<p>Sewhappy, I couldn’t disagree with you more. While my child does not need FA, I am happy that so many others could benefit with generous FA from elite colleges. I too left a tenured academic position, although only briefly, to acquire a sufficient college funds. I feel quite blessed that I was able to do so.</p>
<p>Oldfort -</p>
<p>You say that the middle class should get merit aid:</p>
<p>I frankly do not understand why those top tier schools do not afford merit aid? At least with merit aid, it is something a student could work for, and it’s under his control. Many of those students could work their butt off through high school, but because the kind of families they were born into, or their parents’ irresponsible behavior, they have no chance of going to top tier schools.</p>
<p>Im not exactly sure what you are advocating overall. Poor kids compete against each other for need-based aid, middle-class kids compete against each other for merit aid, rich kids get no aid? Or everybody gets merit aid, except for the rich, maladjusted kids like mine whose families can pay their way because 1) their parents went to grad school at night to further their education in in-demand fields; 2) their dad puts up with a hellish one hour commute to and from work to get them in an excellent public school system; 3) their parents both work full-time in responsible, well-paid jobs; and 3) their parents have lived below their means for years to shovel money into their college funds?</p>
<p>Look, I know my husband and I have been luckier than some (see mantori.suzukis post) and Im grateful for what we have. But your assumption that many of the people who can afford to pay their kids way through a top school are the dysfunctional rich is ill-informed, at best. </p>
<p>And I would argue that a poor kid who works his butt off is just as entitled to an elite education and has values as good as – as a middle class kid who does the same.</p>
<p>My kids are from a family that could afford to pay for full fare. They are pretty well adjusted and are very nice kids. </p>
<p>Yes, I am suggesting to have elite schools to set aside some money to give merit aid to some well deserving kids, may they be rich, middle class or poor. Poor kids do not deserve elite education any more than middle class kids. As I mentioned 40-50% kids at my daughter’s school(Cornell) get financial aid and most of them are from NY, NJ, CT areas. To qualify for FA around those areas, those people are not living a middle class live style. Of course, there are some crazy rich parents that refuse to pay for college education, or divorced parents not able to pay. Those kids couldn’t even work hard in school to afford those elite schools.</p>
<p>Oldfort – Could you elaborate on “As I mentioned 40-50% kids at my daughter’s school(Cornell) get financial aid and most of them are from NY, NJ, CT areas. To qualify for FA around those areas, those people are not living a middle class live style.”?</p>
<p>Do you mean that people qualifying for FA that are from those areas are all low income or poor?</p>
<p>Your original post suggested to me that you thought only the middle-class should get merit awards (need-aid state schools for the poor; no aid of any kind of the rich). If that was not your intent, I misunderstood.</p>
<p>Many people do not qualify for FA once they make 120, 150 or 200, depending on schools. Around NYC area, if you make 150 you could maybe afford $300-400 house, and it would be a shack. After they pay for housing, food, transportation, it would be very hard for those families to save enough money to send even one kid to any elite schools without FA. If there should be job lost or illness in the family, or divorce, those kids could only go to lower tier schools that offer merit aid or their in state schools.</p>
<p>I just think there should be some merit money at those elite schools, so some kids (whether they are rich, middle class or poor) could have a chance to reach their dreams. My kids are fortunate that we could and are willing to pay. There are kids out there because of their parents circumstance may need to “settle.”</p>
<p>I have to conclude that the Ivies are getting what they want – student-body-wise – using the need-based system. Do they take into account the living costs in a potential student’s home area when they determine need-based aid? A $150K income in New York does not yield the same EFC as a $150K income in Jacksonville, FL, all other things being equal, or does it?</p>
<p>My parents put my younger brother through a very expensive in-state private. He spent the majority of the time goofing off and doing other things…he did finish, however.</p>
<p>Even if my circumstances were different, my parents would not have put a dime towards my education and would not have allowed me to live at home while putting myself through. </p>
<p>That, however is a pretty rare situation.</p>
<p>Most schools do not take cost of living into consideration when they calculate EFC.</p>
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<p>I’ll agree that FA inflates the cost of college, but disagree with the rest. There simply aren’t that many families who have multiple kids admitted to highly selective schools that are now offering generous need-based financial aid to families with incomes up to $200k, and where said families have had the opportunity to choose work that will allow them to significantly boost their incomes from the high $100k range to at least above the low $200k range. That’s already a family fortunate in many ways, not only financially. </p>
<p>It’s far more likely that people would choose to work harder because they want to make sure that their children can afford to attend schools where their current income is going to make them ineligible for need-based aid, and where the school doesn’t offer merit aid stretching up into the 6-figure income range. That’s the case for the vast majority of Ivy League and other highly selective schools. There is already plenty of incentive for people to work and sweat for their kid’s schooling.</p>
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<p>Because MOST schools GAP – most schools do NOT meet full need. There are plenty of kids over on the financial aid forum who have had to find out the hard way what happens when a family doesn’t save for college and expects financial aid to pick up the tab. These are the kids who are contemplating borrowing $25K/year so they can go to the school of their choice.</p>
<p>I’m grateful for the financial aid my kid got, but if his dad and I hadn’t saved – a lot – for college, the kid would NOT be going to the school he’s going to; we simply couldn’t afford it. The gap is significant; having saved for this makes it possible for him to go.</p>
<p>Oldfort -</p>
<p>Being the trust-but-verify-type, I did a little research and confirmed what you said about EFC not taking into account an area’s cost-of-living. </p>
<p>While doing that, I came across a couple articles concerning the government investigating the possibility of considering cost-of-living in the EFC formula: </p>
<p>[News:</a> Student Aid, California to Cheyenne - Inside Higher Ed](<a href=“http://www.insidehighered.com/news/2009/08/17/cola]News:”>http://www.insidehighered.com/news/2009/08/17/cola)</p>
<p>I sympathize with the other students here going through what I am dealing with; A high EFC, no aid, and very little parental assistance. It leaves me feeling like I’ve been robbed of the cherished college experience that everyone squawks about - for me, college is a depressing/stressful stage that I can’t wait to leave.</p>
<p>My parents make decent money, and my EFC is about 90% of the total ECA. My parents had promised to pay for college but found themselves over-leveraged when I graduated from high school. They helped me out by paying CC tuition and books, and offered me room and board. However, they live far away from the university, so I had to move out sophomore year.</p>
<p>I worked as a clerk at a law firm throughout high school and my first year, and saved up a small quantity of money. Most of my money comes from loans, merit scholarships, and work. I am extremely grateful that my parens cosign on my student loans - if they did not do this, I would never recieve private educational loans and would not be in college at all. I recieve the regular 3500 in unsubsidized loans. My parents give me 1000 dollars a year for christmas and help sometimes by offering me food, etc.</p>
<p>I am lucky because my field (engineering) offers internships that pay well, and ample scholarships. Most students in my major are bringing home 10,000-20,000 per school year in pay, as well as 10,000-15,000 in scholarships.</p>
<p>I’m in my final two semesters and am ready to explode with stress and worrying. It has been rough financially, and I’ve had to do some crazy financial acrobatics to make it. I am tired of driving a salvage vehicle that squeals constantly when I’m going under 10 mph. I want to be able to go to parties and play sports and do all of the things that I have not been able to do during college. I am constantly working or studying (I’m working right now)</p>
<p>Without either of these three things, I would be flipping burgers: Student loans, Scholarships, Internships.</p>
<p>What I wonder is how is a high-EFC low-parent-aid student supposed to survive if they don’t recieve one of those three things? What if someone’s parents don’t cosign on loans? What if they don’t get decent scholarships? What if they are in one of the many majors that does not offer paid internships?</p>
<p>Almost nobody from my highschool is in college, and my brother dropped out after a year and has not been financially able to return for two years.</p>