Got in, but can't afford?

Colleges and Universities A-Z California Institute of Technology
1

<p>Hi guys! I was accepted EA to Caltech, and I was really excited. However, today I got my financial aid package, and I was shocked. My parents and I have to pay $47,000 a year, and yet my parents only make <$95,000 after taxes? How could a school expect 50% of post-tax income to be allocated for college? My parents have paid off their house and have significant assets, but they can't afford to pay over $180,000 for my college tuition. Any suggestions on how to increase my FA package? Thanks!</p>

2

<p>Financial aid takes into account your parents’ assets (about 5% is expected to be contributed outside of retirement accounts), some schools consider home equity fairgame.</p>

<p>The income being considered is what it is at the bottom of the first page of 1040, not after taxes.</p>

<p>What is your efc per FAFSA?</p>

3

<p>You are facing what many of us face when dealing with paying for a college education. </p>

<p>My DS attends Caltech but we’ve saved money for his college account since he was a baby, and, he received some scholarship monies from private scholarships from his father and grandfather’s employers. We are barely making it but have scrimped enough to pay for 4 years. The FA office will work with you, but when you apply to these select schools, you have to look at the price tag.</p>

<p>We are also paying full freight for our DD at Davis. You are fortunate that your parents have paid off their home and have assets.</p>

4

<p>Agree with Taxas. you look at income before taxes.</p>

5

<p>Your parents have no mortgage and you say significant asetts. I assume that you knew the COA before you applied? Did you run a NPC? Schools expect that you can pay from savings, current earnings and loans if needed. If you got accepted to Cal…there are many schools you can go to with substantial aid. Where else have you applied to? </p>

6

<p>Actually just applied on a whim, and was expecting something in the ballpark of $25,000 COA. Now, I’m hoping for some full ride/tuition scholarships from state schools. </p>

7

<p>Have you checked your EFC on the fafsa?</p>

8

<p>I thought the FAFSA didn’t open until Jan 1?</p>

9

<p>how did caltech decide on your aid package? What paperwork did you file?</p>

10

<p>@indianboy2400

</p>

<p>This might be helpful</p>

<p><a href=“https://studentaid.ed.gov/fafsa/estimate”>https://studentaid.ed.gov/fafsa/estimate&lt;/a&gt;&lt;/p&gt;

11

<p>summer internships will probably pay 10-14,000.</p>

12

<p>I filed the CSS PROFILE. I’m thinking either med school or business school in the future, so I’d rather try and get a full ride/tuition to a public school and use the money for grad school. As of now, Caltech is out for me. :(</p>

13

<p>Are you international? If you are OOS or international, the tuition costs don’t get any better at public universities which are funded by those states taxpayers.</p>

14

<p>@GAmom2012,
“Cal”=Berkeley
“Caltech”=California institute of Technology</p>