<p>Okay, my family is a middle income family. And I decided to apply to a highly selective school because it's always been my top-choice. In order to be eligible for financial aid, I had to fill out a CSS Profile.</p>
<p>So anyway, I got accepted, and I received an estimated financial aid sheet. And it was... not very good. Tuition is around $43,000-- and basically they decided that I was had to pay $13,000 in student contribution and more from my family.</p>
<p>How on earth am I suppose to muster up $13,000??? Am I the only who can't really figure out how to pay for this? Should I just give up and attend a cheaper, state school or something?</p>
<p>some questions: on the form, did you say you have a job? Do you have more than $0 as your assets? Also, your parent have increadibly large amount of assets?</p>
<p>I don't think so. But the thing is, most people I have talked to (who make more income than me) have a lower student contribution. Is there any chance they miscalculated?</p>
<p>First of All, did you fill out the FAFSA?</p>
<p>All finanical aid is not the same.</p>
<p>the "E" in EFC is for expected (as far as the college is concerned nothing is set in stone)</p>
<p>just because someone makes as much money as or more than your parents dosen't mean that your EFC's are going to be the same as the are differences.</p>
<p>a family with the same or more income maybe paying for more than one child in college (they may have a child in private school)</p>
<p>the parents may be older and closer to retirement (some part of you income is protected for your retirement)</p>
<p>Your parents may have more assets (savings, home equity) than someone else who makes the same amount of money</p>
<p>Maybe your parents have a college fund established (which will show up in your EFC)</p>
<p>Check the financial aid policy of your college as some schools (very few will allow you to use outside scholarships to pay down your EFC, but this would be after reducing your self help aid- your student loans and work study)</p>
<p>Your parents may have to take out a home equity loan, a plus loan or make a payment plan to pay off their 13,000 portion.</p>
<p>If your parents have had any major life cirucumstances that have impacted their finances (loss of income, catostrophic illness) then you should ask for a fiancial review</p>
<p>its possible
if so the school may correct it when they receive the copies of 1040 and w-2 forms.
but you bring up a good point which apparently isn't hammered home enough.
Never apply ED if finaid is a requirement to attend the school. Even if the school is one that does not gap, they still will not have as much motivation to offer a package that offers more grants than loans.</p>
<p>Does the school promise to meet 100% of demonstrated financial need? Most schools do not. Some schools will gap your aid as much as $20 k a year, expecting you to make up the difference! That gap may exist even after the school offers you loans.</p>
<p>Always apply to at least one financial safety -- a school that you know you'd love, be accepted to an afford. For many students, this is a local public institution that would allow them to live at home.</p>
<p>Collegebound,</p>
<p>Are you saying that your student contribution is $13,000 in addition to the EFC that your parents are required to pay?</p>
<p>If your student contribution $13,000 unless you have approximately 37,000 worth of assets in your name (which is usually hit at 35%). This could be your college fund, bonds/ stocks in your name, earnings. If you know that this amount of money is not correct then you should contact your financial aid office with the proof that the information is incorrect and find out if you can have your package ammended.</p>
<p>When we have received our EFC it was not differentiated into parents and students expectations, unless I am missing something.
I know that my daughters school expects students to contribute at least $2,000 from summer earnings each year, but as she earns almost $3,000 each summer(and often more )this isn't a problem.
Summer work is a great opportunity to develop skills and contacts for post college work as well as workstudy jobs. My daughters exposure in her summer jobs has led her to her career choice, it doesn't have to be all about getting gas money ( she rides a bike anyway!)
If money is really a problem, but college is a priority, I don't see the difficulty in working full time summers in order to earn money for school. There are also ways to reduce expenses, i doubt many schools are $43,000 for tuition. If tuition is that expensive how much is room and board? :eek:</p>