I am a single mom. Dad out of the picture. I will fill out the CSS profile, and request non-custodial waivers for schools (have done my HW and have all info to qualify).
I am a professional mother who makes around $100K, not major assets (no home). My daughter is brilliant, and she is applying to the top schools. (ivy, Stanford)
Her education is my #1 priority, and if she gets into one of these great schools, I do not care if she needs loans to attend. I am willing to pay the full ticket price.
But the question is: on paper, I look like someone who needs $$$ to send my daughter to college. And maybe I do.
However, I know lots of schools say that they are “need-blind” but I do worry about that.
How can somehow tell the a college:" Yes I make $100.00 but I am willing to pay full tuition if necessary".
For example Staford offers full tuition for anyone making less that $125.000
OK that sound great, but I am ok with paying, if her chances are bigger. I heard that when you get financial aid, the pool of aid does affect your chances
After reading this blog, it appears that there is a place on the CSS profile that ask how much you can contribute. Is this the place where I should enter a amount? how can you tell the college that you are willing to pay more and I am not looking for a full ride"
I cannot lie because I am who I am, I make what I make, and I owe what I owe. But I honestl,y think that being a single mom will hurt her chances.
Just to reiterate, at that level of school, applying for financial aid will have absolutely no impact on your daughter’s chance of admission. Need blind means need blind.
If a school says they are need blind, you have no other option but to believe them. If a school isn’t need blind, you just have to take your chances that they will want your D anyway.
When you say you would pay full fare just to get her in, you realize that you are probably talking about $260 to $300K by the time you’re done at very elite (and expensive) schools. How would you realistically get that kind of money?
Apply for aid. It won’t affect your daughter’s admissions chances at the Ivies or Stanford. With your income, you would get decent aid from them…if she gets accepted.
Don’t borrow into the 6-figures, or even high 5-figures, so your daughter can attend an elite school. Things happen. Kids change majors or are weeded out. People get sick, become disabled, end up with a job far away from the parents they intended to live with while they pay down the loan – you never know what life will bring.
There was a report a couple years ago about a woman whose family took out those kinds of loans. She passed away and her parents ended up with her young children and a 6-figure loan balance for a degree their daughter was never going to use. Set an affordable budget and make sure your daughter has some financial safeties on her list.
Thank you for taking the time to write back. I will follow your advise and just enter what it is. Great point about the safety financial schools. Yes she is applying to State colleges also.
Thank you for the question. Her GPA/SAT scores do not matter on my question, since my question is basically based regarding the schools which do not offer merit scholarships anyway. I really appreciate asking, as I am sure you are trying to help with other options. I was mainly curious of the CSS box that list “how much you can afford” and how that works. Thank you again
The “how much can you afford” box…it really isn’t used for anything. The schools take the other data you put on yoir Profile and come up with an institutional aid award.
We put a tiny bit less than what our FAFSA EFC was. Seemed like any college would expect us to pay that amount.
Thank you everyone. I will trust the blind need base and will list on the box what I can actually afford.
Thank you again, I totally appreciate all of you for writing back.
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Don’t borrow into the 6-figures, or even high 5-figures, so your daughter can attend an elite school
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As mentioned, things happen. Your employment may change. Your DD may choose a career route that isn’t that lucrative. And, even if she does…IMAGINE how frustrated you and she would be if y’all were making huge loan payments while her colleagues were getting paid THE SAME, but without the burdens of big loans.
Make sure you come back around and the spring and let people know how things worked out as far as admissions and how the financial packages worked out.
When you say you have applied to state safety, well there are other safety schools which may be much better options for your DD. However you may not be considering them, although DD may be happier with a financial safety school (public or private) which you may not know about - or you find another school is more cost/effective than the ones she has in mind now.
One doesn’t know how these financial situations work out with the offered financial aid package from need blind school.
Your bright DD may need to get a graduate degree or professional degree to fulfill her academic potential. Don’t want to blow a lot of money on UG when it is better for the long haul education.
That is why another poster asked about GPA, ACT/SAT, maybe what DD wants to study, etc. Things that can assist in potential school options.
You have an advantage of having a good income - smart mom, smart DD.
