<p>How the heck can I pay for college. I've been looking at the numbers and it doesn't look good. I mean my parent's gross income is like 200k but after tax is 120k, and our efc is like 65k, how would I be able to pay for tuition and such at a private school that costs like 60k a year. Any tips?</p>
<p>Expected family contribution is based on the theory that families pay for college out of past savings, current income, and future income (loans).</p>
<p>Have your parents said how much they will pay each year?</p>
<p>You may need to look for schools that will give you generous merit scholarships for your stats to reduce your family contribution.</p>
<p>You may also look at schools that don’t cost $50K+ a year. Investigate your local public regional colleges/universities and some state flagships. Would you be happy attending one of those places for college if you couldn’t afford to go anywhere else?</p>
<p>If you are a very top student, another strategy is to drop down a tier and gun for merit aid at mid-level LACs (like #40-50 and down) at which you are in the top 5-10% of the applicants. This is what I did, and I got a full scholarship at a great LAC.</p>
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<p>If you can’t afford a $60,000 or so a year college, you need to look at ones that are more modestly priced. There are public universities in your own state AND there are public universities in a couple of other states where even OOS costs are MUCH lower than $60K (the SUNY system, South Carolina, the smaller UNC campuses but not Chapel Hill). </p>
<p>I’m sorry but with an annual income of $200K per year, there should be some money available for college costs. Have you discussed this with our parents? Do you have any idea what THEIR college budget is for you each year? You need to find this out, and then work within their financial guidelines.</p>
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<p>This came from another thread from the OP of this thread. OP…do you still have this money? Perhaps it can be added to your college costs nest egg. And if any of it is in a savings in YOUR name, it will be added in as an asset for you with an assessment of 20% of the value per year.</p>
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<p>Merit scholarships, savings, loans, work…it’s daunting to look at big numbers like that but it’s like putting a puzzle together, you just have to find the right combination of pieces! The first step is to do your research when putting together a college list (hopefully you’re not a senior this year). Look for schools that would likely offer you at least 25% of their COA in the form of merit aid and/or have a more reasonable COA - there are many in the $25-45K/year range. Ask your folks how much they can contribute from savings, current income, and possibly loans - hopefully this will be at least 50% of the COA for any school you’re looking at that is not likely to offer you more than a 25% scholarship. As long as you file FAFSA each year, you’ll be eligible for federal student loans which, combined with your own earnings, could cover your board, books, and personal expenses.</p>
<p>After looking at your other thread, I’ll add full-tuition to full-ride scholarships to my “tip list”. You have the stats to secure very significant merit aid. I see you’re from CA, which also gives you the world of UC possibilities at a fairly reasonable cost.</p>
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<p>^^^</p>
<p>I hope this student applied to some UCs and some schools that will give big merit for stats.</p>
<p>Also…were you a NMSF?</p>
<p>I applied to the UCs as backups but I would really like to attend Johns Hopkins because I might be able to wrestle there.</p>
<p>Much of the profits that I made off of my business were used on taxes and spent by my parents (I know right?) there is only around a third of that left really and that would be able to not even cover the difference of what my parents would be able to pay and the cost of college for 1 year.
I’m not a NMSF.
So basically loans and private scholarships are my only hope?
My parents said they’d pay 30k a year at most.</p>
<p>And UC’s. Lot’s of kids/families wish they were that lucky.</p>
<p>^ And UCs? Can you please elaborate.</p>
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<p>With your parents’ income, I don’t believe you will get sufficient aid to make up the difference between the $30K your parents are willing to pay and the cost of attending. You will receive the stafford loan but even with that will be about $25000 short for your freshman year alone. </p>
<p>Hopkins is a great school…would you be a recruited athlete there on scholarship? If not, would you REALLY be wrestling or just “on the team”.</p>
<p>Division 3 No scholarships.</p>
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<p>I won’t elaborate for Shrinkrap but I’ll give you my opinion. LOTS of kids wish they had the UCs as their instate public universities AND had parents who could pay $30,000 a year which would cover the costs.</p>
<p>I know you want to wrestle. But unless you are able to come up with the difference in cost, this may not be a possibility. Simply put…you’ll be paying over $20,000 a year to be on the wrestling team.</p>
<p>Well Johns Hopkins is higher ranked in my prospective major so its not only like I’m going there for a sport, its also more prestigious.</p>
<p>I didn’t come here to get lectured on what I have and other kids don’t. Different people have different goals, I honestly don’t see the relevance in mentioning what other kids wish they had compared to me.</p>
<p>I think you’re misreading…Shrinkrap was responding to your “only hope” question and it was a real response (can two short sentences be termed a lecture?) You have the stats to secure both private and institutional scholarships, access to loans, and also great instate public choices. That really is a pretty good position to be in! What you might need to do is make sure you apply to other schools that are well-regarded for your field and offer more merit aid than Hopkins does. If your first choice works out, fine. If not at least you’ll have solid backups!</p>
<p>I don’t know where I made it seem like I was desperate or in a “only hope” situation anywhere.</p>
<p>One way to save a year’s worth of tuition is to start somewhere cheaper and then transfer. A friend’s child started at UCSD, then transferred to Hopkins at the start of the sophomore year. The student will be graduating from Hopkins this spring. The student’s parents (whose income is less than your family’s, plus they had another child in college at the same time, but they are still not eligible for FA) agreed to this because they saw that the student had really tried to make things work at a UC. When the student made a case for transferring, it was especially convincing. </p>
<p>No guarantee that you’ll get in, but it’s an option.</p>
<p>I think Hopkins gives merit money, no? A friend’s kid was offered substantial $ and had not applied for finaid. Was I misinformed?</p>
<p>“I don’t know where I made it seem like I was desperate or in a “only hope” situation anywhere.” </p>
<p>How about in your post #8, just before mine, where you wrote</p>
<p>“So basically loans and private scholarships are my only hope?”</p>
<p>"but I would really like to attend Johns Hopkins "</p>
<p>And one day I would like to retire, but whatev…we too, have a 65k EFC so…looking at UC’s and merit money.</p>
<p>$30,000 a year will “buy you” a perfectly good education at a perfectly good college or university add a Stafford and you have $35000, add a part-time job and you’re approaching $40,000.</p>