<p>It really does. So does the whole higher education process in America anyway.</p>
<p>I bring this up for the following (personal) reasons (although there are plenty of general ones):</p>
<ul>
<li><p>I'm part of that lost portion of America where we make too much money to quality for need-based aid, but not enough to be able to pay for a decent school out-of-pocket;</p></li>
<li><p>I want to do linguistics, even if I don't major in it. This is pretty obscure, and limits the scope of schools I'm looking at (although I'm not excluding others);</p></li>
<li><p>I want more than anything to go to a school where I'll actually be intellectually challenged for once.</p></li>
<li><p>Many good schools don't give merit aid, and if they do, its standards are ridiculous.</p></li>
</ul>
<p>I know! I wanted to go to Rice, but in order for me to get a scholarship, I'd have to be... well let's just say if I got accepted to Rice, I wouldn't get any scholarship except maybe that NMF one. Even if you got all the non-need aids, that's not even enough.</p>
<p>You're going to have to look harder for a good school with good aid, or work you butt off for outside scholarships and a job.</p>
<p>There are many many great schools that are affordable
Our EFC is about the same amount as what room/board & tuition would be at an instate public school. IF financial aid had not come through at my daughters private school- she would have been more than happy to attend at one of her other financial safeties which included instate public schools.
Some states even have agreements with neighboring states to allow students to attend certian schools while paying just over the instate tuition.
If your family is not eligible for any need based aid- I am estimating that your EFC is over $40K. I appreciate that some families have not been able to save anything for college- and are not willing to spend a chunk of their income for higher education.
Still many things you can do to expand your choices.
FInd out what they will pay- I am assuming that they can pay at least what instate tuition and expenses would be say $15,000
A job during the school year will pay for your books and living expenses and help you manage your time and meet other students.
Virtually all students are expected to contribute $3,000 from summer earnings- contributing this amount will lower your loans.
Even if you are not eligible for subsidized loans- everyone is eligible for unsubsidized loans and you can defer repayment while you are in school.
Many students attend honors programs at their state university & or take classes at a community college to save money.
Many schools offer courses in linguistics even if they don't offer it as a major- also keep in mind that you may change your interest once you begin coursework and you want to look at the whole school not just the English dept.
So talk to your parents- see what they are willing to pay- and look for outside scholarships and other ways to make your dream work for you</p>
<p>
[quote]
I know! I wanted to go to Rice, but in order for me to get a scholarship, I'd have to be... well let's just say if I got accepted to Rice, I wouldn't get any scholarship except maybe that NMF one
[/quote]
We were surprised at how good the financial aid at Rice is, and my DD ended up getting a rice scholarship, as well as good grants. She did not have any big hooks, or state/national recognition - just a strong applicant. You should never assume that you won't get any scholarships, or that the FA will be insufficient. Apply to a variety of places, and see what you are offered. :)</p>
<p>But probably correct
the above poster stated that they were not eligible for ANY need based aid at the most expensive schools- these schools are above $40,000 so their EFC would have to be above $40,000.</p>
<p>EFC is usually 1/4 of income- so if their EFC is $40,000 income is guesstimated at say $150,000 .
Why wouldn't someone who is receiving before taxes over six figures, not able to come up with the money for an instate school?
If they have extenuating circumstances, say- they are paying for a residential care facility for a relative- or have other catastrophic expenses, schools are often very willing to consider those things.
But for a family with normal expenses, and an above average income- paying $15,000 shouldn't be that big of a deal.</p>
<p>If a family making over $100,000 is unable to come up with $15,000 from
student summer job, college savings and college loans as well as current income, how much do you think they should pay for their students education?</p>
<p>Just one comment about EFC...it is based on your income from the previous tax year only. Ours is in the "higher" range, but our incomes only recently began to reflect that salary/income level. The reality is that we have not earned 6 figure incomes for more than a couple of years (and those were the year prior to DS's first year of college and since then). Prior to that time our income was significantly lower. This, to me, is one of the most significant problems with the finaid system. The assumption is that if you have an EFC that supports a $40000 college bill, you should have been in a position to save money for that all along (assumption being that you have ALWAYS had high earnings). This is not always the case. For the self employed or for those in careers where salaries fluctuate (e.g. jobs with commissions) income may not have been sufficient all along to support significant savings. Now having said all that...the reality is that as long as we continue to LOVE to eat mac and cheese, we are able to pay for our kids to go to college. The year they both are in school will be a bit dicey...but we'll see how that pans out when the time comes.</p>
<p>an additional problem with the EFC calculation is that it assumes assets are earning 6%, which is higher than what most liquid assets are earning right now.</p>
<p>I agree that folks whose income has recently shot up over 6 figures, people who are self employed- uses rental properties for retirement and other fairly unusual circumstances have a disadvantage over people who have had stable incomes which have increased at a slower rate.
Attending an expensive school and being expected to foot the entire bill may be very , very difficult if not impossible to do.
The flip side the way I see it however is that if your income has been a lot lower in previous years- your living expenses ( house- etc) should be much lower- so the increased income will look available for tuition.
I wasn't speaking of the ease in which families can pay for Harvard priced schools without need based aid- I have seen many families with solid incomes decide that a public school is the most doable and best bet for their money.
For that education, a family who makes $200,000 will pay the same as a family who makes $50,000- about $14,000 depending on the school.
But speaking from personal experience, I am guessing that is much easier for the family with the larger income to come up with that money.</p>
<blockquote>
<p>if your income has been a lot lower in previous years- your living expenses ( house- etc) should be much lower>></p>
</blockquote>
<br>
<p>Actually for us, we've lived in this house for 10 years...so our mortgage expense is the same...except that we have 10 years worth of equity in our house which many private colleges would expect us to borrow against if necessary. In our situation, we would do so and will if needed. BUT for some families, this would not be possible. The other thing I would like to mention is that the costs of college have escalated relative to the cost of living and the cost of wage increases for many. Our son's college tuition increases have been 5% a year for the past two years...and we expect that to continue. His merit aid (which is good) does NOT increase 5% per year, leaving us with the balance, a decision we knew we would support before he even sent his applications to the college. Oh...and for the record...our salaries in the last two years have NOT increased 5% either (they did the prior two years due to job changes/responsibilities). I'm not complaining...just stating the facts. For some this makes the task of paying for college all the more daunting, especially with multiple students in college at the same time. The other thing the finaid calculations don't consider is the fact that folks like us paid a huge chunk of change to send the child to college....even with that six digit income. I want to say to them "do you think our other expenses just went away??".</p>
<p>ITA with the cumulative expenses.
We have had to borrow to meet EFC- but while a small amount of interest is taken into account- the amount borrowed doesn't seem to be.
This only makes sense if you consider that schools don't really look at your expenses- no consideration for car payments-house repair-anything but catastrophic medical expenses. So why would I expect them to recall that I already have borrowed quite a bit and am now paying back college loans? ;)
It is also a surprise for families when tuition is increased every year- sometimes quite a bit- and the loan amounts go up as well- while the grants may go down. Aid offices really need to be very upfront about this to avoid students who either are going into debt much heavier than they should, or having to even transfer schools.
When I arrange to buy a car- I don't expect the payments in the 2nd year to be higher than my payments in the 1st year, I don't think students should be enticed into going to a school with a really attractive aid package only to have it removed the next year.
we have always kept our day to day expenses very low by necessity-
and fear of layoffs and strikes- so any extra has gone into the funds that we live on during those periods.
However I must say that when our income was greatly reduced soon after our D began freshman year- ( after 9/11) the school adjusted the amount due fairly quickly and freed up additional work study and grant money.
I can't imagine having two in college- I always think of that when I see people having 3 -4 kids close together. My kids are 8 years apart and while I didn't plan it that way- there are some benefits to it- we will at least have a couple years inbetween college tuition!</p>
<p>Actually, does't the EFC get divided between kids in college at the same time? My personal pet peeve is that having kids close together cuts your overall costs significantly, even if it's tough for those few years. But (in a perfect fin aid situation) someone with an EFC of $10000 will have a responsibility of $40000 to get triplets through, but will have to pay $120000 to get 3 kids spaced 4 years apart through. And in the second situation any borrowing for the first will need to be payed back while trying to come up with funds for number 2 and 3 but won't be considered in determining EFC for those kids! </p>
<p>I am grateful for the financial aid we are getting, and so far we are able to pay our EFC, but the system has lots of quirks.</p>
<p>
[quote]
Actually, does't the EFC get divided between kids in college at the same time?
[/quote]
</p>
<p>While it is correct in theory I odn't beleive it really happens because each school is looking to get the biggest piece of the pie for them selves, so the EFC may not be split equally.</p>
<p>Spack - you might want to check out the University of Maryland Linguistics department. Lots of research money from you-know-where, and affordable. If you are a stellar applicant you can get excellent merit aid as well.</p>