<p>Net Price Calculator. There is one on every college website. You should run the net price calculators ON the college websites as they are much more reliable than the generic financial aid calculators. BUT as rental property owners with rental properties and rental income…the NPC will likely be inaccurate. There are deductions allowed for rental properties for tax purposes that some find added back into the calculations for need based aid.</p>
<p>You also indicated an asset that could be liquidated to fund college. If that is in addition to the rental property…that is yet another reason you do not qualify for need based aid.</p>
<p>But you already said you KNOW you won’t qualify for need based aid.</p>
<p>Some of the NPCs include merit awards and others do NOT. Easy reason…merit awards in many cases are competitive and are not guaranteed.</p>
<p>But please…do check out the,thread for guaranteed merit awards…I believe the
Ink is provided on your other thread.</p>
<p>It’s not annoying…but you got a lot of answers already on that other thread! I hope they are helpful to you.</p>
<p>Keepingitlight: The state schools were OOS for us, which is why I was getting $50,000 figures, much to my surprise. I just had no idea. One actually said, “If you are an out of state student, add $23,000 to this figure” Lol.</p>
<p>Oh, of course, Net Price Calculator. Goodness. I somehow missed that designation. </p>
<p>I REALLY know now that I won’t qualify, Thumper. I thought I wouldn’t before. </p>
<p>I think we did check the list and none of the schools were ones on her list. Will check the whole financial section again.</p>
<p>Goodness, I wish we’d bought rentals when I first became interested, about 10 years prior to when we did. They’d be paid off, would have appreciated in the former decade, even if they didn’t in this past decade and the money would be right there. Ugh.</p>
<p>Yes…you add $23,000 because that is the difference between instate and out of state tuition. Many public universities do NOT provide aid to OOS student to fund that difference. In fact, they count on OOS students to pay those costs!</p>
<p>Tranquil…go back to that other thread. Folks gave you schools to consider that we’re NOT on your daughter’s list. Many of the schools on that list are clearly financially not possible. Revising the list is important if the finances really are a significant consideration.</p>
<p>Didn’t read Tranquil’s other thread but…there are state schools (U of South Carolina and some of the Ohio state schools are ones that I know of…) that will offer in-state tuition, as a form of “merit” scholarship, to highly desirable out-of-state candiates.</p>
<p>Just a bit of support for the OP. Yes, it is a shock. It was a shock for us back in 2008 when our oldest was a junior/senior in high school and we first looked at college costs. Yikes! </p>
<p>It was a shock a couple of years later with our second, when we realized that even with two in college at the same time we were going to be paying a lot!</p>
<p>So now that you know the truth you need to move on.</p>
<p>My “Flop Sweat” philosophy has not changed. If the cost of the college is causing you to break out in flop sweat, you should not even consider sending your kid there. A couple of very uncomfortable discussions verus four years of flop sweat tuition payments with years of loans on top… I can’t think of ANY university that is worth that.</p>
<p>Only let her apply to the $50K schools if you have a serious discussion before hitting the “submit” button. Make it clear how much tuition room and board you can support, and that if the finances don’t work out she can’t go.</p>
<p>It’s a shock for a lot of people. Where it can really hurt is when the NPCs and FAFSA EFC indicate a figure that a family thinks just might be doable, and then they find out the ugly truth that those numbers generally indicate the LEAST you will have to pay and that you don’t necessarily get those numbers as a guarantee. Those with their own businesses and who own rental property, especially get a nasty jolt een at schools that are the considered the most generous and guarantee to meet all need. Even having the need does not mean you will get it met. The vast majority of colleges in this country do not meet full need for the vast majority of their students. Very, very few students get need met, so even having need with those calculators is no guarantee that your student is going to get anything.</p>
<p>OP, It’s a good thing you are finding this out BEFORE the application process. There have been some that only find out after the admission returns come in. This gives you a chance to focus your list.</p>
<p>You have time now to create a list of schools that your D might be interested in that she would likely receive merit aid. We used this approach and we looked for schools that met all her criteria AND where she was in the top 10% of their admit stats. That put her in the running for larger merit money.</p>
<p>I have not looked at your other thread but I will say folks here will point you in a good direction.</p>
<p>What instate public charged you that? I go to the most expensive state school in the country and am in the most expensive (undergrad) department, and tuition only just passed 9K/semester (I think it’s $9,082 or $9,084 or something now).</p>
<p>Edit: Just saw that you’re talking about OOS. Well, I think your answer is clear, your kids gotta go instate.</p>
<p>We were in a similar situation.
Daughter was unlikely to be accepted at schools that met 100% need. ( & didn’t apply)
We also didn’t have resources to cover schools that offered perhaps some merit & were less expensive than the top schools, but still we would have paid more than EFC.( didn’t apply to those either)
Our state has agreements with schools out of state for 150% of instate tuition. She did apply to & was accepted at those.
She chose to attend an instate U, which was difficult to shift her mind toward at first, but now she is doing very well & is more than satisfied with her choice.</p>
<p>Happiness isn’t about getting what you want, its wanting what you get.
:)</p>
<p>OP, if your child is in the ballpark for the Ivies (statswise, that is), take a look at the University of Alabama. My mind has been blown by the scholarship offers they make to out-of-state students with high stats. Their highest award, the Presidential Scholarship, is shocking (in a good way!):</p>
<p>Well, she made a lot of hair go white in her early teens, but one thing I must proudly say about this kid is that she is practical when it comes to money. She doesn’t want debt either, and recognizes the slavery that it represents. So…she will apply to various schools, fully understanding that the one that makes the most financial sense utilizing the asset that we have reserved for her while still offering a good program is the winner. I’m proud of her for that!</p>
<p>LucieLakie–fascinating info about Alabama presidential scholarship. I thought they only offered the full tuition to NMSFs, but I confess that I haven’t researched it as my son would be lost at a school the size of Alabama. Didn’t realize that 3.5 & 1400 would do the trick.</p>
<p>Yes, I just discovered this. We actually thought it was going to work out back when we bought it…before the real estate and economy crash.</p>
<p>
</p>
<p>I think that this bubble has got to burst some day. I’m also thinking that a lot more people than I thought are stretching themselves very thin and/or taking on massive debt for college. Not a good position to be in, as probably most families are one or two serious medical incidents away from bankruptcy.</p>
<p>Ugh. Can we not use the word “slavery” with regards to debt?
Debt is almost always a choice (with the exception of medical debt…). Slavery is not.</p>
<p>Golffather, I was asked those questions about GPA on one…University of Virginia, I think it was.</p>
<p>Wow, $60,000? You WIN…ha ha. </p>
<p>Lucie…I noticed that Scholarship for Alabama…but it’s ALABAMA, where the bugs are the size of turkeys. Seriously, she might look at that one, but really wasn’t much interested in the Deep South. Except for Florida, also expensive.</p>