<p>The school i fell in love with is about 50k/ year. My parents combined income is around 130K, with around 50k in savings, and both my brother and I have college funds for around 20K. I know this sounds like a lot, but we live in a really expensive area, and we can't afford 50K/ year just for me to go to school. Is there any chance I'll get any money from filing the FAFSA?</p>
<p>Well, for starters, you’ll be eligible to take federal student loans which will be your own “skin in the game”! You’re not going to qualify for federal or state grant aid, so you’ll need to find schools that will offer you merit aid and many schools require that you file FAFSA in order to be eligible for any scholarships or institutional grants.</p>
<p>Try not to fall into the “dream school” death trap. This is about getting the best education that you and your family can afford. It just doesn’t pay to love a school that doesn’t love you back! You can apply, of course, but please save yourself (and your family) the angst and make sure you keep an open mind until after the FA awards come out!</p>
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<p>First…FAFSA doesn’t give anyone money. It is a financial aid application form that is used to collect information primarily for the purpose of determining your eligibility for federally funded need based aid. With the income you noted, you will be eligible for a Stafford loan only. The maximum for that is $5500 for a freshman.</p>
<p>If your family can’t afford to pay $50,000 a year, you first need to find out what they think they CAN contribute to your college education each year. Then work from there. Look for schools that are either in that price range, or where you would get merit aid that is not tied into need…that would bring the cost of attendance down to what your parents CAN pay.</p>
<p>Schools have formulas for computing their institutional need based aid. Either you will qualify or you won’t. I don’t think talking to them will make them alter their need based formula.</p>
<p>Ask your parents how much they can pay each year towards your education (not counting your college fund). </p>
<p>Also, ask how much they can afford to pay when both you and your bro are in school.</p>
<p>What are your stats?</p>
<p>What is your dream school?</p>
<p>If your parents’ combined income is $130K and their savings is $50K, then without significant merit scholarships your family will not be able to afford your dream school. The numbers just won’t work for you, even if you max out on loans. If the school is known for good merit aid, then go ahead and apply. But it’s time to start researching less expensive alternatives. Is there a specific program this school offers that a public school might also be strong in? What is it about Dream School that you like best? Can you find that characteristic in other, more affordable schools?</p>
<p>@thumper1- I’m not an idiot. Yes, I am in fact aware that the application itself will not give me money. In addition, I never said that I intended to talk to the school about changing their formula for calculating FA. I was simply wondering if anyone in a similiar situation recieved any need-based aid.</p>
<p>It’s always a bit troubling to me to hear students use the phrase “fell in love” with regard to a college. It raises the stakes, with the alternative being you have to get married to someone you don’t love. ???</p>
<p>Apply to the schools you’re interested in, but make sure to spread your interest around to some schools you can afford. Hopefully next spring you’ll have several strong options to choose from.</p>
<p>You will not get much in the way of need-based aid beyond some loans as described above.</p>
<p>No one here is trying to insult your intelligence. The responses are just extremely detailed, covering any potential misconceptions (many of which occur over and over on these forums). You need to filter the information and allow for the problems of communicating online.</p>
<p>My advice is to scout out your local public colleges and/or state flagship/s as potential financial safeties.</p>
<p>It’s always a bit troubling to me to hear students use the phrase “fell in love” with regard to a college. It raises the stakes, with the alternative being you have to get married to someone you don’t love. ???</p>
<p>I agree.</p>
<p>Find out how much your parents will pay each year for college (not counting the college fund).</p>
<p>What are your stats? Maybe you can get a scholarship from a similar school.</p>
<p>What school are you interested in and why? If you can tell us what you love about it, we can probably suggest schools with similar lovable characteristics. All together, we’ve all visited many, many schools. :)</p>