Hey everyone, I’m currently a junior and will apply to school next fall.
My parents and I have high expectations for where I will be attending. I have tried on numerous accounts to bring up the topic of money but they never take it seriously. My parents make a lot of money but we have 3 other kids in the house. We also donate a lot of money to my parents village back in Africa. On top of that, we are building a house there. My parents have not saved any college money or anything like that. I know we will probably receive little to no financial aid so I’m trying to make a plan before they say they can’t pay for the college of my dreams. Can anyone help me out.
You will read over and over on this website that if you are unlikely to qualify for need based financial aid, then you should research those schools that offer merit based scholarships. Also, run net price calculators on the different school websites to see how your family financial situation and the schools financial aid work together to fund (or not) fund your education. Knowing money realities before you create your list and apply is very important.
Take a look at this current thread on [Merit aid & early HS graduation](Merit aid and early HS graduation - Financial Aid and Scholarships - College Confidential Forums). The suggestions for merit aid will be relevant to you also. And look at the “Links to Popular Financial Aid Threads” pinned at the top of the forum - one of the threads provides a list of schools that offer competitive merit awards.
@NorthernMom61 most prestigious school aren’t merit based tho and we firmly believe that going to an elite university will help me with what i’m doing later in life (which is quite unique)
Lots of good links on the thread above. Read them…and then look at each college website to verify that this information still applies.
If going to a $60,000 a year college is your goal, then you need to know that you could end up paying $60,000 a year to attend. Run the net price calculators for those schools using accurate financials for your parents.
If you already KNOW that you will receive little to no need based financial aid, then how would you pay $60,000 plus per year for a college that gives NO merit aid?
You also need to understand that your parent choice to help others is just that…a choice. The colleges will still view that money as parent income or assets when computing your need based aid.
Are you a U.S. citizen or green card holder?
ETA…here are your stats per another thread…with a question about safety schools. Schools are only safety schools if you have a very high chance of acceptance AND can afford to attend.
“most prestigious school aren’t merit based tho and we firmly believe that going to an elite university will help me with what i’m doing later in life (which is quite unique)”
If your parents do insist on you attending an “elite university”, and you are admitted to one, then they will have to realign their current expenses in order to pay whatever that place decides that they can afford to pay. It really is that simple. There are no financial aid fairies out there.
From your post, I gather that your parents are immigrants who probably did not complete their entire college educations here. If that is correct, their notions of what are the best ways (or only way) for you to achieve your “quite unique” goals may indeed be unrealistic and unaffordable. You can play their game of elite-or-bust, or you can find some options that you can afford on your own (or with minimal help from your parents), and that can start you along your career pathway.
@happymomof1 My parents were immigrants but my mom went to Harvard Med school and my Dad has an MBA from a top business school and is currently getting a PHd. You can see why they have such high expectations for their first son…
It sounds like your parents also have the earnings that would put you out of the running for need based aid. So…either they will be paying the full costs at schools that don’t give merit aid. OR you need to look for schools with merit aid to help soften the financial blow if needed.
I think the only question you need to ask…“mom and dad, will you pay $60,000 a year for me to attend an elite college?”
and I agree with the other posters. you need to sit down with your parents and fully discuss your options. If they say no to paying the full amount, then you will have to choose a different school. They’ll have to understand because they’re not willing to pay for the elite school.
I also suggest you read, and ask your parents to read -this thread- http://talk.collegeconfidential.com/parents-forum/1761644-parents-do-not-do-this-to-your-kids.html#latest
The situation described in it is something you must try avoid at all costs.
Many parents dont want to be forced into being realistic about how much college ACTUALLY costs these days, but you HAVE to have “THE $$ TALK” with them before you even begin to apply to college next year.
Good luck
If they have high expectations for you, they will have to pay for it. The very top schools have no merit aid as mentioned, and unless you can find a sponsor from your home country (which does happen on occasion), your parents are paying.
Or you are not going.
You need to talk to them about UMD, hopefully you will qualify for a lot of merit aid there.
Also - how did your parents pay for school? Did they work while in medical school and getting an MBA? Or did their parents pay?
If at all possible, apply to some affordable schools (try for full tuition at least) that way if a) you don’t get accepted to elite schools or b) you do but your parents suddenly realize they can’t afford it, you have options. What are your stats and home state?
@thumper1 i’m assuming she got a lot of money because of her achievement, she was one of the top students in all of west africa and did well in the best school there, I really don’t know to be honest tho