<p>I am planning to apply for Northwestern, but scared by its cost. My family's income is about $65K per year before tax. After tax and 401 K, about $40K. Property tax and insurance another $5k are gone. We have no mortgage, car loan, or any debt. I am just wondering if I can get any financial aid from Northwestern.</p>
<p>[EFC</a> Calculator: How Much Money for College Will You Be Expected to Contribute?](<a href=“http://apps.collegeboard.com/fincalc/efc_welcome.jsp]EFC”>http://apps.collegeboard.com/fincalc/efc_welcome.jsp)</p>
<p>I did check the calculator, but the figure does not convince me. I am just wondering if anyone out there has similar situation like me and what he get.</p>
<p>Northwestern gave me and others that I know very good aid packages. Basically my family has to pay the fafsa’s efc and then I do work study and take a small stafford loan. Everything else was covered by scholarships.
[Scholarship</a> & Grant FAQs: Undergraduate Financial Aid: Northwestern University](<a href=“http://ug-finaid.northwestern.edu/tools/current/scholarships_grants_FAQ.html]Scholarship”>http://ug-finaid.northwestern.edu/tools/current/scholarships_grants_FAQ.html)
Scroll down to find their average scholarship award based on income.</p>
<p>Thanks for the link. So according to the table, I am around $27000 average scholarship range. The total cost for NW is about $50000, so the scholarship covers around $27000, the rest is about $2,3000. Say my family contribute about $15000, so I will need about $8000 loan or work study kind of job. It is still tough. My parents have been working so hard and they spend so little for everything else to save money for my tuition. My parents have not purchased anything beyond necessity for the last 15 years, I do not know how we are going to manage the cost of college.</p>
<p>You can always appeal decisions, which may boost you based on specific needs that cannot be addressed in the FAFSA.</p>
<p>According to the FAFSA, our EFC was around 8k - but NU expected us pay $17,000, with some of the covered stuff coming from loans, so in the long-run more. We appealed it down a little bit and worked the staffords, but we really have to stretch and work and take out PLUS loans to cover all of it, so it is rough. However, an alum mom I’ve talked to says aid tends to go up if your family situation stays the same, because you’re paying out of pocket and have less in savings, etc. You reapply for aid every year, and can always appeal, so it may change. It may be that you should shoot for a school that offers merit-based aid; at the same time, if NU is important to you, they DO give out good aid packages to many students (remember, the table is based on averages - so many get above and below the listed number, my package is above the one listed for our bracket), so you might not have to worry.</p>
<p>If NU is definitely a school you want, apply. Don’t hesitate to apply just because the tuition is hefty. You may get a great package and not have to worry - it’s just another part of the decision making process when it comes to apps.</p>
<p>Thanks Perididdle. Your information is very helpful. I will definitely apply NU. I also looked NU’s AP and dual enrollment credit policies, the policies are very generous to AP and dual enrollment credits which I will have plenty when I apply, they could potentially reduce my cost significantly.</p>
<p>Agreed, do not hesitate to apply to Northwestern due to financial issues. A degree from Northwestern is an investment! Also, NU does have pretty good financial aid considerations and policies (loan caps). Applying is one thing, but getting in is another. Cross that bridge when you get there.</p>
<p>NUraider also brought up loan caps, which is a pretty cool deal, I think. You won’t have to spend more than $20k on need-based loans - so, the Stafford and Perkins loans they put in your package. Granted, we’re spending more in PLUS loans and the like, but knowing that at least that portion of my package won’t reach over that much helps ease the mind a bit.</p>
<p>You also of course have the option to pursue outside scholarships, which we all know are very competitive but always open. They will cover your need-based loans first. Thus, if your package includes $3,500 in Staffords and $1,000 in Perkins, and you get a $5,000 scholarship, that’s those loans gone. After that I believe workstudy is covered (though, just IMO, work study is a cool deal if you can cover tuition in some other manner - you have a job with the benefit of your employers understanding your situation, plus you can’t blow all of your money at once because you only get paid every 2 weeks…woo, you can buy food!). The subsidized loans are great compared to unsubsidized private loans you might have to take out, but it is a lot nicer to not have to deal with them at all!</p>
<p>My family and I have been struggling with financial aid a LOT in the past month specifically (appeals, PLUS loans, etc), not to mention all the business before it, so if you have any specific questions feel free to message me!</p>
<p>Thank you guys!! I definitely have more questions to ask.</p>