<p>So I go to school in a wealthy area. But unlike most in my area my family isn't rich. We have the smallest house and have two kids who will be going to college. My parents are saving and expect to be able to contribute maybe $40,000 a year to my education. But since I'm looking at private liberal arts schools like Bryn Mawr, Colgate, Macalester etc. I am going to need upwards of 55-60 thousand a year. Am I in too good a position to be considered for financial aid? How likely do you think I am to get some aid? I have good academics, scores extracurriculars etc. but no sports. Thanks..</p>
<p>depends on what your family income is. What is your family income?</p>
<p>A lot will depend on your parents’ incomes AND where that $40,000 a year they have for your college education is currently located (what kind of account). </p>
<p>The family contribution at most schools is determined primarily using family income…with assets to a certain degree.</p>
<p>As I’m sure you already know…there are MANY colleges you could attend where $40,000 per year would pay the complete cost of attendance. You might want to include some of those on your list as well as the more expensive private schools you have listed. Sure…go ahead and apply but do so with a clear understanding of what your parents are willing to spend. If the finances don’t work out, you want some other options (in those schools that cost $40K or less). Also, if your parents can PAY $40,000 a year, and you are a competitive admit for a more competitive college, you might actually find some merit aid at a private school that would make it affordable when added to the $40k your parents are contributing.</p>
<p>^^^And assets, home equity, number of kids in college, etc. </p>
<p>Use the FA calculators on the college websites if available to give you some idea of what your EFC will be. Remember, for schools using the Profile (all of the ones you list), EFC may vary between schools.</p>
<p>Your academics, scores, ECs, etc. only count for merit aid, not need based FA.</p>
<p>x-posted w/thumper, arrows refer to post #2.</p>
<p>My parents are saving and expect to be able to contribute maybe $40,000 a year to my education.</p>
<p>Please clarify…are you saying that your parents will be able to pay $80k per year for you and sibling to go to college next year? If so, you may be more affluent than you think.</p>
<p>I have a younger sibling who will also be in college in a couple years. For each of us they are most likely going to give $40 thousand a year. And income? I’m not sure exactly. Never asked. Since this is anonymous though and I have virtually no personal info up i will estimate that my parents make $170- 220 thousand a year combined. But honestly, I really dont know exactly.</p>
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<p>If this is your family income you are not in a “middle class rut”. Your family earns 3-4 times the average family income in this country.</p>
<p>If your parents have the resources to pay $40K per year for 8 years (total for you and your sister), I seriously doubt you will qualify for need based aid.</p>
<p>Having said that…I will say again…look for schools with merit aid. There are schools that give $10k-$15K merit awards…add that to your parents’ $40K and you are well within the range for paying for a private college…and with no loans.</p>
<p>You’re not in any rut. Your parents can afford to send you to the majority of schools in this country and you can graduate with little to no debt. Just because you may not be able to afford your dream school definitely does not mean you’re in a rut. </p>
<p>And I don’t think that being able to spend $320k on education means that you’re in the middle class. Your parents are able to spend per year on one kid’s education about the median family income in America. </p>
<p>Your parents have done very well by you and your sib if this is the case. Go to a school that is affordable. There are plenty of nice LACs in your price range.</p>
<p>For each of us they are most likely going to give $40 thousand a year.</p>
<p>*i will estimate that my parents make $170- 220 thousand a year combined *</p>
<p>Like I said earlier…families that can spend $80k in a year for their kids’ college education are more affluent than you think…and definitely not middle class.</p>
<p>You will not likely qualify for ANY financial aid. so, either your family willl have to pay ALL costs…or you need to look for schools that give merit scholarships to bring down the cost…</p>
<p>Class, income, wealth and lifestyle are all very different things.</p>
<p>OP, your parents have the income to afford full freight. If they worked to earn the money, and struggled to protect those growing assets, I imagine they’re concerned about the value received for the price - a very middle class concept. On the other hand, they might be wealthy (whether earned or unearned), and it truly doesn’t matter. And do they live a spendthrift lifestyle? That’s fairly uncorrelated with wealth and income. And what class values do they live day to day, and impart to you? Again, that’s uncorrelated with wealth and income. </p>
<p>All very different concepts, often conflated or confused here on CC.</p>
<p>If this student’s family lives in a community where many/most have higher incomes than they do (suggested by the “smallest house” comment), then this student may not be perceiving her family as affluent. However, in any neighborhood (even wealthy ones) someone has to have the “smallest house” …even if that house isn’t really small by American standards.</p>
<p>In the community where I live, the median household income (2009) is $45,130, and 1.3 percent of the households have incomes over $150K.</p>
<p>What the parents of this poster can contribute annually for each of their children is greater than the annual household income of 42.3% of my neighbors.</p>
<p>The “smallest house” is an 8x30 trailer.</p>
<p>And the community where I live is typical of thousands of similar towns across rural America.</p>
<p>Why am I not feeling a lot of sympathy for this poster?</p>
<p>Hang in there emma, and dont get discouraged by any of the disparaging remarks. There are some who see incomes in that level and assume your parents have always had incomes at that level. When, in most cases, a combined income in that range is more likely a case of a married couple who’s incomes have grown slowly over 20-30 years. </p>
<p>Were in the same boat as your family. Comfortable income with 2 children in college. Without knowledge of all your familys finances, it is unlikely you would receive aid when just you are in college. That may change when youre siblings attendance overlaps your own. In fact, I would venture to say you likely would qualify if you are both attending the kinds of private schools you list. In our case, we receive no aid when one child is in college, but we do receive a decent amount from each school in the years they are both enrolled.</p>
<p>* In fact, I would venture to say you likely would qualify if you are both attending the kinds of private schools you list.*</p>
<p>I wouldn’t give any such encouragement unless I was rather certain that the family’s income/assets were putting their “real” family contribution for one child around $60k or so…so if two were in full need privates then their family contribution for each child would be about $38k. However, if their “real” family contribution for one child in college is $100k+, then even having 2 in college would get them nothing.</p>
<p>My sister has 2 kids in elite full-need privates and she has to pay full freight for both. They aren’t “wealthy”…he’s an engineer (mgmt) and she’s a substitute teacher…but their income and savings puts them above aid…even with 2 in college.</p>
<p>We aren’t wealthy, but our EFC is $99k because of rental property. If our 2 kids went to private universities for undergrad, we wouldn’t get a dime either.</p>
<p>My hubby graduated from Macalester and thought it was a great college. But keep in mind that college costs have increased something like 600% since 1980. Family paychecks have not (usually) kept up. </p>
<p>Please, please, please consider some public college options. There are great colleges and terrific professors and programs at half the price of the privates. </p>
<p>I promise that you and your parents will be offered enough loans to cover your education. But far too many students sign their lives away not recognizing that they are signing up for twenty five years of staggering debt repayment. MAny students don’t realize that they are plunging their parents into a retirement of anxiety and poverty until it is too late. </p>
<p>Please check out Suze Orman’s financial advice. She’d tell you not to buy a Lexus when what you can afford is a (perfectly nice) Ford. Be grateful your family can afford to send you to college – but start penciling out what your BIG dreams will cost you, your parents and your sibling before you decide on your college path.</p>
<p>Stop guessing and request your parents fill out a financial aid calculator to give you a better idea of your EFC. </p>
<p>You are certainly not my idea of middle class if your parents can afford 40k. </p>
<p>Consider private schools a level down from Bryn Mawr that are known for merit aid. Ursinus, College of Wooster, etc. come to mind. Your school counselor may have some suggestions for merit schools based upon past students from your school.</p>
<p>^^ That’s the best advice. You need to sit down and ask your parents how much they can contribute. It would also be wise to see if they are willing to fill out the on-line calculators so they understand if there is a gap between what they are willing to contribute and what colleges are going to expect your family contribution to be. Only then can you assemble a list of colleges. There is so much focus on “can I get in” when the reality is “where you can get in that your family can afford.” At least one or two of the schools on your list should be colleges that your family can afford without wishful thinking and the necessity of a non-automatic merit scholarship.</p>
<p>I’m getting a feeling emma is a ■■■■■. $170,000-$220,000 combined family income isn’t rich? My a**</p>
<p>^^ Many kids don’t understand income in context of a nation…only in context of their neighborhood, or school, their experiences etc. Many kids don’t REALLY understand until they are out of college, working full time and paying all the bills. Don’t be so harsh. I guarantee despite all the talk, the blah blah blah and the lecturing my H and I do I guarantee you my kids think a six figure income is “middle class” except for my recent college graduate who is now paying every single one of his bills and costs of an apartment. Its all in context…</p>
<p>Depending on where they live this would not be rich. For instance San Diego, NYC, SanFran etc. Certainly it would allow them to live in a better location, but it’s not rich.</p>