help with paying for college.

Paying for College
1

<p>Hello friends. I have been running net price calculators on websites using my mother's tax returns. Apparently we had been filling out the calculators incorrectly before and have thus been getting too low numbers. After running more accurate figures, I have been getting high net prices for our colleges. I hope I'm filling them out correctly. My mother has an income of 81k and virtually no assets so these numbers seem a bit uncharacteristically high.</p>

<p>My mom will be able to give a few thousand a year for college, my dad a few thousand and my grandpa possibly few thousand. So I can expect 7-8k/yr covered by them. I am saving money and I intend to work in the summer so we can probably make out a total of 10k/yr. I really want to avoid taking any loans outside of the federal loans because grad school is on the table at this point. I would also like to add that my parents are divorced and my noncustodial father made/makes around 18k per year. </p>

<p>I rerun the calculators. To accommodate for divorced parents, I ran them as separate households and added the net prices. I'm not sure if its as simple as that but that is what another poster told me to do a few months ago.</p>

<p>Note that all of these numbers are not including work-study or loans.</p>

<p>Reed college has a net price of $16k/yr. However it is very far away and I imagine there will be substantial personal expenses. Can I make this work?</p>

<p>Colorado college has a net price of around 15k....</p>

<p>UChicago would cost $9k/yr. The chances of me getting in are as slim as an asteroid landing on me before I complete this post.
Lafayette, Carleton, Tufts, WashU, and Rice all have net prices between 18k-22k/ish. I do not see how I can reasonably make that.</p>

<p>Should I even apply to these schools? I have essays written for all and would be ready to send apps, but we are waiting to hear back from EA results before we submit RD anywhere.</p>

<p>My in-state safety has given me a total merit scholarship for 8.6k. However, this only makes the net price $14,156 per year. I thought MOS&T would have been the cheapest.</p>

<p>I'm a bit scared now because this all looks too expensive. Even for the automatic full-tuition scholarships, the residual costs do not differ much from these net price calculator results. Those that may end up being affordable do not offer a Physics major or do not offer strong enough course offerings to prepare me for grad school.</p>

<p>I'm a bit lost on what to do. feels a bit late in the process to be figuring all of this out.</p>

2

<p>Beware that some schools have early deadlines for applications if you want to be consider for all possible scholarships. By waiting until you hear from EA you might miss these deadlines. Check with the schools that you are interested in to see if this applies.</p>

3

<p>Well my stats are not likely not high enough to get any merit aid at Tufts, Rice, or Wash U. I do not believe any of my LACs have any special deadlines for scholarships.</p>

<p>I am applying for the Paul Tulane award for Tulane, due. Dec 15</p>

4

<p>Your mom’s EFC is highish because it sounds like it’s just you and her in the household. If there is just one parent and one child, then the formula is rather harsh.</p>

<p>What are your stats? </p>

<p>Do NOT wait til after you get EA results to submit all of your RDs. You will miss too many merit considerations. You can wait to send the ones at schools where you won’t get merit, but don’t wait for schools like MS&T and the others with big merit. </p>

5

<p>You can call Reed to ask.
800-547-4750
Also see Profile requirements for your noncustodial parent.
Still apply and see where you get accepted and what aid is offered. If still too expensive, you could decide then if a gap year of working would help.</p>

6

<p>Agree you should go ahead and send the RD application in because a) you really have to see the actual offer and b) you are wanting to compare aid packages.</p>

<p>Your contribution amounts seem pretty good to me based on the parent income. Yes you are expected to use some savings. If you don’t have any then they don’t just give extra money to compensate you. The formula is mostly based on income. </p>

<p>Also for the residual costs for the automatic merit colleges, Mom2 has said that the Alabama costs are estimated high and you can make do with less. U</p>

<p>Browse this thread:
<a href=“A College Financial Aid Guide for Families Who Have Saved Nothing - Parents Forum - College Confidential Forums”>A College Financial Aid Guide for Families Who Have Saved Nothing - Parents Forum - College Confidential Forums;

7

<p>My household includes my mom, myself, and my little brother. But he’s 14, so he enters college the year after i graduate so I guess would have no bearing on awards.</p>

<p>I already applied to S&T and got my acceptance letter & merit awards a few weeks ago. I suppose I’ll send apps to my RD schools too before EA comes out. </p>

8

<p>Well, Grinnell has given me a net price of like 15k. If i did the loans and work study, it would be like 9k/yr ish… i think I may send these apps in tonight, since Grinnell, Reed, and Carleton have free applications. Just would have to send in ACT score(s). Then I can delete the supplemental essays from my computer.</p>

<p>These all vary so much. I really do think its best to compare the aid offers. Good for me is that I don’t particularly “love” any specific one too much. I would be happy going to almost any of my schools. MST though is not in a fun place… but I have no qualms going there if nothing else works out. </p>

<p>My mom is sort of hesitant in letting me go to a LAC, but I think in May when we see the costs of going to one vs. a Research Uni she may change her mind. Especially if grad school is on the table I don’t want to take loans over the federal subsidized amounts. Graduate student on ramen is better than graduate student on food stamps.</p>

<p>Carleton & Grinnell are within driving range so maybe in the spring we can visit. Reed is a plane ride away , and I don’t want to accept an offer there without visiting since I know Reed is a pretty bizarre college !</p>

9

<p>Does your mom receive any child support now that your dad is earning some money?</p>

10

<p>Minimal. He does not make regular payments, more so gives a bunch when he feels like it.</p>

<p>She never expects anything because he is fickle with the money he gives. My dad DID give a significant amount to my mom earlier this year and that has enabled her to be be able to commit a few thousand next year instead of 0. My dad claims that he will be contributing a few thousand to college. My Grandpa has said he will likely pitch in a few thousand as well, however I am not going to rely on that. I will also have about 2k saved by next Summer next year. So without grandpa’s help we can do 8k/yr.</p>

<p>He’s kind of silly with technology so we filled out the noncustodial CSS profile together. He has no assets and income of 18k/yr. “His” house is in his own father’s name. We were under the impression he made next to nothing. He is sort of self-employed. He runs his own business (but I’m not even sure if its an official business) but he has not really made any deals or done any work for the business… just making fliers and business cards and websites.</p>