<p>To start: I honestly don't know my family's financial situation. I've been curious about it since I was little, and have always tried asking my parents directly. They've always deflected my questions, saying I was too young to worry about that. Now I'm a senior and it's getting ridiculous. I don't want to be insulated from the real world like this, and I think I'll run into some real problems on college apps (and even college search right now) because financial aid is a huge deciding factor for my family. </p>
<p>My family makes around 40-60k (large range due to dad being a realtor) and is paying off a large loan for a failed business in the past. That's what I know. I'm not asking you to help me guess at the situation, though. My only question is: how do I get my parents to finally be frank with me about our financial situation?</p>
<p>I realize this is really a personal problem and not that financial-aid-related, but I hope you can help.</p>
<p>Perhaps a better approach is to ask what amount they plan to contribute to your education and whether or not they will also take any loans. Rather than ask the overall details, as the part you need to know in order to plan.</p>
<p>You could also show them the FAFSA formula and ask them to pre calculate the EFC so you know what you are dealing with there.</p>
<p>Have a conversation with your parents about plans for after high school. In that talk about college as an option and discuss places that would be good to apply to…you might get some info that way. In this conversation, you can mention that you know college costs a LOT of money and ask what the financial criteria you should consider might be.</p>
<p>^^I was going to say the same thing as somemom.</p>
<p>What you really need to know is “are you willing to contribute to my college education, and if so, how much do you have in mind” and “are you willing to fill out and/or file the FAFSA?”</p>
<p>The FAFSA will do two things: Just filling out the formula will help you discern your parents’ financial situation and where you might stand in terms of need-based aid. The final number (EFC) is your family’s Expected Family Contribution. It does not always compute to what colleges really require of your family – but it will give you an idea of what colleges will think your family can afford. If your parents will agree to FILE the FAFSA as well as filling it out, then it will help you obtain need-based aid that is somewhat reflective of their/your financial situation.</p>
<p>Some parents are very reluctant to file the FAFSA. I cannot relate to that. But it’s true. If yours won’t file, then you’ll have a more considerable cause for concern, imo.</p>
<p>(I’m assuming that if they’re willing to fill out the FAFSA, they’d be willing to fill out other similar financial forms, like the CSS Profile, which is required by many private colleges.)</p>
<p>To me, it’s really a shame when parents won’t discuss finances up front. Even vague discussions about finances are enormously helpful. In our family, finances pretty much DROVE college decisions. In a lot of families, they have to. Unless you have unlimited resources, why would you NOT want your son or daughter to understand their financial limitations when selecting a college. Oh well. To each their own.</p>
<p>I think many people don’t know what to discuss, at least with the first kid. They don’t know if FAFSA v Profile will make big difference for their family, they don’t know what the schools will offer, they don’t understand their EFC, the formula, how it all works, etc. They don’t know what to say, not the first time. There is a great deal of info available now, but if your parents are not already into this stuff, surfing CC etc, they are beginning from scratch and a bit lost. Combine that with media info that is hyped one way or the other- make less then $120k and pay only 10% (if you are lucky enough to get into great schools) or articles about people in default for $400k in loans & accrued interest. Confusing.</p>
<p>Your parents may be embarrassed about their situation.</p>
<p>My family makes around 40-60k (large range due to dad being a realtor) and is paying off a large loan for a failed business in the past.</p>
<p>This debt will not get special consideration for financial aid. </p>
<p>If your parents won’t tell you how much they’ll contribute towards college costs then you have to play it safe and assume nothing. </p>
<p>Some parents will naively say…“just apply around and then we’ll see what needs to be done when the FA packages come thru.” Then, the FA packages come thru and the parents are in shock to find out that they’ll have to take out loans, etc. And, in the OP’s case, loans are not likely an option since they already have a loan from the failed business. It sounds like they’re in a pretty tight financial situation.</p>
<p>When parents are not forthcoming about college funding/aid/etc, you have to protect yourself.</p>
<p>1) Apply to 2-3 schools that you LIKE and you know will be affordable thru ASSURED large merit scholarships, ASSURED grants, small fed student loans, and family funds (this includes what you can earn). </p>
<p>2) Apply to a public that you can commute to.</p>
<p>3) Once you have the above in place, then apply wherever you want just to see what happens…you may get great aid, you may get inadequate aid, etc…but that’s why you have your 2-3 financial safeties in place.</p>
<p>4) If you have high stats, also apply to a few schools that are known for “super aid.” Those will be big reaches, but they could turn out to be your best financial bets.</p>
<p>somemom@ I’ve never been one for tact. lol Maybe I should try the less-blunt approach. And what you said in your second post pretty much describes my family. I’m the first kid, so it’s confusing for all of us. Parents are asking their friends with older kids for tips, but they’re either not in a similar financial situation or their kids went to college a long time ago.</p>
<p>thumper@ Tried that last night and all I got was that I should apply wherever there is money. Will try somemom’s suggestion.</p>
<p>SimpleLife@ What’s the difference between the FAFSA and CSS profile? Can a family file both?</p>
<p>mom2collegekids@ That’s one of my guesses. Should some of those schools be applied to EA/ED? BTW, thanks for your help on my other thread!</p>
<p>If they run the numbers then they don’t have to share info they prefer not to share, but can tell you the EFC number. If it is low enough to qualify for Pell &/or grants in your state, that is your starting point.</p>
<p>*Tried that last night and all I got was that I should apply wherever there is money. Will try somemom’s suggestion.
*</p>
<p>Chances are if your parents are this closed-lipped about finances and still giving you vague answers as your mention above, that they do not have any extra monies to help you and in the end will not be helping you. They sound like to me they are just delaying that final “no” – but you need to plan now.</p>
<p>I think you should plan for college as if you are getting $0 in monies from your parents.</p>
<p>You need to assume that you’ll get no money for college in any real amounts.</p>
<p>You’re a NMSF (congrats!) and you have excellent stats. Be sure to get your NMSF paperwork done and send your SAT score to NMCorp…code 0085</p>
<p>You need to apply to 2 different types of schools…</p>
<p>1) Schools that give super aid (but those will be CSS Profile schools and they may not look favorably at a Realtor’s income…CSS schools are known to “add back in” some of the deductions that Realtors declare…which causes a higher family contribution. But, apply to some of these schools to see. :)</p>
<p>2) Schools that will give HUGE scholarships for NMF …not just free tuition, but a free ride or near-free ride. </p>
<p>If you major in engineering (like a previous thread indicated), then…as NMF Alabama would give you free tuition, free housing, $1000, iPad, and study abroad money…and $2500 per year for engineering. So, a free ride. (Also apply to their Computer-based honors program.)
This would be a good safety for you.</p>
But, apply to some of these schools to see. :)</p>
(Also apply to their Computer-based honors program.)