I did the EFC calculator for schools I was interested in. Most are around $60,000 to attend. Why is it that they’re asking me to pay, in some cases, $70,000+ A YEAR??? My parents got bank but we have other children, a grandma to support, and a lot of money is going to our village in Africa! We can’t pay near $300,000 for me to go to college! Df? Is this what education in this country has come to???
Should I even apply for FA? It looks like they’re truly going to add money if I apply.
No one requires you to pay the EFC if it is above the cost of attendance. If your EFC is $70k per year, you and your family would be expected to pay all costs up to that amount before you’d be eligible for subsidized federal loans, and probably any school need based aid.
The calculators you are using are just estimates. Only applying for FA at a particular school will give the actual amount. If you don’t want to pay $70k per year, pick a cheaper school. Lots of state schools at less than $20k for residents.
Obr, your need based financial aid is based on your parent’s incomes and assets. If the net price calculators are giving you a net cost of $70,000 a year, your fami,y income is in excess of $200,000 a year OR you have significant assets…or both.
Is your family income in the $200,000 a year range?
It is wonderful that you are supporting your grandma, and you send money to your village in Africa. But the financial aid folks will likely view that as a family choice.
And lastly, if you are a U.S. Citizen or permanent resident, you have an instate public university that costs far less than $60,000 a year to attend. If you can commute from home, it will be even less costly.
No one needs to go to a college that is $60,000 or $70,000 a year.
You can choose a much less expensive college. Most families can’t afford $60000 or $70000 a year. If you have the grades and test scores high enough to be considered for elite schools, you can most likely qualify for significant merit awards at other less elite but still very good schools.
Only for those wealthy enough or foolish enough (or both!) to pay that much. As noted above, there are plenty of colleges that are affordable - starting with your in-state public colleges and universities.
And there’s absolutely no reason not to apply for financial aid. No one is going to charge you more just because you applied. But be forewarned, colleges are not going to give you money simply because your family is supporting your grandmother or sending money back to Africa. Those are both commendable undertakings, but the colleges can’t afford to support all their students’ families’ noble endeavors. If your family can’t afford to pay those expenses and send you to an expensive school, then it’s up to you to agree to go to an inexpensive school - that’s how you contribute to your family.
My family has high income, yes. I am planning on going to a specific ivy league school. I have had my heart set on it for a long time. I rather not settle for my state school (UMD) because it will be like high school all over again (same type of people, numerous students have verified this).
For the things I want to do in the future, it is important I go to a top school with high credibility (sounds shallow but it’s true).
Btw, thanks everyone for the quick feedback!
Well…if your family income is very high…you will be paying full costs of attendance at any Ivy League school as they don’t give a nickel of merit aid.
Right now, your ACT is 29…will you be retaking again?
You need to have a balanced list of colleges on your application list. This needs to include affordable schools.
UMD is a high school. There will be plenty of folks there who are not like your HS classmates.
Will your parents pay the full coat of attendance at the college’s you are targeting? Ask them…because if the answer is NO, you need to look at other options.
@thumper1 they would but it will be a bit of a burden on them and yes, i’ll be retaking! I have decided not to apply to colleges that nobody knows about. State schools are fine. But no colleges that make people go “huh”? I know many would disagree but I have made that decision with my family long ago for a myriad of reasons. I do have a balanced list of safeties, targets, and reaches. I am, however,putting my focus into the ED round!
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Should I even apply for FA? It looks like they’re truly going to add money if I apply.
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No school is going to “add money” if you apply for FA. The most your parents will have to pay is the list price of the school…not more.
Do you think that Bill Gates was told, “you have to pay $10M per year for each child”??? lol No, he had to pay list price.
As you’ve indicated, your parents have a high income, so they’ll be expected to pay. Helping grandparents and sending money to the home country are considered choices.
. I am planning on going to a specific ivy league school.my mom went to Harvard Med school and my Dad has an MBA from a top business school and is currently getting a PHd.
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Hold on…no one should “plan on” attending any specific Ivy League school…particularly if your ACT is only a 29. there’s a good chance that no ivy would accept you. You may be a URM, but you’re not a low income disadvantaged URM, so having a modest score for an ivy may keep you out…since you’ve likely been to the better K-12 schools, and you have educated parents.
Well you should apply for financial aid and get your parents ready to fill out the CSS profile by the ED deadline. The Ivy Schools will often give aid up to pretty high incomes, but there is always some income that is too much. Use the Net Price Calculator on the college website instead of the FAFSA EFC to get an estimate.
However you should discuss ahead with your family what the plan is for if you end up not getting any aid. You may have to be prepared to walk away. HS students are usually very misinformed about only certain college ‘names’ being enough.
@mom2collegekids I have “connections”, and I still have 3 more chances to take the ACT lol and no I was raised poor for a while until my parents got out of school and got good jobs. Also, if I don’t get into an ivy or a school of similar caliber (top 30 schools), I don’t plan on spending much if any money for college. You may disagree but the choice is ultimately up to me. Most top schools cost around the same price of $60,000
@BrownParent thank you
Connections are not going to get you accepted into an Ivy League school…and commectiosncertwinlynare not going to get you a speck more need based aid than your family income and assets would determine your need to be.
Do you really think you should be receiving need based financial aid for college with the size of your family income?
I agree with others…you need to know what your parents WILL pay for you annually to attend college. If they cannot afford your accepted schools…once the aid packages come in…you could very well be left with no place to attend. That is called being penny wise and pound foolish.
ED is not going to help you financially and may actually be a hindrance. IF you happen to qualify for some aid…you will not be able to compare amongst colleges.
If your parents are good with paying the almost $70,000 a year cost of attendance for some of those top schools, then fine.
Otherwise, you may very well be attending the colleges that will give you a great merit award that are not ones that folks recognize.
At this point, your stats don’t put you in running for the significant merit awards at places like University of Alabama, for example.
Perhaps your instate options would be less costly as sure things that are affordable.
OP, what are your parents advising? They certainly do know their way around schools a bit. What do you want to study? What are your parents willing to pay? Are they helping you put together a list of schools to apply to? Have you visited various schools, including in-state public options?
As a safety you should have three safeties - where you can get into a desired program and afford the school. That way, if none of your more selective schools offer you admission (or they are too pricey) then you still have some choices/wiggle room.
You seem to understand you have to get higher standardized test scores, and you seem to be honing in on ACT. My kids were able to improve scores on ACT. It is work. Chances to bring up a 29 to a score for Ivy League school?
Good luck.
I don’t understand all the naysayers. The OP seems to understand exactly what is required to get into an Ivy, including improved test scores. If the OP and his parents have “connections” that will facilitate the OP’s admission, then so much the better. (And don’t discount the “connections” as having no value . . . we all know there’s more at play here than just high test scores and a strong GPA!) The OP also seems clear on what his parents are both able and willing to pay.
The OP’s only question was whether a college could actually charge him more than the sticker price due to his family’s high EFC - and that question’s been answered.
Thank you @dodgersmom . I find it funny how people are telling me I have zero chances at an ivy league as if they’ve seen my application. A 29 is a great score and I know Ivan get it to a 33 by October. Idk why yall so salty. And yes, I know numerous people who have gotten into top schools with less expected stats. Idk why you people are blinded by the idea that admissions ARENT holistic. Of course number matter but essays and ECs and such bring out the HUMAN in an applicant.
Can your parents pay $240,000 for you to attend undergrad school? That is the full cost of the ivies today…but costs likely will increase over the next four years.
If so, you are good to go. If not, please have some other alternatives.
29 is a decent ACT score. Not bad, but not brilliant. Trust me, I’m not knocking you-I got a very similar score myself-but don’t count on it to coast you to an Ivy. They regularly turn down 36.
I support everyone here who says find a safety. Safety schools are beautiful. Find one that you like and will probably give you significant merit money-and then you have an option if something happens and your parents can’t/won’t pay 60,000 a year