Expected Family Contribution and financial aid

Honestly - don’t know. I have not looked into it. It’s a loan.

My kid won’t be taking a loan. Fortunately, we are combining applying to the “right” schools and what we can afford.

Affordability is out there - but everyone is chasing a name or location. I’d rather not be straddled with debt.

I laugh at the statements schools send. $50K COA. $10K merit. $5,500 loan. Your cost is $34.5K.

No it’s $40K…there’s a loan and it will cost a lot more than $5,500.

Whether you pay interest or not while in school, you are paying origination fees, etc.

Our choice is no loans…we’d have gone to U of Montana if we needed to.

There are a lot of “affordable” schools, even for those without great means.

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Unfortunately all my kids said no to going far (I did bring up the option), which is their choice since they’re responsible for he loans. In my daughter’s case, she chose Rutgers over UMASS at the last minute (UMASS offered enough merit to brig it down to Rutgers). Sophomore year my mom (a second mother to my kids, saw them daily) was diagnosed with an aggressive cancer, and my daughter was able to come home every weekend until she passed. My in-laws are 94, definitely something we’ve kept in mind.

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That’s fair - NJ has lots of schools - i don’t know how they are tuition wise - but Montclair State, College of NJ, Ramapo, etc. Or even a Delaware or E Stroudsburg are not far.

University of Delaware? OOS tuition with R/B is $50,000 (my daughter attends with a $17,000 a year scholarship). The problem with lesser schools and some majors are internship opportunities. My kids can easily get into those colleges with merit, and if they were education of philosophy majors it would be a good choice. When you can easily get into a more selective school than Rutgers, spending the R/B to attend Ramapo doesn’t seem like money well spent. ETA The College of NJ is actually more selective than Rutgers and a bit more expensive.

It looks like OP can afford ~$12k/year. OOS public’s that cost $50k or more probably won’t work for her.

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The subsidized portion of the loans does not start to accrue until graduation. But there is an unsub portion that starts right away. For my DD2 we paid her interest during her school years so she started at 0.

https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized

I work for a Fortune 500 company that was based in Bergen County. I know lots of Ramapo. I’m sure we have Rutgers…don’t know any.

I have an MBA from a name school. My conterparts are Bachelor and MBA from non name schools.

It’s your money - if you feel it’s worth it for potential career outcomes, I get it. And that’s fine. That’s what this really is - a consumer experiment.

But if you cannot afford to eat at Outback, you should not be eating at Flemings. Or if you do there are consequences - all I’m saying.

There are lower cost opportunities - but you all want to stay close and you have great reasons.

There are tradeoffs. We are all different.

I’d go the savings route and have to maybe work a bit harder to find the job I want. Even at the good schools you have to work hard to find a job.

Was just pointing out there are suitable options…

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Anyone can get unsubsidized loans; interest starts right away normally. (unless you are in a pandemic and the rules can change) . you can also pay that interest as you go along each month.

you can only get a subsidized loan if your EFC and scholarships added together are less than the schools total Cost of Attendance. And subsidized loans are not for the same amounts as unsubsidized (there’s limits). However, the interest doesn’t start until after graduation; you just pay origination fees.

i do get the part of having kid somewhat involved in it all. you’ll figure it all out! :slight_smile:

Common misconception. Students go to schools where their stats place them in the top of admits all the time, go there and excel, and have amazing opportunities. I mentor high school and college students who have to make those choices because of finances. I’ll share a recent anecdote:

Student’s family could not afford much for college. Student took large scholarship at school ranked below 200. Student took advantage of every opportunity available and created some of his own and built an impressive resume. Student wanted a consulting internship for junior summer. As you may know, consulting firms cut back on hiring this past year due to the pandemic. This student did everything I recommended and landed multiple offers at top firms at a time when many Ivy and students at other top schools that are considered “targets” completely struck out and couldn’t even get an interview. They were not students with weak undergrad stats either. Sure it took more hustle but the name of his school did not hinder him one bit.

I have many similar anecdotes.

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My son gave up on his dream school for our state flagship university where his scholarship is more impactful than in schools with higher price tags. That combined with our contribution means he will have a loan of around $3000 a year which we intend to pay off at the end of his schooling.

Well aware of making choices, sometimes hard and disappointing ones, and having tough conversations to make sure my S isn’t saddled with student loan debt like I was.

But for a high stats performing student, at the tippy top of his or her class, top 1% scores, instate public college SHOULD be the outback. These kids aren’t trying to compete with those students who are blessed with $300,000 in their college savings accounts, while they could easily be accepted to the same universities, there is no way possible to pay tuition. There seems to be a big divide between the haves and have nots when it comes to education in this country, which is unfortunate, with some of the haves just phoning it in, while some of the have nots working so much harder for so much less (I’m basing this on personal experience).

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re: small schools and opps: we were so impressed when we toured the capitol a few years ago; the intern from our state was from a small, unranked state directional U; interning in DC and heading on to harvard med school in the fall. She was great; had free college for undergrad and took advantage of the opportunities.

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To put it another way, a high school senior’s college choice is primarily limited by parental financial circumstances and choices. Only within the constraints imposed by parental financial circumstances and choices does the student’s own achievements matter.

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That’s kinda overstating it. According to the Tribune article, what, 1,700 kids from Illinois are attending Alabama? In those four years, there were 600,000 students or so who graduated, and of those, some 420,000 attend colleges. So Alabama is getting 0.5% of all Illinois graduates.

I don’t think that more than one or two students from my kid’s graduating class of 930 are attending U Alabama, if that. Nobody got any merit scholarships from Alabama, in any case.

For merit money, they tended to go in-state to UIC, UIS, Illinois State, Depaul, or OOS to places like Iowa, Dayton, Miami Ohio, St Louis University, etc.

The other high school in our area (a good catholic high school) also sent a lot of students to “lower ranked” colleges in the rest of the Midwest, and they also like both Dayton and St Louis University. However, they also sent 2 to Alabama (unlike my kid’s school, they post where each student is matriculating - my kid’s school only announces which kids got what scholarship, so if a kid didn’t get a school-provided scholarship, we only know where they matriculated if we knew them).

If money is the main concern, for Illinois students, UIC is a better choice for an Illinois student than Alabama. The in-state cost of UIC is lower than the Alabama cost with the highest level of merit aid. Enrollment at UIC is also growing, and quickly.

On one hand, UIC campus is absolutely hideous, by any aesthetic measure, and it is still mostly a commuter campus. On the other hand - Chicago. I mean Tuscaloosa versus Chicago.

The only case in which Alabama is likely the best financial choice is for National Merit Finalists. Alabama has the absolutely best deal out there for NMSFs - it provides a full ride and then some.

But, no, there is no mass migration of students from Illinois to Alabama. They prefer the Midwest, the coasts, and likely Florida or Texas.

UIUC is nice, it’s just that some people don’t like it. If you are from Missouri, you may find it flat. The way it’s described, you’d think that it was a depressed industrial town or something. It is isn’t. It is a typical Midwestern University - a lot of typical mid 19th century stone and brick buildings, newer red brick buildings, a nice quad, a nice arboretum, a pleasant, but unremarkable two small cities, a campus town with too many chain stores and too many undergraduates, and the weather of central Illinois. It’s surrounded by miles and miles of corn and soy and woodlots.

There are some nice places around, like Allerton Park, and culturally, a lot happens. Many of the acts stop at UIUC between Chicago an St Louis, both Krannart center and the Assembly hall get Big names all the time. They have the venues and the audience, and they are on the way between Chicago and St Louis. We saw (and could afford) shows like BB King and Aerosmith, Phil Collins and Elton John. We missed Cher and many more. We didn’t see, but my undergrads saw, the Goo Goo Dolls, Hootie and the Blowfish, Smashing Pumpkins, and others. For the Country music lovers they had Garth Brooks, Shania Twain, the Dixie Chicks, and others.

There was and still is an active local music scene, an independent radio station, and a bunch of other cool things where the undergrads didn’t go. We were part of the Salsa scene and there were a bunch of venues and DJs and even a Salsa band (all grad students, their percussionist and manager is now a very well known neuroscience professor, and most of the salsa teachers and organizers and regulars are faculty across the world).

I also recommend having a baby there - as poor grad students (food stamps, man) we had free prenatal lessons, a free doula, a private room with a shower , even a fancy meal before we left.

As a TA I taught in state of the art teaching labs, and as a grad student had the fastest internet available, not to mention graphic browsers before anybody (we got Netscape for free), as well as the fact the UIUC was a major internet hub. We had access to one of the best libraries in the country, back when nothing was online, and access to a library was critical for a grad student.

So is it kind of boring sometime, and is there was no topography and does the weather sucked much of the time? Yes. Is it a “dump”? Most definitely not.

@tsbna44 just really, REALLY doesn’t like UIUC.

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Aren’t they both great places to study racial segregation?

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I had always heard it was a great school. It’s not an option for us, I’ve completely given up on OOS, but I’m glad you posted this for those who will stumble on these threads in years to come.
I was absolutely wrong about college. We can meet our EFC, though not easily, and I honestly believed until now that merit mattered more. My son is Salutatorian, VP of NHS, pres of SC, editor of the yearbook, on and on, sitting with a 4.7/3.87 and not one full ride for tuition. Everywhere he applied, he got half of tuition only. A $25,000 seems generous on the surface until you get the bill for $66,000. I thought merit mattered more. I thought his exceptionally hard work would pay off. It didn’t. A tough lesson learned.

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Perfectly stated.

He applied to the wrong schools. With his stats he could have gotten full tuition at a number of colleges with a strategic application strategy.

Around May 5, there will be a list of colleges that miscalculated yield. There are usually a dozen that are really, really good schools and they usually still have financial aid if you apply immediately (the turn around if you want a lot of FA/merit has to be quick, although they will often accept applications for weeks.) I would imagine that covid and TO uncertainties will make the list of “really good colleges with FA” an enviable one this year, so pay attention to the website as experienced adults WILL post about and will list the “best deals” to try.
If he’s got his commonapp ready to go, all he’ll have to do is churn out “why us” essays quickly.
If he’s interested in STEM, UA-Huntsville is in the middle of a research park and they’re still accepting applications with good merit for these stats.

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Probably a case of “you don’t know what you don’t know” compounded by covid making GC’s less available/busier than usual.

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