Just got word that one of my triplets was accepted to Boston College, the other one was accepted to a very good state university (where we’d have to pay out of state tuition), and we are waiting to hear from a number of colleges for the third one. The three of them have high GPAs (3.7-4.0) and class rank in the top 10 to 25%, excellent. ECs, work experience and volunteer work. SATs not too hot (1800-1950). We’ve saved enough to contribute about $18k a year for each kid, which would fully pay in-state tuition at great state schools (we are in NY). We will declare about $170K for 2015, but our income in 2014 was higher (we sold real property to pay back taxes). There are six people in our household and we help support a disabled family member and his family (We pay their mortgage, I can prove it). I did the Boston College calculator and came up with a family contribution of $29K, which we cannot do.
The kids are half Hispanic but both, my husband and I have terminal degrees in our fields.
Any advice in dealing with BC and other colleges’ financial aid offices will be greatly appreciated.
Any mention of merit scholarships come with the BC acceptance? Did the teens apply to SUNY schools as Plan B?
While noble, the schools will not care that you are paying the mortgage for your relatives. That is a choice that you made and no different to the school than had you used it to purchase new cars every year orbiter use of your disposable income.
The out of state public will probably not offer much/any FA.
Does the one accepted to the OOS public have a financial safety?
The one accepted to an OOS public will not likely give much aid UNLESS the student qualifies for a large merit award. Does he/she? If not, the school will likely expect your family to pay most/all costs because you don’t pay taxes there.
OOS publics charge a high OOS rate because parents don’t support the school thru taxes. It wouldn’t make much sense for schools to charge a high OOS rate, and then cover it with need based aid. Exceptions are UVA, UNC, and sometimes UMich, but it doesn’t sound like the OOS public is one of those 3 schools.
Since it sounds like the OOS public is not one of those 3 mentioned, then there really is no way to “talk to the FA office.” Publics rarely even have need-based aid to give to their own instate students, so giving to OOS students would present a problem.
Sorry, but most schools will not adjust their expectations because you can prove that you’re paying the mortgage of a relative. That is a very admirable thing to do, but schools will view that as a choice. A school’s position is that if they were to give you more aid, then the school would be effectively be paying the mortgage of your relative. And, they’re not interested in doing that…as you can imagine.
Make sure that each child has a financial safety…that is a school that you know FOR SURE that you have all costs covered.
Thank you so much for your feedback, guys! Yes, the three of them have financial safeties, as they are applying to SUNY schools. Only one applied EA to one SUNY school (and got into U Albany; directly to the business school, which -they claim, only a few students are directly accepted to). We won’t know about the other two kids’ SUNY school applications (Stonybrook, Binghamton and SUNY Geneseo) until they issue their regular decision results. The one accepted to the out of state school is applying for a lot of outside scholarships and already has 16 credits down due to all her APs and her score in the SAT Spanish subject test, but it is good to know where we stand, that they don’t give money to OOS, which makes sense. I was hoping that a JESUIT school will take into account us paying for a close relative’s mortgage, they would be out in the street if we didn’t. No mention of merit scholarship in the acceptance letter to BC, no large merit award to the one admitted to the OOS school. Thanks again!!!
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applying for a lot of outside scholarships and already has 16 credits down due to all her APs and her score in the SAT Spanish subject test, but it is
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Just be sure to pay attention to what these awards are. Outside scholarships are usually for ONLY freshman year. Many people get excited by them and then think a school is affordable, only to later realize that the award is one-time only…and then school isn’t affordable.
BC has very few merit awards.
Schools that give merit tend to give them to students whose M+CR SAT test scores are well-within the top 25% of the school…for a school like BC, test scores would likely need to be a 1500+ M+CR.
You need to be very careful in how you calculate those AP credits. Not every school will give “credit”, i.e. allow your kid to graduate faster or for less money. Sometimes AP credits just serve to advance your kid into more demanding work- which of course is great- but don’t assume that there is financial advantage until you see the college’s AP policy in writing.
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already has 16 credits down due to all her APs and her score in the SAT Spanish subject test,
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I’m wondering if the student may have MORE AP credits. 16 credits isn’t very many for someone who appears to have taken a number of AP classes.
More typically, when we’ve seen kids who’ve taken a number of AP credits enter college with 40-60 AP credits. My kids each earned 45 credits and their school only offers a modest number of AP classes.
Did the student also get credits for SAT subject Spanish? I wasn’t aware that college credits were given for that. If so, super. I’ve heard of getting better placement and then “back credits”, but not direct credits
I did see the school’s policy in writing, Blossom. Mom2college kids, she has more AP credits, but I will actually have her re-take some core classes that are relevant to her major (business), like ap macro, and ap statistics, even if she gets a 5 in the ap exam, because I believe that some classes you just SHOULD take in college. Yes, I was surprised about the SAT subject test, if you get anything over a 700, it counts as taking all the Spanish language courses, the school actually spells this out on its website. Thank you both for your feedback, I really appreciate it!!