Hello, new to this board and hoping to get any advice on how to maximize financial aid awards. Our situation - twins will be both attending college next fall, one accepted ED to an Ivy school and one accepted ED to Wake Forest. Our total income is a little over $200K, and I am concerned that we may not receive as much aid because of this, even though tuition at each of these schools is over $50K per year.
Would anyone be willing to share any advice on how to secure the maximum financial aid in this situation?
“I am concerned that we may not receive as much aid because of this”
But what do you suppose is “enough” Your definition? Or the schools’ fin aid offices’ definition? Many people would say living on $100K per year is an enormous luxury while sending two kids to fantastic colleges.
I think at the Ivy it is going to be what is is. They only awardneed based aid, not merit. I think most of them do allow a small amount of outside scholarships to be a plied toward the family contribution, like about $5000, before they reduce their own aid.
At wake Forest, they might allow more merit aid and outside scholarships.
There is no scholarship fairy. You’ve probably already sent the css profiles in. Fafsa will not help you with extra need based aid.
The above answers are correct … but that is not to say that you are without options if the offered aid does not seem adequate to you. Your best option will probably be with the Ivy – especially if it is Harvard or Yale, since they have more money to play with. All of the Ivies have an appeal or request for review process. I laid out our expenses and the fact that some medical issues might reduce income in coming years below the figures the school was looking out, and I felt very fairly treated in the end. There is no FA fairy, but, in my experience, complete candor as to the bottom line cannot hurt.
To the OP…so did you get your financial aid packages with those ED acceptances? If so, you have your awards on which to base your decisions.
I’m not sure what you expect to do now?
In the case of AboutTheSame, he had medical expenses to being up with financial aid…and that candor gave them additional information on which to base his actual financial aid.
Do,you have anything that would add to the information that you have already provided to these schools via the Profile? Did someone get laid off? Was there some medical, unreimbursed expense? Anything that would be different than what they already know?
If not, sure, you can contact them, but don’t be surprised if they say you need to provide additional information if you want reconsideration.
If you really wanted to be able to leverage financial aid packages, your child would not have applied ED…and would have had multiple offers to compare…and perhaps appeal based on peer school offers. You don’t have that ability when you apply ED
But it’s too late to change that now.
Now you have to decide if you can pay the costs, or not…and make your ED acceptance decision based on what you have.
ETA…depending on the Ivy…your kiddo might get some need based aid there. Some. Duke is a maybe. They are not as generous as the Ivies…even with two in college with an income as high as yours.
It’s December 5. You should be getting your ED financial aid package from both in the next couple of days.
Did you expect to receive need based aid, and if so, how much do you need?
Did you run the net price calculators? What did they show?
Most people who are high income whose kids go to expensive schools pay with a combination of college savings, current earnings, student earnings, and maybe federal loans. It is awfully late to be asking this question. I hope your kids are prepared to turn down their ED offers and have apps ready for other colleges if you don’t think you can swing this for them.
Are the ED acceptances out yet? Or are they recruited athletes?
What can you pay each year for 4 years in total for the twins out of their college savings accounts/529, your own savings and investments, gifts from grandparents, current earnings, home equity loan, kids’ summer job savings, etc.?
If both parents don’t work, consider the stay at home parent getting a job. Skip family vacations and new cars.
Which Ivy? H, Y and P give more aid than the other ivies. I don’t think WF is known for being especially generous
If it’s not H Y or P, then I would guess that if your assets are average, then you’ll be expected to pay at least $35k per child…so probably about $70k per year for the both. If you have a good bit of non-retirement assets, the “efc” could be higher.
How much can you afford per child?
What did the Net Price Calculators on each website show before you allowed them to apply ED?
I notice that your son wants to join a fraternity at Wake. That can be another large expense.
I know they don’t get scholarships, but the OP talks as if they are already sure of ED acceptances. I figured that only recruited athletes have that kind of confidence.
If you’re waiting for aid pkgs and you might find that you can’t afford the schools, then I would suggest that you QUICKLY have your kids apply to a couple of schools that have scholarship deadlines that are coming up soon. Some have mid Dec deadlines for scholarships.
How much can you pay “per child” per year?
If you can’t afford these schools then you need to have your twins IMMEDIATELY apply to schools where they will get huge merit scholarships. don’t even wait to get the FA pkgs. Do it now so that you won’t miss scholaship deadlines.
I know that could be like WWIII at your home since your kids are probably thrilled about their acceptances and are already planning on going.
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how to maximize financial aid awards
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there isn’t anything you can do at this point. Your income is your income. Your assets are your assets. You will have two in college. You want them to go to their ED schools.
What could possibly “maximize” your FA awards at this point for these schools??? This is like posting: “I’m 9 months pregnant with twins. What can I do to maximize the number of babies at birth.”
Oops…I meant Wake Forest upstream…mot Duke. But I think Wke is less generous than Duke.
If these kids have n ED acceptance, thy will,be receiving an ED financial aid award very soon. Assuming the parents completed the Profile by the priority deadline date.
We tried to talk our kids into reasonably-priced schools, but that didn’t work too well so, (prior commitments of paying for their education if they worked hard), we are stuck.
We use our savings, our 529 accounts, their part-time and summer jobs, their National Merit dollars, and our short term Parent Plus Loans. We are on a very stringent budget, (although we live in California) and we drive old cars, do our own house repairs and avoid doing anything that costs money. We’ve completely cut out our entertainment and “entertaining” budget. With your budget, you should be able to do the same.
OP didn’t say she couldn’t afford it, she said she wanted to maximize FA. For the Ivy child, she might get some FA even with a $200k income because there are two in school. At WF, there might not be much need based aid, but maybe more in merit from the school or outside sources.
Because of her name, I’m guessing at least one child is an athlete. Maybe the student received a Likely Letter which is pretty good evidence that he/she will be admitted ED.
Thanks all. Appreciate everyone’s advice, and yes, one son is a recruited Ivy athlete and other was accepted ED to Wake. We do have a 529 plan, but was looking for advice from those who have had similar situations on how to maximize aid. And several of you provided some great advice. Many thanks!