<p>Well if they will cosign I guess that’s their business, huh? But there is a lot to be said for a smart kid that makes smart financial decisions. I’d hire that graduate. </p>
<p>OP, my kid is a NMSF, and scored very well on his SAT’s. We also are considered upper middle class and pay full freight for his sister. Son is getting lots of full ride offers from schools in the midwest and south; but he is not interested (Oklahoma has offered full rides-almost daily correspondence, as has UN Lincoln). </p>
<p>He has also applied to the HYPS’ schools but he knows the competition is tough; he can’t automatically assume he’ll get a full scholarship. He has great “hooks” and was just interviewed by Harvard but if he doesn’t get a decent financial aid package, he’s not going to any HYPS. We don’t have that kind of money. </p>
<p>However, he also applied to our State Schools and was just accepted with a full ride, honors status, and, because he also took classes as a high schooler at the local UC + AP’s, he will be beginning as almost junior status. If the IVY’s don’t come through, he’ll be going to our local state school and he’s fine with that. </p>
<p>OP needs to talk to parents. If they make enough, have enough that they do not qualify for aid, they may be able to swing PLUS or other loans, if they so choose to do it. Where I get antsy is when some kid from a truly low income situation wants parents to cosign some big ticket loans when it’s clear that things are already borderline financially. </p>
<p>We are an upper income family, who given the commitments we made, the choices we made, cannot pay out of current income and savings more than a set amount for college. But, if absolutely necessary, we could come up with the money, so a discussion would be in order for anything that would necessitate that kind of move. Our kids have been wonderful in that they found college options within the financial parameters and did not push it. I don’t know what we’d do if they had. Because, yes, I am weak, and I would so want them to get what they wanted, especially in college choice. But really, on an objective basis, we should not be spending an additional $30K or more in college costs for our kids. It hurts us financially. </p>
<p>Sounds like a recurring theme. There are literally thousands of kids in your circumstances and they all want to go to the best school they can afford. For every scholarship that is competitive, there are 100 highly qualified applicants. You have to have an affordable fallback that either fits within your means or will give you a ride.</p>
<p>Based on our analysis on the Ivies (many of whom S1 ignored as they do not have ‘great’ engineering programs) Princeton was the best in terms of getting you the money and being realistic about ability to pay.</p>
<p>The only other way you are going to get that 20K beyond what has been mentioned in for something tragic to happen to you between now and then. I think we can safely say that it is better to go to a ‘lesser’ school than to have to endure the kind of tragedy that would result in you getting pity dollars.</p>
<p>I’d say ‘buck up and move on to a more realistic choice’.</p>
<p>@mom2collegekids, actually Fordham does give full tuition to NMSF as well</p>
<p>This is a conversation to be had between the student and parents. If THEY want to take out loans, that is their family decision.</p>
<p>The student does need to remember that college is a four year commitment, and that any payments or loans she needs will need to be for all four years.</p>
<p>@mom2collegekids Trust me, I’ve done my research on Vanderbilt’s scholarship system. My SAT score (2340, 1580 R+M) puts me in range for them. I also understand it is not a sure thing, hence why I have backups. This I understand well. I don’t think I’ll just “slide in” anywhere.</p>
<p>I wouldn’t take out 20k a year in loans. I’d rather go somewhere cheap and go to a great grad school instead, or try and make money some other way. Fordham and Vanderbilt (as well as Tulane, Rice, Emory, yatta yatta) are all great schools and wouldn’t be so much of a compromise as a bargain.</p>
<p>Thank you guys for your help, you’ve really put things in perspective for me. I will apply to a variety of schools in case my financial situation changes, but right now I’m really banking on merit aid. </p>
<p>intentando…</p>
<p>Since you do have SAT scores, then you should also apply to schools like Tulane, UMiami, USC and a few others that are more likely going to accept you with a lot of merit. </p>
<p>What is your major?</p>
<p>Back up one small step. How are/were Sis’s costs being paid?</p>
<p>If she will be an undergrad when you start, even though the parents could afford 40-60k for her, now there are two in school and that can change the expected contribution for each student. </p>
<p>Does she go to a college that simply offers no aid, so your parents need to look at her costs as fixed and run numbers to see what’s left for you? And it comes up short of your projected charges? That can still be affected when there are two in college.</p>
<p>Or is she done and this is the same they did for her? because I wouldn’t jump to parent loans or cosigning without making sure you have the focused info.</p>
<p>My parents barely scrapped by paying for her to go said college. Their salary is only going up and even if the two of us were enrolled at the same time they would pay around 90k total a year, which is INSANE. That sibling is transferring to a cheaper school and thus no two-for-one EFC trick is possible. </p>
<p>@mom2collekids…this is off topic …but I want to thank you for being such a wealth of wisdom on so many posts. I have learned so much from you!</p>
<p>^^
lol…you’re welcome! :)</p>
<p>Intentdo…</p>
<p>So you and your sister will be in school at the same time for one year? Is that right? I see that she’s transferring to a cheaper school. How much will that cost your parents?</p>
<p>when BOTH of you are in college at the same time, how much can your parents pay THAT YEAR for her and how much for YOU. </p>
<p>Ditto about mom2collegkids. Very helpful advice!</p>
<p>OP, my director is on the board for some of Vandy’s scholarships. You had better have a lot of really solid ECs and a hook or two. They do not have very many scholarships and while there are some that are technically for merit, the whole picture often comes into play.</p>
<p>I have the same problem with my own S1. His PSAT was slightly better than yours. Your core SAT was slightly better than his. I reviewed his info with the boss and he said it would be iffy at best. He has only 2 Bs in HS and has taken every possible AP class that he could fit into the HS system. He has a number of good ECs, but at the end of the day, he is a white male from an upper middle class family and while the scholarships are not technically need based, when the numbers and resume are otherwise close, the money is going to go where it is perceived to be needed the most.</p>
<p>The advice you are getting here is for your own good. None of us have any reason to steer you astray. Take the advice. Get some good backup schools. Vandy is not a safety school.</p>
<p>OP, it depends.
Are you saying they ran the Fafsa last fall for two in college and it came out to 90? Or they’re assuming that since she didn’t get need-based aid, you won’t? </p>
<p>Because when there will be two in college at the same time, they need to run it again. The total EFC is now split<a href=“more%20or%20less”>/u</a> between the two. Each college will see that lower parent contribution number.</p>
<p>There is no two for one EFC trick. The way it works is if there are two kids in college at the same time, your parents EFC is simply divided by two. With three kids, by three. It’s not a trick. It’s a formula. For that division to be done, there simply has to be more than one full time ug student in college that year. </p>
<p>Now for PROFILE schools, it’s not a simple divide by two formula. Most take the parental contribution as that school calculates it by its own formula and then apply 60% to it rather than half. </p>
<p>Still, this is only going to be for the time there are two of you in college, and it appears that they were having trouble paying for one kid in a private college and the income then did not qualify your sister for financial aid.</p>
<p>As you’ve probably learned from what your sister has undergone, if your parents financial information is such that what they are expected to pay, is more than they can afford, the school is not going to throw in financial aid because they did not save or live as frugally as the formulas say they should have. Loans, parental signed ones are one options, but that is up to your parents. Students are not offered a lot in loans, auto $5500 in Direct Loans is about it unless a qualified co signer is there too.</p>
<p>As for merit money, absolutely go for it. I hope you get some nice packages from schools like Vanderbilt. You look at the bottom line of what you have to pay at each school and pick from the affordable ones. You consult with your parents as to what they are willing and able to pay for each of your choices. I’ve known parents willing to break open their accounts and borrow for say, HPY, but are not so hot to trot out the checks of other schools costing just as much but not have the name recognition and lustre. Their money, their decision. Also, it’s a mature and wonderful thing to do, not to put the pressure on parents who are trying to do the financially responsible thing for themselves. I know I will be eternally grateful that my kids did not put on the emotional screws about paying for school that are possible but not a smart thing for us to do financially. The went with what was within what we said we could uncomfortably pay. </p>
<p>You aren’t alone in this situation, but you are lucky in that you have stats that will buy you some nice options. There are kids just like you who are holding their breath to be able to pay full freight for schools that just might give you free tuition or other generous merit money. My son could have gone to a school that does give a lot of merit,but he didn’t get much, though he was accepted, but he was happy with the acceptance and that by commuting and working part time, he’d be able to go there, just barely, but with a little bit of a break it was an option. He focused on the affordable options, not the unaffordable ones. Kids who looked at similar results were miserable; he was ecstatic. Half full, vs half empty outlook. </p>