<p>If the kid is from CA, then Home Equity could be zilch, because of refinancings and/or valuation drop since a purchase. I don't know how you get FM, student contribution =$0, What happened to the Stafford?</p>
<p>I would hazard to guess that the majority of 2008 and 2009 students are from parents who refi'd and now underwater. The allure of instant cash and wealth was very very enticing.</p>
<p>What happened to the Stafford?</p>
<p>LP, don't you remember? Loans ARE financial aid when you are "thru the looking-glass". Up is down, and down is up. ;) “Curiouser and curiouser!” cried Alice (she was so much surprised, that for the moment she quite forgot how to speak good English.</p>
<p>The formulas are there, OP. Use them with your real numbers. Educate yourself and your family. It's awfully late in the game to be learning this but next week is even later. Good luck.</p>
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<blockquote> <p>UCLA, Berkley>></p> </blockquote>
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<p>I know this isn't what you want to hear....but UCLA and Berkeley are both terrific schools that many OOS students would LOVE to attend at any cost...but especially at the instate cost!</p>
<p>I would suggest that you wait until you get the financial aid offer from U of Chicago. If the money is enough that you can attend with the additional support from your family, then you're fine and you can go. Otherwise, I'm not sure I see that you can. You say you don't want to go into debt and you don't want your parents to go into debt. The reality is that on a $97K salary, if they had to pay $40,000 per year (when you add in your travel costs from CA, etc...the total cost of attending will be mighty close to $50K total...minus the $10K you hope to receive), they could be very cash strapped if they have a large mortgage and other consumer debt...nevermind necessities like food and utilities. </p>
<p>Have you had a significant conversation with your parents about how much they WILL pay? This is important. Are they willing to pay the full cost of attending UCLA, for example? You need to find this out. It would have been BEST to find this out BEFORE you sent your applications and found a "dream" school. </p>
<p>I do agree with Curmudgeon's numbers...and I will say...they won't look ANY different at UCLA or Berkeley. My guess is you're looking at loans only for attending those schools.</p>
<p>I am still baffled by how Dad II could get $10,000 FM contribution with 120,000 income and OP has over 40,000 based on everyone's calculation.</p>
<p>Division 3 schools are not allowed to give athletic incentives in their packages. However, being an athlete does put you in the category of an involved student which can up the ante in packaging. Talk to financial aid and admissions about your situation. They are not going to pony up a full ride for you, but they may be able to help you out. Also talk to your parents about realistically what they will contribute.</p>
<p>Since you are already accepted to college, it might be a good idea to cut down on high school course load and work this spring and summer to get money for college on your own. This will win you points with the college and your parents as well. you should be ready to offer this up. Regardless, you need some tough talks with both the school and your parents. The good news is the you have the time to negotiate with UC and to pursue other options with UC in your pocket.</p>
<p>Are they refusing to pay (financially assist) for all colleges or just for the $45,000-$52,000/yr colleges?</p>
<p>CampusGrotto</a> - Top 100 Colleges by highest total cost</p>
<p>Do you see where U of C sits on this list? These prices do not even include mandatory fees, not to mention personal expenses, travel to and from home, books, health care, etc. I do understand the frustration of being accepted to a great school and not having the financial means to attend. The truth is, many students are in the same boat and must choose their college based on getting the best education within their financial means. There are many kids at public instate universities that had to turn down top colleges and universities because of cost. Maybe U of C will come through with a fabulous financial aid package for you. In the meantime, find a financial safety college that you would be happy attending.</p>
<p>Thanks for all the advice. Here is some more info.</p>
<p>Using all of the EFC calculators my EFC is hovering around the 11k mark. My family will have 2 kids in college when I go. We make 97k but my family owns really no assets (at least what my father says) I do not know how to calculate home equity but the market value of our home is less than what we owe on it. </p>
<p>I am also being recruited by Brown. And they did an early estimate for me (In order to decide if I want to commit to the school through ED) It came back with a very generous package of 40k and a EFC of 11k. Will this amount be at least some what similar to Chicago's possible amount?</p>
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I am also being recruited by Brown. And they did an early estimate for me (In order to decide if I want to commit to the school through ED) It came back with a very generous package of 40k and a EFC of 11k. Will this amount be at least some what similar to Chicago's possible amount?
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<p>That is a very generous package, if it is all grant and no loans, which as curm points out are often considered "financial aid" by colleges. As to whether U of C's package will match it...only time will tell. When did they say that they would let you know about your package?</p>
<p>Any chance you can snag the Brown deal in the RD round?</p>
<p>"I am also being recruited by Brown. And they did an early estimate for me (In order to decide if I want to commit to the school through ED) It came back with a very generous package of 40k and a EFC of 11k. Will this amount be at least some what similar to Chicago's possible amount?"
Well just to let you know our experience, 2 years ago S was accepted at both Chicago and Brown.
Brown offered $18000 in FA, Chicago $1000. Some difference, huh? Others who were accepted at Chicago had similar experiences.For more info you might want to visit the Chicago forum on CC.
and oldfort, Stanford, where DAD II's D is, changed their FA plan this last year to ease the burden on middle class parents, and to make itself more competitive with H,P and Y's generous financial aid initiatives.</p>
<p>DadII's D goes to Stanford. Their institutional formula is much more generous. The same with Harvard. I know a family who makes over $200K has two kids in college, and H is giving them a nice financial aid package. The other kid at another college doesn't get much at all from his school.</p>
<p>You should give the Brown numbers to Chicago. They will want everything in writing. You can negotiate. There can be a world of difference in fin aid packages even among like schools. Also, Chicago has some leeway in that it does have merit money as well. </p>
<p>Also when looking at packages, some schools may give you means to meet EFC through loans whereas others will be richer in grants. All this goes into the equation when deciding where to go to school. Again, you are fortunate in that you have time, and you have options, and negotiating material.</p>
<p>Somewhat similar? Not sure, OP but with an EFC of $11K it will be much better than a $10,000 award. Good luck. You may be in better shape than you think with Chicago (as I suggested you might). What does that change in my previous advice? Notadamnthing. Find that financial safety now. Get the best data on your family's financials. Run the FA calculators with the best numbers you can get and run them backwards and forwards till your fingers bleed. Knowledge is power.</p>
<p>Hahah thanks guys. I really appreciate all of the info. I am applying to Brown RD and I am not very sure about my chances of being accepted. Being a recruited athlete gives you some influence but not all in the admissions process. That is still a very real possibility but I like Chicago more. I will indeed send Browns estimated fin aid package to Chicago. I guess all I can do is wait for the fin aid package and then figure it out from there.</p>
<p>"You should give the Brown numbers to Chicago. They will want everything in writing. You can negotiate."
We did that. Waste of time.</p>
<p>Did you get accepted ED to Brown? If so...why are we discussing U of Chicago at all.</p>
<p>He did not get accepted ED to Brown. He is applying RD but got an early response to a financial aid estimate request. Yes, it can all be a waste of time, but since Chicago has not yet come up with its numbers, you can give them some info to work with such as the Brown estimate that may make a difference. Sometimes it does. Sometimes not. We got an additional $5K that way. Not a fortune but over 4 years a sweet $20K and it is all scholarship money, not loan. I'll take it.</p>
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<blockquote> <p>I am also being recruited by Brown. And they did an early estimate for me (In order to decide if I want to commit to the school through ED>></p> </blockquote>
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<p>Then what does this mean?</p>
<p>It means he wanted an estimate of what Brown would offer through its institutional methodology for financial aid so that he could decide if he could apply ED or not. He chose not to do so after getting those numbers.</p>
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<p>Just for the record, in November, 2008, Lexus sold 8,941 cars in the U.S., down 40% from its November, 2007 sales.</p>
<p>In the same month, Ford sold 118,818 cars in the U.S., down 30% from its November, 2007 sales.</p>
<p>Toyota sold 25,224 Camrys in the U.S. in November, down 28.8% from its November, 2008 sales.</p>
<p>Sales in the industry as a whole slid 35% in November 2008 from the November 2007 figure. Bottom line, ColdWind's Ford analogy is actually much better than the Camry analogy. The "news coming out of Detroit these days" is that auto sales are down sharply across the board, especially in SUVs and luxury brands (like Lexus), and the weakest automakers, and those most heavily dependent on SUVs, will likely not survive. That includes GM and Chrysler, but Ford believes it is in much better shape.</p>
<p>That doesn't help with the OP's financial crunch, of course.</p>
<p>I hate to say it but Brown gave this student a great offer. Gotta wonder why they didn't apply there ED...and yes, I know that Chicago is the "favorite". </p>
<p>I guess you can try to use the Brown figures to discuss your award with U Chicago. But the reality is that this would have much more "clout" if you really were accepted to Brown and really were awarded the money. I'm not sure this "early financial aid estimated calculation"...that you didn't even use yet is worth much.</p>