Financial Aid

Paying for College
1

<p>My question is simple: Can any of you help me out with your experiences with financial aid?</p>

<p>My situation:</p>

<p>My family's income (Mom: 104k, Dad 90k)=194k ( so i just miss harvards 10% line)</p>

<p>Need: 43k</p>

<p>What my family thinks it can pay per year: 25k</p>

<p>I'm applying to:
Harvard
Princeton
Columbia
UPenn
JOhns Hopkins
Duke
UVA (IS)
W+M (IS)
UChicago
Brandeis (Double legacy)
Rice
Rochester (scholarship for 7.5k-20k per year)</p>

<p>Maybe: WashStl</p>

<p>Which, if any of the schools above give good aid? Can I expect full need, or will some of them possibly over me more? (or less?)</p>

<p>I know UVA and William and Mary are extremely cheap, but I don't want to go instate (if finances permit)</p>

<p>I know the Ivies are full need, but that leaves a 18k gap. i will plug as muich as I can with scholarships, but I doubt I can get more than 10k worth.</p>

<p>Can you think of any other schools of this caliber that have particularly good aid?</p>

<p>Thanks for any and all help</p>

2

<p>How do you figure your need is $43k? </p>

<p>Need is based on the school’s COA less your EFC. Your EFC is calculated based on your income and assets. No way is your need going to be $43k with $194k parent income.</p>

3

<p>My bad, my EFC is 43k BUT what my family can realistically pay is 25k</p>

4

<p>You need to start looking at schools where you can get merit aid. If your FAFSA EFC is 43K that’s what you’ll have to make up at need based schools (at least).</p>

5

<p>I agree with Erin’s Dad. You will NOT get need based aid, so you will need to look for merit. Any merit money decreases that cost to your family. If they can pay $25k, you need to find a school where you might realistically receive a scholarship that will reduce the cost to your family to $25k.</p>

<p>There are many excellent schools where a student who is competitive for the schools you listed will have a shot at a large enough merit scholarship to reduce the cost from full pay to $25k.</p>

6

<p>What did you use to get the EFC of $43k? I think your EFC would be higher…at least $50k.</p>

<p>Also, do your parents have an savings, investments, assets?</p>

<p>You won’t get need based aid. You need to look for merit.</p>

<p>A word of advice…don’t do what some kids do who refuse to apply to any schools that would give them a big merit scholarship. Many of those kids end up with a pile of acceptances from unaffordable schools. </p>

<p>What are your stats? What is your likely major?</p>

7

<p>Don’t most schools cost less than $25k anyway? After you’ve searched for merit aid opportunities, you can probably find an in-state public that you can afford to be your financial safety.</p>

8

<p>*Don’t most schools cost less than $25k anyway? *</p>

<p>Many in-state schools cost $25k or less, however it sounds like the student knows that his instate schools are affordable, but wants to still go out-of-state, if possible.</p>

<p>If going out of state is desired, then the student needs to come up with a reasonable list that will be affordable based on merit and family contribution restrictions. It’s ok to apply to a couple of reach schools to see if they work out financially, but it’s very unlikely that will happen, so also applying to some workable choices is needed.</p>

9

<p>William and Mary and UVA are around 20k, so I can definitely afford those.</p>

<p>My stats (I think someone asked)</p>

<p>SAT: 2320 (800CR/800M/720W)
GPA: 3.5 UW/ 4.4W ( I know a little low for most of my reach schools)
Soft stuff (LOR, Essays, Course load): on par for lower ivies, very good, but not the best possible</p>

<p>ECs:
Boy’s Nation
<a href=“http://talk.collegeconfidential.com/what-my-chances/953807-chance-2-3-between-junior-senior.html[/url]”>http://talk.collegeconfidential.com/what-my-chances/953807-chance-2-3-between-junior-senior.html&lt;/a&gt;&lt;/p&gt;

<p>So, I know I have a shot at most of my schools, and I’m applying hoping I’ll get into at least 3 so I can compare financial aid offers, but if I understand you guys, the MOST I can expect is full need, and any difference I’ll need to make up with scholarships/workstudy/loans</p>

<p>Right now it looks like I’ll need 18k and I have3.5k in scholarships (1 from BN, 2.5 from a local bank)</p>

<p>Assuming I can get miscellaneous scholarships for 10k, a job (8 an hour, maybe 15 hours per week) and the rest through loans?</p>

<p>Is that a doable plan?</p>

<p>I appreciate your advice, but I would really struggle to go to a lesser college (idk, Vtech) when I know I COULD have done so much better.</p>

10

<p>the MOST I can expect is full need, and any difference I’ll need to make up with scholarships/workstudy/loans</p>

<p>The above is a common misconception…</p>

<p>many of those schools will include loans and work-study as PART of your “need” - therefore you can’t use those dollars towards your family’s portion…</p>

<p>For instance…</p>

<p>If a school costs $55k per year</p>

<p>Family contribution = $45k (at least)</p>

<p>Need = $10k (That will get filled with about $2500 in work-study and $5500 in a student loan and maybe $2k in free money).</p>

<p>Your family will still have to come up with the $45k and you won’t be able to use student loan or work-study to come up with the rest.</p>

<p>Assuming I can get miscellaneous scholarships for 10k, a job (8 an hour, maybe 15 hours per week) and the rest through loans</p>

<p>If you have work-study as part of your FA package, you won’t ALSO be able to work 15 hours per week. That would be too many total hours.</p>

<p>Keep in mind that your earnings from work-study will largely go towards “day to day” spending, misc expenses, etc. </p>

<p>miscellaneous scholarships for 10k</p>

<p>it’s unlikely that you would get $10k in scholarships for all 4 years. Private scholarships are often small and often for only one year. Also, many have a “low income” requirement. </p>

<p>I appreciate your advice, but I would really struggle to go to a lesser college (idk, Vtech) when I know I COULD have done so much better.</p>

<p>Your feelings are not unusual for a kid with high stats but with a family that can’t pay their family contribution. However, it’s a reality that wishful thinking won’t change.</p>

<p>You can still apply to a few “just to see,” but be realistic. With that income, schools will likely give you no need aid.</p>

<p>For some possible competitive merit scholarships… USC (calif), Santa Clara, WashU, Vandy. Also, apply to some schools with **assured **big scholarships.</p>

11

<p>So, if I understand you right, there is no possible way for me to attend college out of state?</p>

<p>Its definitely W+M/UVA/JMU?</p>

<p>My EFC ( according to my dad is 36k-43k, depending on the formula) is what my family has to pay, and any aid/loans/work study will go on top of that, not subsidizing it?</p>

<p>Kind of depressing to realize I’ll be going to the same college as my peers who aren’t as smart/hard-working, just richer, I was kind of hoping I could leave that behind for a elite private college, far, far away from my hometown</p>

12

<p>If you have an EFC of 36-43K then your friends must be very rich indeed if they are more well off than your family.</p>

13

<p>

</p>

<p>Come on, nobody said anything like that. All we’re saying is that you probably won’t get need-based aid.</p>

<p>Therefore, you will need to **seek merit scholarships<a href=“NOT%20need-based”>/b</a> from any out-of-state colleges you are interested in. You should apply in-state as well just to have those acceptances in your pocket so IF you don’t get those scholarships, you’ll at least have somewhere to go in the fall. There’s no reason to give up hope before you’ve tried anything.</p>

14

<p>Aid such as need based grants (rather than merit scholarships), work study and need based loans are to meet your need which is determined by the school’s COA less your EFC. So if a school costs $50k and your EFC is 43k then your need is $7,000.</p>

<p>Non need based aid such as parent PLUS loans or unsubsidized student loans can go to the EFC.</p>

<p>Any merit based aid such as scholarships will reduce your need first, not your EFC. For instance if you got $5000 in scholarships then your need would be reduced to $2,000. But if you got $15,000 in scholarships then they can be used towards your EFC.</p>

15

<p>Did your father base the EFC on FAFSA or on institutional methodology. I’m can yield a very different EFC, lower or higher, so try some of your schools’ on line calculators.</p>

<p>Loans and work study, at most schools, are used first to meet need. Outside scholarships reduce need, and don’t reduce your family’s contribution in the case of 10K scholarships with $43k EFC. </p>

<p>The unfortunate bottom line is that many upper middle class kids face this-parents can’t afford the EFC. You have great in state options which many don’t.</p>

16

<p>Our family income is similar to yours, and with one kid in college, we do not get any need based aid. Did you run the numbers through the FAFSA estimators to get that EFC? More importantly, the schools that you have listed use PROFILE, so you need to use their individual calculators to see what they define as need.</p>

<p>We came up with $35K as the maximum we could afford for our son’s college. That involved using savings,current income and loans. My son understood that $20K had to come from him or the schools for him to go to a $55K college. It was doable, as he did have some savings, and was making good pay during the summers. He also intended to work during the school year. He was also willing to take out the $5500 in loans he could get from the Staffords. But it would be very, very close. He chose, instead to go to a school that offered him sufficient merit money that he did not have to take out that loan (saving him at least $400 on each years Stafford loans to be accumulating) and giving him some leeway. Good thing he did, as this past year was a rough one financially.</p>

<p>His test scores were similar to yours and that netted him scholarship offers that ranged from a free ride + to full freight of close to $60k. </p>

<p>Your stats are high enough that you are in the running for merit awards. You have your financial safeties. Your parents make enough so that they can borrow and pay if they feel this is absolutely what they want to do. So go for it, but be aware that it can be very, very expensive. Duke, Rice, Brandeis. JHU, and UCh have some very competitive merit awards that you just might get. I suggest adding Emory and Vanderbilt to the list, maybe replacing UPenn and Columbia that give no merit money at all. Boston C, George Washington, Fordham and UPitt also have merit money that you just might get.</p>

17

<p>My dad used an American Legion Samsung Calculator to come up with 43k, but he said it was probably less.</p>

<p>So, any loans/work study/ scholarships I get go FIRST to reducing my need, on top of the 43k, then they would go to reducing the 43k, right?</p>

<p>My dad said he doesn’t want me taking out more than 20k in loans total, because UVA and W+M are so good.</p>

<p>My list now is:
Group 1: All reaches, all with no merit money. I’m guessing there isn’t really any way I can afford them without loans
Harvard
Princeton
Columbia
UPenn</p>

<p>Should I cut them? Right now, Columbia is my first choice, but should I even bother applying? Is there any crazy formula that they could use to make it affordable?</p>

<p>Group 2: All expensive, but give merit money, so I should leave them in the mix?
JOhns Hopkins
Duke
UChicago (EA)
Brandeis (Double legacy)
Rice</p>

<p>Group 3: affordable, in-state schools, I will almost assuredly get into 3 of the 4, probably all 4 (I say this because the average SAT for an acceptee at W+M and UVA at my magnet program has a 1310 and I have a 1600 as well as being nationally recognized w/ BN)
UVA (IS)
W+M (IS)
JMU (safety)
VCU (safety)</p>

<p>Group 5: Schools that I WOULD go to, but don’t really want to go to, but offer good aid
Rochester (scholarship for 7.5k-20k per year)
Wash U
Vandy
Emory
Tufts</p>

<p>Now, I cannot possibly apply for all these schools, should I cut 1 for each group, and totally cut group 1?</p>

<p>I appreciate all of y’alls help, I never realized the brutal realities of applying for college. I guess I just thought if I did my best it would all work out. BUT now I know, which is important, I would rather know now than in April.</p>

18

<p>One more question: How does one go about applying for merit aid? Is it just automatically awarded, or do you apply especially for it? Or does it vary by school?</p>

19

<p>It varies by school and by scholarship. You will need to check. Some merit scholarships are awarded based on your application only. Others have a special application. You need to check.</p>