<p>Does anyone happen to know whether colleges take into account the price level of an applicant's home country when determining the EFC? </p>
<p>My problem is that my parents make around $160k if simply converted from Euro to USD. This probably would mean that I would not qualify for much aid, but the general price level here (Finland) is a lot higher. Gasoline is around $9-10/gallon and in general everything costs a lot more here. The taxation (VAT and income tax) is also considerably heavier than in the US. Will these factors be taken into account when determining the EFC, or will they simply look at all our assets and income and then convert them into dollars according to the present currency rate? </p>
<p>I acknowledge that individual schools have differences in their FA policies, but I'm trying to get some sort of a general picture of how it works for us internationals.</p>
<p>no they don't. Colleges don't care much if an American lives in a high cost of living area and drives a Hummer or in a low cost of living area and doesn't own a car</p>
<p>there is a 'sticky' topic at the top of this forum about FA for internationals. You should be looking at the information for each college, because they are vastly different.</p>
<p>I see from other posts, you are only interested in the Ivy league colleges. they are uber-competitive. Why not stay in Finland where you state that college is FREE.</p>
<p>I don't want to stay in Finland, because I aspire to live and work abroad in the future and this transition would be more difficult should I choose to be educated in Finnish.</p>
<p>Another reason for applying to the US is the fact that I like to aim high.
Finnish colleges do not care about ECs, awards, sports, etc., as applicants are selected solely on the basis of an admissions test and HS matriculation exam grades. The only school I would attend here (Helsinki School of Econ.) is an exception for having SAT admission, and I already have SAT I scores (CR+M) that will highly likely get me accepted whatever my final grades are, as the limit this year was 1260/1600 (I have 1360). So staying in Finland would not be such a challenge for me.</p>
<p>As for the money, well, colleges here are tuition-free, but I would still have to pay for room&board etc. So if I did get aid from the US colleges I'm applying to, the overall cost would not be drastically different.</p>
<p>Just curious, how many US dollars are your parents prepared to pay each year. You're talking a few thousand just to fly home and back at least 2x per year</p>
<p>Well my parents are prepared to pay probably the amount my education would cost in Finland + some more, so maybe 20-25k in dollars per year. There is also a scholarship program worth 10k USD each year throughout college for Finnish students going to the US. I would most likely qualify should I be accepted to the colleges I'm applying to. So I'm around 15-20k USD short without self-help, so maybe I could drop the actual need to around 10-15k.</p>
<p>just realize that the Ivy colleges are very very selective. You should apply to more than just them. the FA for international students varies widely among colleges. Check the 'sticky' posts at the top of this forum. With 30-35K to spend, you have options others may not have</p>
<p>If your family makes $160k in euros when converted to U.S. $$, you will probably not be eligible for need based FA. </p>
<p>So unless your family is willing to pay the full freight for you attend college in the U.S. (keep in mind that the international pool is very competitive and a 1360 is very low for the ivies) you may have to come down a notch where you are a contender for merit money . The good thing is that your family does have money and most colleges are not need blind to international students so you have a lot more latitude as compared to an international student who needs the entire cost of attendance.</p>
<p>sybbie719, I'm not sure whether you understood me correctly (I apologize if I was unclear), so just to make sure my family makes about 100k in euros which with the current currency rates is about 160k in USD.</p>
<p>I'm applying to UPenn (Wharton/M&T) without asking for aid, in which case I would probably finance the rest by taking loans and by working. However, of course I would rather not graduate with $30k-40k of debt. I haven't quite decided where else I should apply to without asking for aid, but I'm retaking the SAT I and hoping to make my scores a bit more competitive. My GPA and class rank are great and SAT II scores (2250 total) seem to be OK, at least for MIT I am well within their middle 50% score ranges.</p>
<p>And I forgot to mention that I have an older brother currently in college here. Shouldn't that bring down my family's EFC a little bit?</p>
<p>I put a really long post meant for you in the wrong thread. I couldn't get the urls to work by copying and pasting. Just scroll down and look for my post, you won't miss it</p>
<p>I think it is in your best interest to apply for aid. If they turn you down freshman year you say that it will still be all good because you are prepared to pay full freight. Penn is one of those schools where as an international student, if you do not apply freshman year, you will not be eligible for aid in subsequent years.</p>
<p>
[quote]
International applicants who anticipate the need for financial aid at any time during their four-year course of study must make this anticipated need known at the time of application.</p>
<p>*Q. May I apply for financial aid at any time during my undergraduate career? *</p>
<p>A. No. It is only possible to apply for financial aid during the initial admissions process. If you foresee a need for financial aid at some point during your undergraduate career, you must apply for it as an incoming freshman or transfer applicant. Penn</a> Admissions: F.A.Q. for International Applicants</p>
<p>sybbie719, applying for aid at Penn would greatly reduce my chances of admission. I cannot apply for aid and get accepted without them granting it:</p>
<p>"Q. If I apply for financial aid as an international student, will Penn offer me admission without offering a financial aid package?</p>
<p>A. No. Some candidates whom we would like to admit will be turned away because we exhaust our aid budget.</p>
<p>Q. If I apply for financial aid but my family does in fact possess the financial resources to finance my education, will Penn reconsider or reevaluate my admission application if I am not admitted?</p>
<p>A. No. We cannot reevaluate your case once a final decision has been made based upon the information you provided in your application. This is the only way to ensure fairness in the selection process."</p>
<p>And good news, I just found out that the Finnish government gives the same financial support to students studying abroad as it gives for students studying in Finland. That means that I'll be getting about $815/month (=$9800/year) in cash throughout my college years. Hooray!</p>
<p>What you must also consider is the fact that you may need very little if any aid freshman year will be a plus in your favor as you will be using very little of the school's resources. If during year 2, 3, 4 (as you must apply for aid each year) if you should need aid, you will get it. </p>
<p>If you apply as not needing aid during the admissions process, if you need aid during years 2,3, & 4 you will not be able to receive aid from Penn.</p>
<p>So what you're essentially saying is that applying for aid would not hamper my chances as much because the amount of my need for freshman year is fairly small?</p>