<p>My family lives in a pretty upper-class neighborhood in New Jersey (so helpful for admissions right).
I'm currently a junior, haven't taken the SATs but my GPA and grades are really good for the most part. I would like to go to a private school (or good public like UNC) , and I think I could get in somewhere prestigious. The problem is, I don't think my family will qualify for need-based aid, but we don't have enough to pay for it ourselves. Is merit-based aid my only option? I don't think my SAT scores are going to be that great...I'm barely hoping to break 2000.</p>
<p>Any suggestions? Is there some type of cutoff for not getting need-based aid? (My parents said they met with a counselor who said we probably couldn't get need-based)</p>
<p>If it helps...</p>
<p>My top choices so far are Elon, UNC Chapel hill, McGill, JMU</p>
<p>*I don’t think my family will qualify for need-based aid, but we don’t have enough to pay for it ourselves. Is merit-based aid my only option? I don’t think my SAT scores are going to be that great…I’m barely hoping to break 2000.</p>
<p>Any suggestions? Is there some type of cutoff for not getting need-based aid? (My parents said they met with a counselor who said we probably couldn’t get need-based)
*</p>
<p>First of all, your parents need to determine how much they CAN pay. </p>
<p>If you won’t qualify for need-based aid, and your parents can’t pay for all costs, then you only have 2 options…</p>
<p>1) go to a cheap instate public that your parents can afford</p>
<p>2) go to a school that will give you enough merit-based scholarships that your parents can afford to pay the rest. </p>
<p>This is why you have to find out how much your parents can pay. </p>
<p>You probably need to pick other schools. Most of those schools will give need-based aid.</p>
<p>I know that this is probably disappointing because most of your choices won’t work, but at least you’re learning this now. Many kids don’t learn this until it’s too late. :(</p>
<p>Practice for the SAT and ACT (take both). You need your scores to be as high as possible for the best merit money.</p>
<p>You also should have your parents run some of the EFC calculators at [FinAid</a>! Financial Aid, College Scholarships and Student Loans](<a href=“http://www.finaid.org%5DFinAid”>http://www.finaid.org) and at [College</a> Calculators - savings calculators - college costs, loans](<a href=“College Board - SAT, AP, College Search and Admission Tools”>Calculate Your Cost – BigFuture | College Board) The formulas change a bit every year, but this will give them a reasonable ballpark figure. The truth is that most colleges/universities will expect your family to pay more than your EFC.</p>
<p>Actually, PARENTS do qualify for one type of financial aid regardless of needs – PLUS loans. Assuming the parents have good credit, they can borrow any amount each year up to the full cost of attendance. The current interest rate on these loans is not that great – but there are some potential other advantages to these loans that might make them attractive (I won’t get into that – the point is, this money is available).</p>
<p>I am raising this because it can be a good option for higher income families who simply aren’t in a position to spare $60K a year… but perhaps could pay $40K a year. Keep in mind that the student can also get an unsubsidized Stafford loan (I think up to $5500/year) - so the point is that even if you don’t qualify for need-based aid, you do qualify for help financing college. </p>
<p>Finally, you don’t necessarily need SAT’s over 2000 to qualify for merit aid at many colleges. (My daughter never came near to that with an SAT score and she was offered merit-based grants up to about $10K and some colleges). Your GPA is also a very important factor. A merit award of $10-$15K isn’t going to come anywhere near paying full tuition at a private college… but for parents who fall into the full-pay category, I think it’s a nice discount. </p>
<p>(I opted for PLUS loans rather than taking out a 2nd loan on my house because I essentially made a 10-year plan for myself, so that both my house and the college loans will be paid off about the time I reach retirement age. I figured correctly that once my daughter graduated, I would have more funds available and could accelerate payment of the college loans.)</p>
<p>The mid level colleges are likely to offer the most merit aid. If you are at the top 15% of the applicant pool, you are most likely to receive merit aid. </p>
<p>In any case, apply to a number of colleges so you can compare financial aid packages. </p>
<p>I think colleges in the northeast would be more understanding of families that live in areas with a high cost of living and absurdly high real estate taxes vs. colleges in other areas.</p>