like Tulane, NEU, won’t likely get a 25K sticker for you. outside of the usual suspects (Alabama etc all, the usually quoted schools for automatic merit) it seems that your real emphasis needs to be on in state. ACT SS is not common, so a 33 is a 33 unless the school states otherwise.
My DS 2015 was WL at tulane with those stats, and NEU offered him 10K a yr merit LOL, starting in soph year, her stats might get her in NEU and Tulane (but not necessarily some of her other more selective reaches) but her stats do’tt put her on the top of the pile. 25% of Tulane 2016 intake was cited as having an ACT of 34 and up, for example, and that might be the least selective of her list. The merit is a bun fight.
A 33 (superscoring for merit is rare) is high enough for great merit at some schools, but unless she has stellar accomplishments/awards/honors beyond GPA, IB, and test scores that you haven’t shared, the posted profile is far from guaranteed competitive merit at the few highly selective schools that offer merit. Admissions and merit at highly selective schools are both reaches, but substantial merit (not token merit) is going to be way more competitive than admissions. The students awarded merit are usually super stars with compelling background stories and community involvement, international honors, leadership beyond typical school achievements, etc.
Is UF a school you can afford and that she will be happy to attend? As long as the answer to both those questions is yes, she has a good option and all should be good. If either answer is no, she has needs to rethink her list immediately.
I personally can’t follow the thoughts that led to the application list. I get lost at $25,000 on a $45,000 income. But call me a college “dream” dream crusher. We don’t even have that conversation with our kids. We start with budget and then generate a list. But we also don’t believe that excellent educations are to be had at only a handful,of schools in the country. Our kids manage to succeed despite our strict budgetary constraints.
Do you qualify for free or reduced lunch…SNAP or any other means tested benefit. Please answer this?
If you do…it is possible you would qualify for the simplified needs test whereby your assets would not be counted.
This is for FAFSA schools only…there is NO simplified needs test for the Profile. The Profile Schools WILL look at everything.