Look in boxes 12 and 13 on your parents’ 2014 W-2 forms. What codes, amounts, and Xs are present?
Are your parents in public jobs? Union jobs? They may have pensions rather than 401k options through their employers.
If this student is OOS for UW, how would the net cost be that low?
You do know that MIT is not a Posse school and that there is no guarantee that you will get a Posse scholarship for UW-M(which only covers tuition). In addition the NYC Posse only accepts 10 students across the city for the Posse
What constitutes your family of 3? Are you counting 2 parents + you as an only child. Or are you counting you + sibling + parent?
Are either of your parents self employed or business owners or is the $50/60k income from working jobs. Even then your parents are minimally be expected to pay their EFC
your 60k income as an only child attending college is going to get net you very little money in TAP/Pell.
What is your anticipated major? What is your rank in your high school?
You should definitely toss an application at the McCauley Honors program.
Re post #42: Posse Scholarship for tuition, and then Pell, institutional grants, and direct loan for the rest?
They’re in public jobs. My family of three consists of parents + me. The roughly 50k is from working jobs. I expect to major in physics, and I’m ranked in about the top 5% of my high school class. Yes, the Posse scholarship is what would constitute the $2000 price of UW, and I know MiT is not a Posse school. However, the two examples I gave in the OP were part of a more general question, that being how I would be able to assess which colleges I could afford. I believe that was answered quite well by previous posters, though I don’t know if I’m still missing any details.
Isn’t the McCaulay Honors for people looking to go into medical school? I think that was said at one of our school auditorium meetings.
McCaulay Honors isn’t just for pre-meds. My guess would be that someone said it was a good option for pre-meds because it would make the undergrad degree super cheap, thus letting the student stay out of debt until med school.
And McCaulay Honors is an excellent way for a student interested in grad school (any grad school) to get attention from professor’s, research opportunities, etc.
David L.V. Bauer, the first place winner in the 2005 Intel Science Talent Search, who got accepted at Harvard, but choose Macaulay Honors College at The City College of New York (CCNY). He majored in Chemistry, won 2009 Rhodes Scholar (Barry M. Goldwater Scholarship in 2007, a Harry S. Truman Scholarship for Public Service, etc.), where he went on to Oxford to do is MS/PhD. I think he is currently a Postdoctoral Fellow at Oxford University. As part of Macaulay Honors College , David spent his junior year at the Wellcome Trust Centre for Human Genetics at The University of Oxford.
http://www.ccny.cuny.edu/commencement/bauer.cfm
The average SAT (CR+M) for Macaulay Honors is 1410 and GPA is ~94.
https://macaulay.cuny.edu/about/factsheet.pdf
Macaulay Students Receive
• Full-tuition scholarship*
• A $7,500 Opportunities Fund to pursue global learning, research, and service
• An Apple laptop and tech training and support
• Intensive mentoring and advisement
• World class faculty, visiting professors and guest lecturers
• Priority course privileges
• A joint degree from their CUNY home campus and Macaulay
• Some MC Scholarship winners receive Room & Board for 1-3 years(?).