<p>Alright this is a really noob question, but how does FAFSA work? I did like a mock one that said my expected family contribution was $25,000!!! Maybe I didn't do it right, but my parents only make a combined $120,000. We live in the Bay Area so that isn't that a high of an income. My parents say they can't pay that much. Maybe they are just lazy. I want to go to a private school and would go to a JC before going to a U California school. I don't know, I just do not get good vibes from those schools at all. Anyways, does this FAFSA report seem accurate. BTW my mom has recently become disabled (not permanently) will this help? I'm white male btw too. I want to go to the American University of Paris, Georgetown, JHU, Tufts, George Washington, or American. </p>
<p>-Does the FAFSA report mean that colleges won't give you any more money than the difference between the tuition and your expected family contribution?
-Does your expected family contribution go towards just the colleges tuition? Just the tuition, room, and board? Or the Total Cost?
-Does the government or the school pay the difference?
-Do most scholarships require you to have a very low expected family contribution?
-If I get private scholarships will the school/government give me less money? </p>
<p>You can't expect much in the way of financial aid with a family income of $120K; the numbers you are looking at are probably accurate. </p>
<p>Your parents need a reality check about college expenses -- the total costs of a UC these days, including room & board and other incidentals, is close to $25K. If your parents aren't willing to pay that kind of money, then you need to build your college search around schools likely to give you good merit aid -- that means schools where you are likely in the top 5-10% of their applicant pool.</p>
<p>Even if you get FAid, you could well get LOANS for amounts that the school costs which exceed your EFC. Most private schools are $45,000-50,000/year. Calmom offers good advice if you're interested in getting any aid for school. $120,000/year is more than 90-95% of what folks make. A temporary disability of your mom -- if it reduces her income MIGHT help reduce the EFC some, but family assets are also considered.
Each school has different rules about private scholarships but the good thing about such scholarships is they will generally follow you to whatever school you attend.
With income of $120K, I think you're most likely to get a lot of loans & work-study from the federal government; not sure whether any school would even give you need-based grants or scholarships either.</p>
<p>Yeah, the kids we know from families who have incomes of >$100,000 got merit aid, not much FAid (if any). There are some great schools with very generous merit aid, including 1/2 to full tuition & some give a complete full-ride to the right student(s). Good luck!</p>
<p>You should know that unless you are very high stat, some of the schools on your list aren't very good about financial aid in any case -- I believe that GW & American do impose hefty loans on students. </p>
<p>I do want to commend you for looking at this NOW, though. In fact, I think that the very best thing you could possibly do for yourself is to (1) educate yourself about the likely COA (cost of attendance) for colleges; (2) estimate likely financial aid; (3) sit down with your parents for a very serious talk about what they are able and willing to pay for college, and what they expect from you. </p>
<p>If finances are going to be a big problem, then the next step will be to learn about colleges where you do have good chances of getting significant merit aid. Check out the "Schools known for good merit aid" and "Master list of merit awards" thread in the Parent's Forum. You might have to adjust your thinking on where you go to school, but there are some wonderful colleges to choose from once you start digging.</p>
<p>GW can be somewhat generous for students they WANT. They offered friend's son 1/2 tuition scholarship--he was a NMF & ALL-AMERICAN water polo goalie. In the end, he turned them down & chose UCSB with no $$$.</p>
<p>Well, its really not that much in the Bay Area, where a 1,000 square foot house costs $500,000. BTW, this is $120,000 before taxes. However, I agree that my parents' expectations for college expenses are a little low. Hopefully, they will realize that they will have to pay more. I really don't want to go to UC. What would be the maximum ammount of money that a student should take out in loans? $40,000? My parents said they could take out some loans as well. TY.</p>
<p>Why don't you start by doing some research as to what all the schools cost, including room & board -- so that your parents have a better idea of what they are looking at. I can see why they might be unaware of current costs, because colleges costs have gone up radically over the past decade -- if they haven't been following things closely they may simply be assuming that costs are a lot less. </p>
<p>Your best bet for a private school is still going to be merit aid, though.</p>
<p>Financial aid computations don't account for the location of your family. Areas where the cost of living are higher, or the homes are more expensive don't really come into the computation for need based aid. The rule of thumb is that the Expected Family Contribution will likely be 1/4 to 1/3 of your family income BEFORE taxes...with the higher number being for families with other assets. Another thing to remember is that many private schools also use the Profile, so if you've owned that Bay area house for a while and have considerable equity, that home equity will be expected to be available to help with college costs. As said on many other threads....need based financial aid is for the truly needy...folks who cannot even consider living in a $500000 house, and whose income doesn't come close to $120000 which is (as mentioned) quite a bit above the average family income in this country.</p>
<p>My observation is that students with your family's assets usually end up at a state school. It may not be their own state school, but this is where they go. I see some going to private schools, especially those known to give generous aid, but maybe those are no more than 1 in 5 students. Those that are bright enough for an ivy, often choose an Ivy. Those that are B+/1200/1900 students usually end up at the state schools, unless they have a relative forking over some serious help, or they are an only child. Just my observation. There has been so much discussion about those in this income range being able to borrow through parent and student loans, and home equity loans. The fact is that there is a limit to that b/c it needs to be paid back too, and there may be several children down the line that need to tap into it. Also, some parents are not necessarily in great health, or are nearing retirement age. Also, many parents feel that they cannot afford these loans, no matter which institution decides that they can.</p>
<p>I am editing this to say that this is my observation in high cost of living areas, with these family assets.</p>
<p>I want to reiterate what most posters ignored but thumper mentioned. Most privates also consider the profile. This just kills fsamilies in states with high priced homes. Your EFC could go way up from $25K. Really look at colleges that give merit money, hopefully you have good stats.</p>
<p>4.00 uw GPA
8-9 AP classes by graduation
SAT I-2120 640-CR/800 M/680 W
Taking it again in June, will improve CR/W.
Haven't taken SAT II's yet.
Also, I might be able to get a Div III college basketball scholarship.</p>
<p>I would be very surprised if you did not get a very good merit aid scholarship from American. When I called admissions they let me know that typically a 3.5 and a 1300 (old sat) will get a scholarship. Some kids from the west coast, I read in the archives here, got a scholarship with lower stats. Congratulations on being #1 in your class!</p>
<p>I do not think DIII has athletic scholarships. It can be a good hook to get admitted and is also a great way to meet people on campus quickly through the team. There are a few exceptions (see link below) but for the most part there is no scholarship money in DIII.</p>
<p>DePauw University(top tier LAC in Indiana) gives an insane amount of merit aid... just make sure that you get a little community service in and they will offer you no less than 20-28k in merit aid almost guaranteed.</p>
<p>Thumper and rim919- My counselor said that schools give extra academic merit scholarships to those studenst who can get in and play a sport. Maybe he's wrong (I'm not gonna lie the counselors at my school aren't great), I was under the impression that Div III didn't give scholarships too before he told me that. </p>
<p>I'll look into that Depauw, but I'd prefer to go to school on the East Coast or abroad.</p>
<p>I have also heard that SOME division III schools up their academic merit aid for some athletes. However, this is for top academic students who are also athletes that they need. Students who are hoping that they will get athletic scholarships at Div III schools who are not at the top of the applicant pool will likely be mighty disappointed. After all, how could the school justify giving academic merit aid to a student athlete who is not a top student? And some Div III schools absolutely do not consider athletics at all when awarding merit aid...nada.</p>