I’m getting confused about expected family contributions. I have twins going to college next year, and although they are being offered financial aid packages, it is still looking like we are being expected to pay almost 80% of our net income between the two to them to send them to school(based on one schools estimate for one). We don’t own a home - have very little in assets - so we can’t borrow against that. While we have a decent income, in our area it is very middle of the road if not on the lower side. We are still waiting for daughter 2 to get final acceptances and make a decision - likely not until April, but daughter 1 applied early decision(her guidance counselor’s recommendation even with our cost concerns) and knows where she is going. How do I even begin to approach this with the schools? I don’t want to seem ungrateful for the aid offered, but we do need to see if we can get more. What are our other options? I’m hearing negative things about the Parent’s PLUS loans - horrible interest rates and such. What are our options?
Are you asking about FAFSA EFC or an EFC that has been given to you based on a specific calculation done by a school for awarding institutional aid?
Does daughter 1’s school meet full need? Did you run the Net Price Calculator for all the schools that were applied to, including daughter 1’s ED school? If so, what did they show? If not, why not?
P.S. You might get more and better responses if you get this thread moved over to the financial aid forum.
It sounds like you may not have had any true safeties on the list which you could afford.
Moved the thread
What are your twins’ safety schools? These are schools that were applied to knowing that they were affordable thru assured aid or family funds?
Most schools don’t care what your income is or how much of your income would be needed to pay for a student’s education. Their prices are their prices…and they have little aid to give. They really don’t look at it in terms of % of your income.
I know that the concept of FA is misleading. It sounds like they’re going to let you pay what you can afford…but that’s not true for 90% of schools.
You can try and appeal, but it sounds like you need a LOT of aid to get costs way down from 80% of net. It’s not likely going to happen. Getting an extra thousand isn’t likely going to make this school or similar affordable.
Do not go into debt with Plus or other private loans. You won’t be able to afford to pay them back…and likely won’t be worth it in the long run.
What is your home state? Where did your twins apply? What are their majors/career goals?? What are their stats?
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but daughter 1 applied early decision(her guidance counselor’s recommendation even with our cost concerns) and knows where she is going.
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How does she “know where she’s going” if you can’t afford the school?? Are you saying that she accepted the ED offer even tho the aid wasn’t nearly enough? She ED’s Mount holyoke…are you saying that its aid offer was poor?
Edited to add…
I just went back and read your past posts. I am very sorry to hear that your H has a rare form of pancreatic cancer and you’re concerned that he will pass before the twins graduate from college.
As you’re likely already aware, the above would be another reason not to consider taking on additional loans.
Can D2 take a gap year, work and apply to a high merit school?
Also I would contact their guidance counselor for suggestions.
I don’t think it’s fair to ask D2 to do a gap year while letting D1 go to her ED school. That would cause issues, I would think.
Unfortunately, GC’s are the worst people to ask for guidance on “affordable schools”. They (wrongly) believe that FA will solve all problems.
I too, am sorry that you and your family are dealing with health issues. My thoughts are with you.
Given your uncertainties, applying ED without a clear plan as to what you can afford was not a good idea. One can reject ED if the financial aid offered makes that school unaffordable. But even before one starts applying to schools and for financial aid, one should have some idea where one stands.
Have you run your numbers through an EFC estimator, if you have not gotten your SAR from filed FAFSA that gives you the actual EFC? That EFC pretty much represents the MINIMUM you have to pay for that student before getting penny one of federal aid and usually school aid as well. Then there are the NPCs that the schools themselves have, where you can get a better idea of what an aid package from a given school might be. Still, with unusual investments, owning a business, those numbers can be way off.
Also important is figuring out what YOU, the family can afford for college. Doesn’t matter the aid package, EFC anything, if you can’t come up with the money for any reason, or if it is not wise for you to spend more than X amount for college.
How do you expect to pay for D1’s college if it is not affordable? Have you/she made commitment to that school that she is going there and that you will come up with the money somehow? If you can’t, that is a very big problem.
Sit down and figure out what you can afford for college for your students. That is what they and you have to work with and it may be that a reality check is needed. IF you truly cannot afford to pay for the ED school without putting yourself in financial jeopardy, you need to get that out in the open and pull out of that option. You have enough more serious issues on your plate as a family than a first choice school, that need focus and starting out with an unaffordable commitment that is pure luxury is a poor decision, IMO.
Look at UMaine Farmington. It is free to apply and a good public LAC in New England. If the girls received the top merit aid and took out the Stafford loan, the final cost would be 15K per girl. I don’t think it will get cheaper in New England. Other options are gap years for both girls so they can work and reapply to high merit schools, commuting to a nearby college or community college. You can’t go if you cannot pay. The EFC looked crazy to me also but after researching it seems that they expect that you have saved, have assets to borrow against and will use your salary. So 1/3 savings, 1/3 loans from assets, 1/3 from salary.
Maybe I missed it…but do you feel you can afford this ED school? My impression is that is not the case.
There are at least THREE UMaines that have LOW OOS costs…and give merit. One of the most generous is UMaine Fort Kent.
University of Maine Fort Kent
Here is UMaine Ft Kent’s info
OOS Tuition $9900 per year (and there are some lenient merit offers that could further reduce…see above)
COA $20,592
(full-time) 24-36 credits $9,900 <<=== very low cost OOS !!
Fees 2 $975
Health Insurance 3 $997
Books & Supplies 4 $1,000
Subtotal: $12,872
Residence Hall Room 5 $4,150
Board (19-Meal Plan) 6 $3,570
COA…$20,592
2014-2015 Scholarships for First Year Students (12 or less college credits)
Scholarship Name Eligibility Requirements Amount
Bengal Gold
2 out of 3:
If SAT score is 1050+ (23+ ACT), class rank is top 30% or High School GPA of 3.00-4.00 $5,000.00
Bengal Silver
2 out of 3:
If SAT score is 950-1040 (20-22 ACT), class rank is top 50% or High School GPA of 2.80-2.99 $3,500.00
Bengal Bronze
2 out of 3:
If SAT score is 850-940 (17-19 ACT), class rank is top 50% or High School GPA of 2.60-2.79 $2,500.00
Even if these aren’t LACs, their enrollments are small enough to have that small college LAC feel.
You are not doing yourself, your daughters, your family and even the daughter who is set on going to that ED school, if paying for it is going to put you and them in financial problems. It’s a very troubling thing to many of us that so many young people feel an entitlement to go to private schools, sleep away colleges, other options that they and their families simply cannot afford. Please do not let yourself be bullied into making a decision because of an unhappy teenager. Believe me, as a mom, I know how it feels when a child wants something badly and it’s up to you to make the decision. But you are the adult and the experienced one here and more able to judge what long term ramifications of taking out 7-8% interest loans. It’s doing your kids no favors, not laying it all out and explaining why certain options are not affordable.
Why are public universities in Maine being suggested? Does this poster want her kiddos attending college in Maine?
The only reason I suggested an inexpensive Maine school was in case none of their current schools are affordable. The family wants the girls to go to school in the NE because of the dad’s illness.
She wants them in New England and one wants a small LAC so I threw out a value option public LAC that is still nice and only 3 hours from Boston. I’d guess they live in MA from what she has said. Where else can a high earning couple have to live modestly in NE?
As a Maine resident, I would recommend UMF for people who want to become teachers and for people who want a liberal arts education. It has an excellent creative writing program.
But UMFK is not that kind of place. The number of areas of study are more limited and it’s best known for its nursing program. The locations are also quite different. UMF is close to ski areas and there is somewhat of a college town. UMFK is in a lovely but clearly more isolated area, very far from the Maine border.
Also, if these are high stats students, why not recommend UMaine? It has a well-regarded honors college and is attracting out of state students. Last year’s freshman class was about 40% OOS. They have merit aid for top performers.
That and the deadline is March 1 and the application fee is free.
*Sorry I don’t get an edit option on a tablet
Where else would a high income family need to live modestly in the northeast?
Almost anywhere in CT, and in some parts of Rhode Island as well.
In Massachusetts, there are a few of the smaller public universities which could also be affordable.in CT, there are the 4 CSU campuses.
@momfromme UMaine Orono is a low cost option too. With the max merit and Stafford, you are looking at 20k, still a good price. 5 hours from Boston.