@aeg203 with reference to gearmom’s post above, please do not read this as “EFC is not how much you will definitely have to pay” - as you will have to pay less. The reality is you will most likely have to pay MORE than your EFC number.
Long ago when I started this process I didn’t realize that, so I’m always quick to point it out. EFC is the least you’ll have to pay, but plan for it to be more.
@NJRoadie It depends on what your EFC is. Plenty of families strategize for merit money to pay less than their EFC or attend their instate option which could start off less than the EFC. But you are correct with privates who will gap you or “meet your need” with loans.
You will want to run net price calculators for each college web page to see what kind of aid she might get from a specific college. It will likely be more than her FAFSA EFC.
Did she take the PSAT? Might she be a national merit finalist (NMF)? That opens some opportunities up.
Have your daughter look at Alabama, which is very generous with merit aid. Your best bet with a high income but high expenses as well is to look at schools that offer merit aid.
Can you afford U Conn? (run the numbers and get back to us). If so- you are halfway home.
Run the numbers at RPI, Case, Rochester, Stevens. I think being a female ME prospect will be a slight finger on the scale for your D. Look at Missouri M&T- great (and undervalued by the general public) ME.
Most schools expect your family to contribute more than the estimated family contribution. I guess FAFSA should change the EFC to MFC, minimal family contribution.
Is this student a junior or senior?
Keep in mind that some schools use css profile and they will consider home equity.
Most schools do not meet need.
What schools interest your daughter at this point?
What type of schools are of interest? Large? Small? Quiet? Rah rah? Rural? City? Cold weather? Warm weather? Greek systems ok? Catholic schools ok?
I think your EFC $100k is wrong and that you’ve entered something in the wrong field. Try the calculator again without the vacation house. Remember you don’t enter your primary residence on FAFSA. If you have no other assets, just your income of $160k is going to have an EFC of about $40-50k. The vacation house would then add the $9k someone calculated above. That doesn’t help you get aid from most schools.
I don’t think you’ll get anything from federal aid based on the income alone. Merit aid might be available in New England, but it usually better in the south or southwest, especially for engineers.
You can give away the second house (and maybe your SIL would allow you to continue to use it), but I wouldn’t do that. I don’t think the second house is keeping you from getting the extra aid, I think it is your income. Even if you get half tuition at a school like RPI or Stevens, will that be enough? You’d still need $30k+ per year. If your D needs full tuition, or a full ride, I think you are going to need to look in another region, like UA-Huntsville, UA, UNM. If she wants to stay in NE, the Coast Guard academy or USMA.
That income alone would likely get a FAFSA EFC of about $55k. Right? And that would be with little/no assets.
So…
@Aeg203 what is the EFC now that you have corrected the forms? I’m going to guess it is still higher than what you hope to pay for college.
When will your kiddo take the ACT and or SAT? Once you have those scores, it will be easier to make suggestions about places where she would garner merit aid.
How much can you pay?
hank you, Blossom! It’s a house that isn’t being rented. It’s used 2 months a year by our family. They don’t want to sell…We live in CT. My D is interested in either mechanical or biomedical engineering. Grades are good, 3.8/4.0 scale. 1500 on practice SAT without essay (waiting on actual scores). Still a stretch with my corrected EFC.
Those are good scores, if her final SAT/ACTs come inline with the practice, there’s a good chance at merit money for her. Check the colleges in Alabama - UA, UA-Huntsville, and UA-Birmingham all have well-respected ABET accredited engineering programs and they have outstanding merit scholarships. UA-Huntsville has full-tuition for SAT 1390+/ACT 30+, and full tuition with housing for a 1520 SAT/34 ACT and a 4.0 GPA. Some other options worth considering: University of Arizona, Rowan University, University of Mississippi, University of Texas-Dallas.
If she wants a small, very good liberal arts college, Grinnell in Iowa has very generous merit aid. They are very strong in the sciences, but don’t have an engineering program.
Grinnell and other highly selective colleges require the CSS profile. It’s my understanding those colleges often use an institutional methodology for need-based aid that may make it so that you may not have to pay the full FAFSA EFC. That has been our experience, but, alas, not dramatically less than the EFC. Combined with merit aid, however, it could make a big difference.
^^^
Merit aid is usually applied first, and then need is determined. The student wouldn’t get need based aid to get to or below EFC and then get merit to be further below EFC. Merit is applied first.
@Aeg203 Unfortunately I don’t think you will get much, if any financial aid, even with your corrected figures. I definitely understand your dilemma, we too live in CT and have a similar AGI. That’s a middle class income here! Our d applied to a range of schools and are full pay where she didn’t get merit. And we have no home equity to help out–our home’s value has actually gone down close to $200,000 just due to the market drop and the fact that it’s a historic home and no one wants those anymore. Best bet is definitely chase merit. You’re lucky in that your d looking at engineering will likely get nice merit, especially at an engineering school like WPI or Clarkson (my d’s best friend got more than a full ride there) These forums are great for getting suggestions. Best of luck to you!
I agree.
Possible strategy:
Let your child apply to 2-3 financial reach schools and see what shakes out.
Also have your child apply to 3-4 match schools where there’s a strong possibility that a large amount of merit will be awarded and you can pay the rest.
MOST IMPORTANTLY, have your child apply to 3 LIKABLE financial safety schools (these are schools that FOR SURE will admit, will be affordable because of ASSURED merit for stats, AND you can afford to pay any remaining costs.)
BTW…many/most schools that award large merit do NOT superscore for merit…AND many will only accept ACT/SAT scores up to a certain date…like maybe Dec of senior year.
The reason for advocating at least 3 financial safety schools is this:
STEM programs have become very popular and the application levels have been climbing. Colleges that were “backups” a short time ago cannot be counted on as before. WPI, RPI and Stevens would have been an easier match a short time ago, but have become more difficult. Clarkson may still be an easier match. U Conn and UMASS are no longer assured backups.
This is the time of year when many parents/students are shocked by unexpected results in a changing college market.
This can be a heat breaker. Plan carefully.
Students from NE states receive a special, reduced tuition from U Maine, Orono. This is now the oldest population in the US and is not experiencing as large an applicant crush as are the other NE states This is the main campus and the home of a very well established engineering school which includes the majors of interest to your daughter. They have about 11,000 students in a very beautiful location. You might consider this as a backup option. Shop it as though it were at least as important as a new car.
Among the “matches,” many students with “matching” SAT/ACT scores are not accepted. It is not a good idea to add schools that you may not know much about because the numbers “matched.” Schools are looking for students who are excited about matriculation at their institutions because these motivated students are more successful in their programs. It makes for a better campus environment and the quality of the pool is high enough that they can afford to do this without a significant drop in test scores. Not all schools think the same. RPI may be more interested in test scores than WPI, but both schools want students who are excited to take part in their programs.
When you find the schools that you are the most interested in, check into their application program options and consider the EA process. It appears the rate of acceptances from the EA pool may be higher than the rate from the RD pool. This line is lifted from Cof22mom: “Bottom line: do your research and if you LOVE it apply ED.” See: http://talk.qa.collegeconfidential.com/discussion/comment/21380006#Comment_21380006
^If you are going to look at UMaine, you might as well look at URI which will be about the same price for a good OOS student and the new 125 million dollar engineering facility will be complete.
I know a lot of kids who have attended/are attending URI and they love it. Some STEM, some humanities, all have found their peeps. And for a New England kid who is worried about “knowing everyone” at the State Flagship (which of course is crazy) it is just far enough away for that concern to dissipate!