Please don’t refer me to some other online calculator thing…
How much did Lafayette cost for you? How much did you have to take in loans and how much did you get in aid?
I am considering applying (for mecE), but I don’t want to take over 80k in loans in the 4 yrs I go to college.
I think my parents make around 80kish, I haven’t talked with them yet, but I think max they could (or would) contribute is 10k a year, we don’t have a college fund made or anything. The rest of the money would have to be loans for me. Is the amount of aid they give good at lafayette? And is having to take less than 20,000 a year in loans here feasible; or at least somewhere around this number per year?
You can look up average aid awards online, but it’s important to understand that what other people pay isn’t necessarily going to be a good predictor of what a school will cost you.
Lafayette is a school that as far as I can tell meets need, but what that sounds like to most folks is if you don’t have money for college you can get a full ride. That’s not how it works. The colleges determine what they think you should pay, you don’t. After a meets full need college determines what they think you and your parents should pay, then they provide aid to get you to that net out of pocket price point.
Under the net price section for people in your family’s income bracket $75,001-$110,000 the 2016-2017 net price was $23,615. https://nces.ed.gov/collegenavigator/?q=lafayette&s=all&id=213385#netprc
You can borrow $5,500 your freshman year and you think your parents will contribute $10,000. Which means you are likely to be about $8,115 short.
Lafayette is a CSS Profile school so in addition to the FAFSA you would need to file a CSS Profile, too. Here’s a list of schools that require CSS https://profile.collegeboard.org/profile/ppi/participatingInstitutions.aspx
Here is a good article outlining how financial aid works in general and the differences between CSS and FAFSA. https://www.forbes.com/sites/troyonink/2017/01/08/2017-guide-to-college-financial-aid-the-fafsa-and-css-profile/#1ce694404cd4
You think your parents can contribute $10,000/year, make sure that is the case. If so, then they should start putting that amount aside for you in monthly installments now. That’s about $830/mo.
Your numbers are probably in the ballpark. Parents will have to be willing to take out a plus loan since the student loan limits are pretty low. It is in their name, although you can pay it off if that is your arrangement with your parents. However technically they are liable not you.
I don’t have specific experience with Lafayette.
The calculators are really what you should be doing. And have your parents help. There may be something about their finances that throws this off. If they don’t want to go over this with you, at least see if they will do the calculator themselves and let you know the result.
Your expected family contribution will be less than Penn State. Do you want to be an engineer? 45 years ago my parents were clueless and and I put my self through engineering school without any financial aid. My loans were paid off when I turned 33. Dude …USE the calculator. Make an appointment with the financial aid office.
Lafayette meets 100% of demonstrated need. However, what you and your parents think you can afford and what Lafayette thinks you can afford may be two different things. $23,616 out of pocket is a huge chunk of change for a family making only $80 K per year.