<p>I'm a white male from Kentucky. My parents make about 70k a year and my EFC is 10k. I have a brother who is currently a junior at a state flagship and has only required my parents to pay 3,000 for his schooling total. I could go to a state flagship as well, but quite frankly, I don't want to. I want to go out of state.</p>
<p>I was accepted to Case Western yesterday with 17,500/year in scholarship. I was quite happy, but realized that I would still have to come up with about 30-32k per year, which I simply cannot afford. I also expect to get accepted into 2-3 of my remaining applications (BU, BC, Cornell, Chicago, Stanford [no.]), and I expect to face a similar dilemma with these schools as well.</p>
<p>I really want to go to one of these schools (specifically Case or Chicago), and I plan on taking part in work-study and whatever means of funding I'm offered, but I know that won't cover all of the money I need and I really don't want to be in huge debt once I finish school.</p>
<p>TL;DR -- Middle Class wants to go to schools he can't afford. What can he do to not plague his future with debts?</p>
<p>A couple schools on your list claim to meet full need if accepted, but their CSS/Profile view of your need is likely to be rather different than than the FAFSA EFC. With an income of $70k, schools are going to expect a fairly significant contribution.</p>
<p>Short of merit/further need-based aid, if your family can’t come up with the money, the bill isn’t going to magically pay itself. You need to find a school that you’ll be happy at and can afford.</p>
<p>As a first step, talk to your parents and find out how much they can contribute.</p>
<p>He can choose an option that he can afford. That’s unfortunately the best answer you will get.</p>
<p>Your EFC is 10,000 with 2 in college & $70,000 in annual earnings? That is high. Do you or your parents have a lot of assets? If so, the family will be expected (by all schools) to part with some of those assets for school. Make sure you didn’t report anything that shouldn’t have been reported … such as primary home or assets in qualified retirement accounts (although Profile does ask for these).</p>
<p>Hang in there until you have all of your acceptances & award letters. Then add up actual costs … tuition, room, board, fees. Subtract all free money (grants/scholarships). The result will be the amount your family will have to pay. You can borrow up to $5500 in Stafford loans for freshman year. You may be offered some other loans, as well, such as Perkins … but remember that loans are loans (keep them to a minimum). You may end up with an offer or two that surprises you (in a good way).</p>
<p>I know how tempting it is to wish it were otherwise … but it is what it is. You need to be realistic about costs & choose a school that does not require too much debt.</p>
<p>On YOUR FAFSA and Profile forms, did you indicate that TWO in your family would be in college at the same time? Check this. I agree with Kelsmom…your EFC seems high with two in college.</p>
<p>BUT having said that…your EFC is really not as important as how much your parents are willing and able to pay. If they can match your EFC or exceed it, you don’t have an issue. If they are unable to pay their family contribution, you will need to consider schools where they will be able to pay what the school asks them to pay.</p>
<p>Some of the schools on your list also give merit aid (BU, for example). Are you a high stats student who might garner some merit aid from these schools? </p>
<p>Cornell, and Stanford meet full need. BC does too, but from reports here isn’t as generous with free money (grants) as the others.</p>
<p>It’s quite possible that your parents are fully extended financially. They have been paying for your brother to attend college. With a $70k income, their take home pay is much less than that. </p>
<p>But PLEASE do check your financial aid application forms. Something doesn’t seem correct, unless your family has some significant assets (this could include other real estate, and other savings as well). For the Profile, this could include equity in your primary residence.</p>
<p>PrinceMuzic…highly unlikely you will be able to take out loans with the exception of the $5500 available to you. You parents could co-sign loans for you although many parents would tell you “no”, but you alone will most likely not qualify for private loans.</p>
<p>Most of your remaining schools use PROFILE. Your financial aid package will be what they decide to fund based on the need that their methodology calculates. You may get a doable offer. When all of your acceptances and packages arrive, hopefully there will be at least one that is doable with a both you and your parents paying some, borrowing some and scraping up some to make up what that school considers what you should be paying.</p>
<p>Has Case give you a financial aid award yet in addition to the merit award? That may be yet to come.</p>
<p>Unfortunately, it does happens that the packages offered are too risky in terms of student and/or family taking out that level in loans and having to commit to a certain amount too. If that happens, your in state options are what you can afford. That is why a financial safety is always important when you know your family cannot pay full sticker prices. There really is no way to predict what any given college will cover until the offer letter is received.</p>
I do hope you at least APPLIED to a financial safety – there’s not a single school on your list that isn’t cost prohibitive for middle class earners without sufficient savings. </p>
<p>That said, if I recall, UChicago has pledged a few years ago to give full need to all families earning less than $60k a year, and partial need (I mean, most of it) to all families earning less than $75,000. You should call their fin aid office and ask about this program. – It was implemented in 2007 or 2008 after a major funding drive. I can’t recall the details from the presentation and my son went elsewhere but I remembered thinking the school would be a great fit for a single-parented pal of my son’s due to the generous financial policy.</p>
<p>Also, for good or ill, it is “average” for a 4-yr undergrad to come out with approx $22,000 in loans, for a repayment schedule of between $250 - $280 a month over 10 years. </p>
<p>So when you’re comparing packages, just know what’s average and what’s not (eg. the case western scenario is not one that would result in a viable debt load…) But do be realistic – you will end up likely having to have a bit of skin in the game.
Best wishes!</p>
<p>$70,000 a year income with EFC of $10,000…you’re not exactly living on food stamps. Look at the elite privates with large endowments, but don’t expect a full ride.</p>
<p>^ Why is that good news for the OP? Has he been admitted to Stanford? As stated, “Stanford’s financial aid program is one of the most robust in higher education.” In other words, this does not represent what to expect from other schools.</p>
<p>It means that – if accepted – there’s a viable fiscal option on the table. My concern was the poster did not mention any fiscal safeties when posting the schools he/she applied to.</p>
<p>I would never consider Stanford a safety in any way. A financial safety also is a safety admission wise to be a fall back school. Otherwise, we can all tuck Harvard in there as our financial safety. </p>
<p>I believe BC and Cornell meet full need, but I don’t know if they will meet the need in grants only allowing the $12K need figure (which does sound high to me) to be the only loans the OP and family have to take. That is very doable, especially split between parents and student. BU generally gives aid within merit and there is no telling where the OP will sit in that matrix. </p>
<p>When all of the letters arrive, hopefully the OP has some doable options. I wish you well.</p>
<p>I do not know this from personal experience. BC does say they meet full need. However many here report that their awards from BC are far less generous than their awards from other full need schools. My guess is that BC considers more of the primary home equity, and perhaps they also deal with business owner expenses less generously than others.</p>
<p>Yes, Thumper and BC also includes 401K account and some other qualified retirement vehicles as well. In our area, and I would guess also in yours, BC is a popular choice. What I have heard meshes with what you have written. However, I have friends in the midwest who have gotten nice aid packages from BC They can fill up their class with New Englanders and New Yorkers but someone from Kentucky might get a little preferential packaging.</p>
<p>Until the letters arrive, everything is just speculation. I wish the OP well.</p>