What does this mean - even if it is mathematically possible for us to pay - but practically the total cost is too much, can we request financial aid with ED?
Why apply ED? Unless you are a legacy, an athlete, or have some other sort of hook, applying ED gives little to no boost to your admission chances.
That’s not true. But sorta off point.
@junk4rp I’m not sure there is any school that will offer FA for an income over $350k. Is there some extenuating circumstance?
I haven’t read the whole thread but curious how a middle schooler got fixated on a certain school. Many Ivy classes are lectures with sections taught by grad students. Maybe he just needs to know more about colleges. It is generally the unsophisticated who get stuck on a prestigious well-known schools so make sure he is more sophisticated about the choices out there. In our state, a public university would be a great choice, or a private school that gives merit.
If you’re sensitive to college cost, don’t ED. If you’re uncertain about your first choice, don’t ED. If you want to be able to comprehensively compare colleges (academically, financially, socially, in quality of life, etc.) post acceptances, don’t ED.
Do not ED if you need to chase merit.
There should be no “dream school”. There are countless numbers of schools where a hard working student will be successful, without having to go into a lot of debt.
In terms of students earning money, if your child is planning on studying engineering, co-ops can help offset a good chunk of the cost.
@momofsenior1 OP asked about applying ED to an Ivy which wouldn’t offer merit money anyways.
Agree @collegemom9, hence why they shouldn’t ED to an Ivy. No merit money to chase there. This student should RD to a number of schools with merit awards. Sorry if that wasn’t clear in my response.
My co-op comment was in response to his post last night about how students could earn money while in college. OP - Note that the Ivies are not the places that tend to have well supported co-ops (although I don’t believe you’ve shared your child’s intended major anyway so it may be a moot point).
It will not look good to back out of ED with an income of over $300K. It is hard to argue that you expected financial aid with that income. Your kid should ED ONLY if you are willing and able to be full pay. If you are unwilling to pay more than $70K per year, and your student has the credentials, he could get good merit money from schools lower in the rankings, but not from the super elite colleges which only give need-based aid.
He can get a part-time job. If it’s 5 to 8 hours a week, it won’t interfere with his studies (unless his time will be consumed by the school sports) I think there will be tons of tutoring jobs for Ivy school students. Also, he can work through the summer.
If he works, you don’t have to worry about his miscellaneous expenses at least.
@junk4rp -What amount are you able to pay? You say you can’t deal with the $80K annual sticker price – understandable – but not what you would be comfortable with? $30K a year? $50K a year?
Don’t tell us-- but do figure that out and do tell your kid, because that is the “gap” you or your kid will need to cover if your kid wants to attend a college that costs more than that.
One possibility may be through independent, private scholarships – if you are not eligible for institutional aid, then you wouldn’t have to account to the college for those sorts of funds. So depending on the size of the gap – it may or may not be possible for your kid to pull in other resources. It also could be earnings – a lot of kids who are Ivy-caliber are also very capable of earning a significant amount of money, even as high schoolers. Obviously nothing close to full cost – but that’s why it is so important to establish what portion he would need to cover to attend his dream school. There may also be some private loan sources that would be acceptable for a family in your income bracket to include as part of college financing.
ED is a very bad idea because it would lock the applicant in early in the year, before other sources of income may become apparent. But non-binding early admission (like SCEA) might be reasonable, as it could make it much more clear what the target is. That is, a kid who gets into Harvard in December can apply to other schools where merit aid is likely and at the same time apply for private scholarships - and have a more clear picture as to financial options in April when a final decision needs to be made. But a kid who applied ED to a dream college would have had to make that decision in December — and if you know you don’t qualify for need based aid, you really already know the answer to the question.
As a parent, are you personally willing to make additional financial sacrifices for the sake of the Ivy? (Again, in your income bracket you may have flexibility about borrowing that others might not have – it might not be your first choice, but you may be able to shoulder a fairly sizeable monthly loan payment). If so, again, that is a decision you should make before your son sends in an application.
Now is the time to have a serious talk about money. Now is also the time to practice saying “my kids can’t always have what they want.”
We are also a family that would not receive aid from a school of that price. He did apply to one such school, but we were pretty clear about what it would mean if he chose that one. Fortunately he didn’t but chose somewhere very affordable after merit aid. As a result, he knew we can afford internships (even unpaid) and he just came back from a fantastic summer abroad pursuing a hobby.
When will the other 2 start college? Are they twins? Will there be any overlap with your S? If there’s overlap and you’ll have 3 in college simultaneously that might help - although with your income, I’m not sure. You really need to have an honest discussion with your S re: finances. If anything, let him apply with the caveat that it’s probably not financially possible if he gets in unless he wins some big outside scholarship. But do not apply ED - if you reneg on an ED offer it reflects badly on your S & on your S’s school. There are legal documents you sign when applying ED. You haven’t shared his stats, ECs, and any major accomplishmets. He could potentially be a candidate for full-ride tuition at a very good school that’s not an ivy league. As others have said, if he excels there’s always grad school. What is his intended major?
Dreams readily convert into fruitful accomplishments later in life. A college doesn’t count as a dream. It’s just a tool to get from point A to point B. It’s no more a dream than owning a Chevy. In essence, it’s a fantasy.
These schools are great if you’re very rich or very poor. Very rich people can afford full tuition. Very poor people get need based financial aid. For the rest of us, it’s a poor value for a bachelors degree. It’s quite simple. You can’t afford the school, so he can’t go there. Cost is a precondition, so he needs to apply to a list of realistic schools you can afford to send him to. Otherwise, if he gets rejected from his “dream school” you’re going to get a list of acceptances to alternative unrealistic schools you can’t pay for either. You’ll be surprised how many smart kids end up spending their first year at community college because of application strategies like this. It happens every year on this forum like clockwork.
It’s not a crime to back out of an ED admit if it turns out to be unaffordable, even on 350k. Life happens.
But I’m very leery of encouraging our kids into situations we have doubts about, from the get-go. What’s that do to them?
While goals can guide us, dreams are what happens at the end of the day, when we close our eyes, after we’ve spent our time being rational about our responsibilities and our lives.
Do the math, I also have to pay the 80K price tag, but is it really 80K? The tuition is 60K which I pay quarterly at 20K, plus I give my DD 1K a month for living expenses. that adds up to 69K. I don’t pay the summer living expenses. Granted I did have FA the first year, but well, the economy turned and now I’m full pay. My DD also has 6K scholarships from outside the school so that helps. So its really only 63K a year. DD works during the summer and has saved 8K into her own account after paying for her own living expenses during the summers. Can you afford those kind payments with your income? Its not like they are asking for 69K up front every year. Frankly if you saved around 135K for college you should be able to do it without it being painful. Most colleges also have the optional payment installment program.
$63,000 a year plus $1000 a month for nine months is a lot of money for many people…actually probably for most people.
There is nothing wrong with attending a less costly school. Nothing wrong at all.
And especially if medical school is in the future where there is precious little financial aid except loans…and yes, this applies even to graduates of elite schools.
While many students can get high paying lab jobs or co=ops while they are in college, not all can. One very practical way is to become a youth sports referee/umpire. My just graduated (with a masters in engineering) nephew has been doing this since high school and can make several hundred per weekend, even more if he works a tournament. He makes about $50/game (sometimes $75), can set his own schedule, can work during spring break, etc. He does lacrosse. Twin nephews were 13 this summer and made $2000 doing soccer and baseball, usually $33/game. They are 13! They turn down games all the time because their parents limit how much they can work because they are still kids (and need someone to drive them to some games). A friend’s son is taking a gap year to ski and travel and he also makes enough to support himself by umping baseball.
@twoinanddone Wooow!! I didn’t know refereeing youth sports can get such lucrative amount!!