Financial Aide Problem

<p>I've seen a lot of posts like this and am looking for someone who has some financial insight to help maybe.</p>

<p>My parents are in the upper middle six figures (most likely seven figures '09-'10, though until three years ago we made only 40k), no way will we get an FA... The problem is they are not willing to pay 40k... We are immigrants thus we do not have ANY financial security (my parents came here with $20 in their pocket), and they are correct in saying if someone loses a job we have nothing to fall on. I personally don't feel like 40k will be much of a burden but they in no way will pay over 5k a year... This probably also goes back to their "modest" childhoods...</p>

<p>College it is one thing, I can get the scholarships needed to pay my way (they are not paying for college either, though that is a different story) but none of the HADES schools offer Merit Scholarships.</p>

<p>For me and those of my ilk, does anyone know what I can do. I see loan programs but loans are harder and harder to get because people just cannot give out credit in such an economy.</p>

<p>This means a lot to me so we applied for FA for the hell of it (parents already told me unless our contribution is under 5k I am not going)...</p>

<p>I would like to be optimistic but some people actually need the FA money.........</p>

<p>I really need help, I have worked the last three summers, invested some money (and took it out before the meltdown, some gain there) but I only have 30k; not even one year.</p>

<p>I would appreciate any help; especially if an adcom is here who can give me some insight if they take into consideration the fact that we no financial security (until three years ago we made only 40k combined)...</p>

<p>Thanks...</p>

<p>30,000 is great! cant believe that a teenager can save that much. the only thing i have is my weekly allowance :p</p>

<p>im so sorry about ur parents! gosh, parents can be such cheapos.</p>

<p>I am impressed you have managed to save and invest $30k and you're willing to spend your money on your high school education. You should be admitted just for that.</p>

<p>Are you willing to consider none HADES schools that do offer merit scholarships? I think someone prepared a list a few weeks ago. </p>

<p>Maybe you can reach an agreement with your parents to repay them if they pay for boarding school. You are obviously a hard worker and savvy enough to invest your money.</p>

<p>I would like to say they are cheapos (I really, really, really would) but I can see where they are coming from....
Not that they hate paying, or that they are misers, just that we have 3 generations, and a 12 person household. Paying the insurance for grand parents (4 of them) is insane living in CA overheads are out of the world... They have been making their current ("high") income for only a few years and that basically was devoted to paying off stuff. We also had a great grand parent living with us and that was even more expensive....</p>

<p>Point being, they just are not ready to put out money for all these luxuries (they will be in a year or two once their account finally starts accumulating money)..</p>

<p>As for the 30k I made??</p>

<p>Investments baby! Well I made 10k with bets (5k worth with parents, 5k worth with the rich kids in my neighborhood, gosh they have been rich for the last 4981907843249087 generations)... </p>

<p>I found a boarding school that offers merit scholarships, I can probably find that, but their academics look worse then my current public school so I would pass if it comes down to that....
Thanks for the reply though!</p>

<p>I am curious how many of you are in my position I have seen 3-4 from posts not sure...</p>

<p>@emdee: If my parents gave me the money by the time I repay them there would be no need :) </p>

<p>They have nothing in their banks at the moment and they are not liberal spenders. They also want the best for my edu. haha... They told me next year would be a lot better... I have not fully gone through the PFS but it does not seem to have a space for income 3 years ago and a lot of other stuff we have to deal with... Either way my life is good and I won't complain about not getting into HADES, people have it a lot lot lot lot lot lot worse and I am thankful to my parents for showing me the importance of money...</p>

<p>Not trying to sound cocky at all but people who I know make not even a sixth of what we make treat the dollar as if it was nothing, I am glad my parents can show me the importance of the one dollar bill... Let alone the hundred.</p>

<p>I really doubt you are going to get any FA. We are not applying for FA because we don't believe we would qualify and we make nowhere near the middle six figures- never mind the upper middle six figures like your parents. Also, we have only been making that amount for only 1 yr. How did your parents go from 40,000 a year to upper middle six figures so quickly? I would try to figure out a plan B. If you go to the front page of cc there is an estimated financial aid calculator you can fill out to get an idea if you will get financial aid.</p>

<p>40k to that because they got done with years and years of schooling, post doc., business school, and got really lucky...</p>

<p>Plan b = the school I am in at the moment... </p>

<p>To my parents (though the actual value is still somewhat important) they can easily give out 30k, but they value the money very highly. Not in a miserly fashion but in a sentimental way; like I said they came here with next to nothing.</p>

<p>lol. wat exactly do they do? cause if they came here with $20, im guessing they never even went to school</p>

<p>loans, scholarships etc. My dad got a full ride to a top university my mom got a decent scholarship but had to wait due to the financial situation.</p>

<p>llol</p>

<p>PA-C...please do apply. Making six figures definitely does not mean you will not receive fa. Years ago when we looked at Exeter for our eldest, the viewbook had an estimate of out of pocket of about $5000 if you made $100,000. This was just an estimate, but many of the top schools now offer completely free tuition if you make less than 75 or 80,000/year....so of course you will still qualify for aid if you make in the $100,000's.</p>

<p>oh yea i forgot to add, apply, definitely. i agree with keylyme. u never know, so try</p>

<p>Not to be rude, pv, but what do your parents do??? We still only make $50,000/year, and have decided to "give it all up" for our kids. I guess we will always be broke....unless we learn how to make big bucks!</p>

<p>Go to boarding school review dot com and search for schools that offer merit scholarships. There are some great schools on that list, including Mercersburg (just happens to be one I know about) that are definitely terrific schools academically. If your school is as good as that, staying put makes a lot of sense.</p>

<p>My school is pretty much as good as those schools, I do not feel that it would be worth it unless it is a HADES school or something of that equivalent. Not saying these other schools are not as good just that the delta is not significant enough until HADES level. </p>

<p>@keylyme: Getting FA at your level would be easier, and guaranteed at most top notch schools (not to be rude). The school I go to now, free of charge, is good enough that the rents just do not feel it is worth giving all that money. Again I come from a family (and thankfully so) that the useless spending of money is not considered good. My older brother went to college a few years ago, he had to get various scholarships to go to a school (it was a private school so again the value of the dollar is understood). The same needs to apply to me, the idea of boarding schools was not even an option for us when he was in HS (close to a decade ago the idea of "need blind" was unheard of), now that we are in a whole different situation it does not change the fact that I need to understand the value of a dollar.</p>

<p>How about suggesting to your parents that at 40k yearly boarding school is a bargain, given that the cost to the school of having you there for a year is closer to 70 - 80k? So really everyone is on financial aid.</p>

<p>Keeping me there for a year is not 70-80k... People start saying all this stuff about less groceries, less shower, etc. Those are all bound to not change it by more than a 100 dollars a month. </p>

<p>So yeah....</p>

<p>Is $40,000 a realistic figure for attending one of the elite New England boarding schools? Maybe you are not including travel expenses, personal expenses & costs of books & supplies. For a California student attending an elite New England boarding school, a budget of $48,000 is more realistic, in my opinion.</p>

<p>You may also want to consider the impression that your financial aid application may leave when a family making approximately $800,000 a year is seeking financial assistance without extenuating circumstances such as significant & recurring medical expenses.</p>

<p>ColdWind is correct; my son's school is $43,000 per year for tuition and boarding. Books can add another 600-800. Figure in travel from Cali as well as incidentals and you've got a figure above $45,000.
PV - The $70k figure is what the bs says it costs them per student....it is not saying your family saves 30k a year.</p>