<p>Yes, the discussion about college funding and budget should happen between the student and parents well in advance of application deadlines, so that the student can make a financially realistic application list.</p>
<p>WPI gives merit aid, and as a black female, you would be a catch for them.</p>
<p>WPI application deadline and financial aid application deadline is February 1. So…plenty of time to get this done!</p>
<p>Do they have 401Ks? I work for the state, and we have both a pension and 401Ks. We make about 100K less than your parents, and live in a very expensive town near NYC, so I cannot imagine what extra 100K of expenses your parents could have!</p>
<p>We plan on taking the maximum 401K loans we can in order to pay for our children’s college. They also need to talk to their HR departments about it.</p>
<p>Truth be told, unless my son scores a lot of scholarship money, most colleges will be $120,000 for four years at best for us. I guess they could expect you guys to pay $60,000 per year, but again, I can’t believe your parents can’t afford it based on the very high COLA where I live.</p>
<p>Did it ever occur to you that they have the money, but don’t want to spend that money on your college? That is very common. My friend’s father limited her to schools that were $10,000 per year or less, and she could not go to any other schools despite getting in and her parents able to afford more than $30,000 per year (at the time).
(I am not trying to be nasty, I also have a co-worker who told his kids they would get $15,000 per year and anything else they had to pay, regardless of EFC etc. He insisted that no college could be worth more than that, and his kids are in their twenties so it is not that long ago)</p>
<p>Consider going independent if you are looking at an expensive school. </p>
<p>And yes, January of senior year is REALLY late to think about this. How about going independent, getting a job for one year and applying then? You could apply where you want, and defer for one year.</p>
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<p>That alone won’t make the student independent for college financial aid purposes. I.e. the parents’ income will still be used in determining financial aid, unless the student is 24, married, military veteran, etc…</p>
<p>[Dependency</a> Status | Federal Student Aid](<a href=“http://studentaid.ed.gov/fafsa/filling-out/dependency#dependent-or-independent]Dependency”>http://studentaid.ed.gov/fafsa/filling-out/dependency#dependent-or-independent)</p>
<p>I don’t see anywhere where the OP is even trying to be considered as independent, a GA resident, or anything of the sort. The OP’s parents are willing to pay for her college. She is just trying to be considerate and get a good value. She seems like a very mature and responsible student, who is asking the right questions.
Not all families are aware of how financial aid works. It’s good the OP is asking this now, while there is time to consider more options, rather than wait until spring.</p>
<p>I think it is probably best to close the thread at this point. I think the OP has received the advice she was looking to find.</p>