<p>Hi everyone, I have some questions about financial aid that Notre Dame's website couldn't really answer. I am a junior who will be applying next year. My parents own their own business and due to the recession combined only make a combined $60,000 a year. How much would we have to pay? How much would be in loans? I know that the financial aid process differs from year to year but have any of you been in situations similar to mine?</p>
<p>It’s very difficult to say because everyone’s financial situation is different. There are many EFC calculation tools out there to determine what your parents will be expected to pay. The one we used on Collegeboard.com was actually pretty accurate to what our actual EFC turned out to be. Notre Dame meets 100% of financial need, but does so with grants, scholarship, federal student loans, and work study. After determining our EFC, Notre Dame met our financial need but also expected our son to take out student loans and have work study to contribute to that total. I think the maximum that an undergraduate can have in combined Federal student loans is $7500 per year.</p>
<p>Ok, thanks so much for the help!</p>
<p>Also, keep in mind that assets are considered along with current income, and this includes the student’s assets as well as the parents. ND uses the CSS Profile in addition to the FAFSA, and the Profile considers additional factors such as costs for other college students in the family and for private school, which for Catholic ND families may occur with greater than average frequency. As a HS junior, you and your parents may just be getitng started with all these forms and acronyms. It is complicated, but understanding the system can be beneficial. What your family would pay for any given school is what the school determines can reasonably be expected. There is no one number, as it can vary from school to school. You will find a wealth of useful information on CC boards for individual schools and the “financial aid” board. Best of Luck!</p>
<p>Just fill out all of your forms correctly and you’ll be fine. I wouldn’t worry too much about paying for ND - its an amazing investment. They also do a really great job with financial aid. (For example - I had an EFC of 0 and they gave me $50,000 in scholarships, grants and “gift” money, and then only about $2600 in a work study - no loans) They work really hard to make sure that everyone pretty much only pays what they can afford. I was worried about paying for a school like ND, especially because the sticker price of tuition and R&B is so intimidating. But remember that they have a huge endowment and donations from their alumni that allow them to help out anyone who can’t afford $53,000/yr.</p>
<p>Thanks! That really makes me feel better :)</p>