Financial Aid Loop of Disaster? HELP ME! =[

Paying for College
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<p>My financial aid seems to have the prospects of turning into a repeating loop of disaster. I am right now considering Ivy Leagues only because it offers the <60k income aid. I do have <$60k income and I anticipate my first year to be debt-free, without dues to the college and etc.</p>

<p>Problem is, by choosing to go to an ivy league (if I do get into one), my dad is also planning to get a 80k+ job to help support my family. Because I choose to go to an Ivy League, I also risk myself getting into huge debt in years 2,3, and 4 because of my increased income</p>

<p>So to make it simpler, if I do get into an Ivy:</p>

<p>Situation 1:
Applying to Ivy > Get into Ivy for free first year> Dad gets job to help out > Income exceedes limit > I get poor again from paying tuition (now not eligible for financial aid) > I get out of school with super, private school debt of years 2,3, and 4 (about 150k debt or a little less)</p>

<p>It is because of this my parents do not want me to apply to an ivy. This is their ideal situation:</p>

<p>Situation 2:
Apply to UCs > Get into UC and pay reg tuition > Dad gets job to help out > Income exceeds limit that doesn't matter so much any more > I get out of school with a lesser debt from years 1,2,3,4 (about a 100k debt)</p>

<p>Sure, an easy solution would be: "Why don't you just tell your dad not to get a job? You'll have free ride." Problem is, with my family in a terrible financial situation (for the past 5 years or so), he needs to get that job to help us out of the debt we're in. </p>

<p>I really want to go to an Ivy and this financial loop of doom is getting me frustrated. All I want is a good education, but money's just ruining my prospects of going to an Ivy.</p>

<p>Thanks for reading. I really hope someone can help me out.</p>

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<p>Ah, if you have the stats to apply to Ivies, why don't you instead apply to schools where you may be eligible for MERIT aid? There are numerous threads that discuss doing just that.</p>

<p>A good education can be had at many many many many many many colleges which are not in the Ivy League. If all you want is "a good education," you have many more options than simply UC or Ivy. Please explore them!</p>

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<p>I haven't thought about that -- I will definitely look into merit aid then! Thank you for that tidbit of advice!</p>

<p>I will also have to add that, like many CCers, I'm a bit bluntheaded when it comes to college selection. I've explored a few, less known colleges (both private and public) and I haven't liked them as much as the UCs and Ivies. I know, I know, I'm a high schooler and I don't know what I'm saying, but it's how I feel at the moment.</p>

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<p>Apply to a range of colleges that you like. Make sure that on that list are at least one or two colleges that you not only love, but also know you'll be accepted to and can afford. The U.S. has thousands of colleges, so if you're having problems finding colleges that you love and can afford, keep looking, and do broaden your perspective.</p>

<p>All of the Ivies are reaches, so even if your stats and ECs are spectacular, it's very possible that you won't get accepted to any. Certainly apply to some Ivies if you are interested in them, but don't count your chickens until they are hatched.</p>

<p>It's silly to be worrying now about whether you'll be able to afford an Ivy when more than likely, you won't get accepted to one anyway.</p>

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<p>FYI - your Dad's income going from 60k to 80k will not suddenly make you ineligible for financial aid ... the amount the school will ask you to pay will go up (rough guess 1/4 of the increase in salary) and it is possible that you will pick up some loans. Your note sounded like financial aid has this cut-off where it falls of a cliff ... it's more like a continum ... as you make more you get a little less aid.</p>

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<p>I agree with Northstarmom--being so sure about admssion to an Ivy is not the best strategy. Apply to a range of schools. </p>

<p>That being said, be aware that the income limits for financial aid at the Ivies (at least HYP) are not an all-or-nothing deal. If your dad does get a job making $80,000 per year, your cost to attend, say, Yale, will not balloon from $0 to $50,000. Depending on your family's assets and other income, the cost could be less than $20,000 per year, which is, I believe, less than a UC. Check out the websites of the schools you are interested in to learn more details about their individual cutoffs.</p>

<p>Edit: cross-posted with 3togo</p>

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<p>Okay, yeah this is the kind of information I needed.</p>

<p>@ skylandsmom -- I am applying to a range of schools, it's just a bit heavier on the UCs and Ivies side which I'm more concerned about right now obviously. I know for a fact that it doesn't balloon from $0 to $50,000 but my parents are acting as if is and I can't convince them otherwise. </p>

<p>@3togo -- Same note as to skylandsmom. I would edit the 1st post if i could because I realized it made it feel like it dropped off at a cliff. I should have said "lesser financial aid" instead</p>

<p>@ northstarmom -- haha, I appreciate your talk about Ivies reality. I do realize that if I don't get accepted into Ivies at all, there would be no problem.</p>

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<p>OP,
The top UCs are not a safety for anyone either. I'll just add that you need to look at which schools meet 100% of demonstrated need. Just because you might show family income of less than 60K doesn't mean that the schools will come up with all the financial aid you need.
Each school will have stats on their websites.</p>