<p>My daughter is at the top of her class, has worked really hard in school. She got accepted early action to Georgetown University and now I realize they do no merit aid! FAFSA says I can pay $51,000 a year which is ridiculous. Being a private school, does Georgetown give any additional consideration to personal letters explaining financial situations that the FAFSA doesn't reflect? The CSS Profile had a little space for me to "vent" but I am wondering if it will do any good to write a letter or call Financial Aid at Georgetown. It is a shame that middle class kids who work hard potentially can't get any money to go to Georgetown. If we were poor we'd get lots of financial aid, and if we were rich, I could just write a check. Any thoughts? We are looking at outside scholarships, but it takes a lot to get to $51,000. We do have some money put aside. I was hoping for maybe $20,000 a year in merit aid (which Georgetown doesn't give) or in financial aid but looks like the FAFSA is going to keep that from happening.</p>
<p>Unfortunately, colleges are just another consumer product. You buy the brand you can afford. Some can afford a Mercedes on $150K, others can’t. Outside scholarships for $20K/ yr are highly unlikely. Bottom line? Your DD simply has to do what most of the upper middle class does and attend a college you can comfortably afford. It sucks that kids don’t get the colleges they want.</p>
<p>Do you have special circumstances? </p>
<p>Income not as high in 2011 as in 2010? One-time bonus that won’t be repeated in 2011?
Loss of overtime in 2011? Distribution from a retirement account in 2010, but won’t happen in 2011? </p>
<p>High out of pocket medical expenses that exceed 5% of your AGI, that can be documented for the year of 2010? </p>
<p>If you don’t have any of the above, then I don’t think Georgetown will improve your child’s FA package. You can certainly send a letter with your tax returns explaining any special circumstances, if you feel you have them.</p>
<p>Not to be harsh,but if your EFC is 51K,then you likely earn a decent wage,or have plenty of assets…still does’t mean paying for Georgetown would be easy,but it is what it is</p>
<p>Similar to what happens to us. DD rank=top 1%, NM finalist, accepted EA, EFC=49k. Georgetown Financial aid was: grant=1k + loans. They sent the financial package mid April and by then DD had been accepted to 3 other schools with much better aid.</p>
<p>There are very few kids from poor families attending private universities. The ones that do are the exception, not the rule.</p>
<p>VirginiaMama,</p>
<p>Finding out what your EFC is the first time is truly frightening for most of us. Fortunately, I ran the calculators back when Happykid was in 9th grade, so that by the time 12th grade came along I knew the minimum that we would be expected to pay, and what we actually can pay. Happykid is at our local community college for the first two years because that is what we can afford. Every year some of the top graduates of her “Newsweek Top 100” suburban DC High School end up there too because of the money.</p>
<p>Your daughter has options other than Georgetown that will be affordable for your family. Have her take another long hard look at the public universities in Virginia, and have her read through <a href=“http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html[/url]”>http://talk.collegeconfidential.com/financial-aid-scholarships/848226-important-links-automatic-guaranteed-merit-scholarships.html</a> She may find something that will work for her.</p>
<p>Wishing you all the best!</p>
<p>Usually outside scholarships are only good for Freshman Year & it would be very difficult to actually get about 51k in outside scholarships together. </p>
<p>We would assume your D has applied to other schools & might receive some merit aid elsewhere? EA is not binding of course. </p>
<p>Could you pay for Georgetown for 10 months out of the year, by using Tuition Management Systems or similiar set up? Example: if you must pay Georgetown $52,000, then you would enroll at TMS (or similiar company) for a $60.00 fee. You set up your “Budget” to cover the Cost of Attendance. So you would pay $5200.00 each month for 10 months out of your monthly income. </p>
<p>You don’t need to make two huge lump sum payments for two semesters! Most schools do have this kind of payment structure available. We have used TMS for 3 of our kids and the 4th kid’s school had their own online payment system, same as TMS. </p>
<p>If your D has her heart set on Georgetown, consider the 10 month plan possibility and looking at your monthly income! Cell phones, satellite/cable tv, health clubs, spas, magazine subscriptions, country clubs, car insurance, life insurance, home insurance, grocery stores etc, see where you can cut back on things! No matter what your income level, many parents make changes in their life styles to send their children to college.</p>
<p>VAmama - There are a lot of us in the same boat on CC and around the country. But your family is exceptionally lucky to be from VA. Your D has access to UVA or W&M for < $20K per year, and that’s a spectacular option that students from other states can only dream about.</p>
<p>Our oldest attended a school that only had need based aid, but they met 100% of need.</p>
<p>EFC is often 1/3 to 1/4 of after tax income. Seems easier to me for a family to pay $30,000 when their income is $120,000 than to pay $10,000 with $40,000 of income.</p>
<p>If you are hoping for $20,000 in scholarships either from G-town or outside, it may help to break it down.
National merit scholars receive $2,500 & this also often qualified them for related corporate or college sponsored merit awards- I assume your D qualified for National Merit?</p>
<p>Additionally, it is a maxim of CC or at least mine, that students need some skin in the game- they should all be taking out the maximum Stafford loan, $5,500 for freshman year.</p>
<p>Summers students can be earning money that will at least go towards COA, perhaps $3,000?
Students can also be working through the year, which is a great way to help structure their time & make their " dream" school possible for them- say another $2,000?</p>
<p>Tuition at Georgetown is $38,600. If she was living at home, you would be incurring some costs, probably not $12,000, but some, so you can count on savings there.</p>
<p>Even when 100% need is met- at most schools it is met with a combination of current income, future income ( loans) & past income ( savings)</p>
<p>It really is possible for middle class families to pay for college.</p>
<p>VirginiaMama, where else has your daughter applied?</p>
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<p>But not every college. I think that’s the problem; people say “How are we supposed to pay for college?” as if all colleges cost the same and had the same financial aid opportunities. The OP was wise to target her efforts on Georgetown rather than ask for generic ideas on how to pay for college. </p>
<p>I really like SLUMOM’s idea about the tuition management system. I used a similar version (not a private company, but one that’s a part of the school) and it really can help make a large bill seem a lot more manageable when you break it up over a period of time.</p>
<p>colleges are just another consumer product. You buy the brand you can afford. Some can afford a Mercedes on $150K, others can’t.</p>
<p>this is one of the harshest realities of life. Many, many, many, many, many students work VERY HARD in high school, get accepted to top, top, top stats, yet can’t afford their dream schools. That’s life. </p>
<p>Where else has your D applied? </p>
<p>Is she a National Merit Finalist?</p>
<p>What are her stats?</p>
<p>Maybe some people can suggest schools that will give your D big merit for her stats…since it sounds like you’re going to need big merit to afford her school costs.</p>
<p>So, are you saying that you can pay $30k per year? More? Less?</p>
<p>*** If she was living at home, you would be incurring some costs, probably not $12,000, but some, so you can count on savings there.</p>
<p>***</p>
<p>I do agree with EK’s suggestion about having the child take out some student loans to bring down your contribution. </p>
<p>I know that some on CC say this, but I just haven’t found this much to be true. Yes, some grocery bills may be lower, but with my 2 boys away at college, I’m still not seeing a big drop in household expenses. At most, I’m probably “saving” about $1000 per child in household costs…over a 10 month period…about $100 per month per kid …at MOST. Yes, that’s something, but nowhere near the cost of room and board at a college. </p>
<p>And, frankly, in reality, it’s no real savings because we’ve spent that much (or more) on “parent” costs of hotels and “parent weekend” costs. </p>
<p>does Georgetown give any additional consideration to personal letters explaining financial situations that the FAFSA doesn’t reflect?</p>
<p>Depends…if your situation includes very high medical bills that haven’t been reimbursed by insurance, then yes. If your situation includes high mortgage, consumer debt, or other issues that resulted from “life choices,” then probably not. </p>
<p>Lastly, I do sympathize because we have a very high EFC (even with 2 in college!), but you may not really be “middle class” if your EFC is that high. You’re probably more like upper middle class or lower upper class.</p>
<p>*It really is possible for middle class families to pay for college. </p>
<p>But not every college. *</p>
<p>Good answer.</p>
<p>Imagine if the question is…Is it really possible for the middle class to buy a car? </p>
<p>Yes…but stay off the Mercedes and Lexus lots…and troop on down to the Nissan and Chevy lots. ;)</p>
<p>Very true…purchase what you can afford,whether it is a college education,new car or home…</p>
<p>I have never “found” money at our house by having kids in college & not eating here.
Fall Breaks, Thanksgiving, Christmas Break, Spring Break, they are just in & out all the time! Then it is May & they are back home! We have to keep them on the car insurance policy so they can drive when home, we looked into that! Our electric bill goes down, sometimes! You are right, M2CK, it is a myth.</p>
<p>Yes, running FAFSA when D was in 10th grade was a shock, coming on the heals of finding out that tuition for my LAC alma mater had gone from $4000 a year in 1974-1977 to $40,000 a year. That was the bigger shock. I knew that we would be expected to meet all expenses that merit aid would not cover, but I had no idea that the cost of tuition had far outpaced salaries. Finding out that tuition, room and board for 4 years could be well over $20000 was a huge sticker shock. I was speechless and upset for days. But D is at state flagship now and very happy. That was 5 years ago. And with the housing bubble burst and the recession, I am happy that both D’s are at state U’s. D2 graduated HS with her AA, saving even more money. They will both be going to grad/professional school, and will graduate undergrad with no loans. </p>
<p>It is what it is. My girls are happy and their education is fulfilling and meeting all their needs.</p>
<p>Finding out that tuition, room and board for 4 years could be well over $20000 was a huge sticker shock.</p>
<p>I think you left a 0 out…should be over $200,000. Yikes!</p>
<p>Thanks for all the replies. We live 2 hrs away from Georgetown so living at home not possible. She has applied to NINE other schools, including UVA and William and Mary, so if she gets into them we know what we’ll have to pay…The other schools are all private-Univ of Richmond, Smith, Wellesley, Amherst, George Washington, American, Johns Hopkins…we allowed her to go for 10 because we wanted to have comparisons of merit aid. While our EFC is high, our expenses also are high – have a house we can’t sell (market bad here) that is valued at $200,000 less than we paid for it (also a problem!)…bought 4 years ago to care for my parents who both died this year. So have a whopper mortgage right now. She has 2160 SAT and I am not sure if a NM finalist, would we know that by now? She got a letter about it a few months ago that she was in the running.
All through high school guidance pushed kids not to exclude private colleges from their search, and here we are and now have to make some big decisions about paying for it. My head tells me not to go into massive debt to send my daughter to college and my heart tells me if that is where she wants to go I should try to reward her hard work and try to swing it. Hopefully she’ll get accepted by several of the other schools and can get excited about one that has a smaller price tag. And yes, we are lucky to have so many great state schools in Virginia!</p>
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<p>Unfortunately, the financial aid calculations do not account for high expenses or any kind of consumer debt (with the exception of things like high out of pocket medical expenses). </p>
<p>Most of the schools you have listed use the Profile as well as the FAFSA to determine financial need. However, you sound like you are more looking for merit aid awards. You did the right thing to have her apply to a variety of schools so she could compare offers. Hopefully someone will come up with a merit package that will meet your financial criteria.</p>
<p>The options of W/M or UVA are there for you in VA should she get accepted. </p>
<p>Just an FYI…Wellesley also gives NO merit aid, just need based aid.</p>