<p>We don’t have a small business, so I don’t know how this works from personal experience, but the idea I get from reading threads around here is that the NPCs don’t work for small businesses and generally underestimate the EFC, not overestimate it, since the school takes into account value of business and associated property. Again, I know nothing, could be way off base here. And perhaps the ethics of these things are different for D3 athletes, if as you say, they are likely to get extra generous FA packages. </p>
<p>I still think there should be a plan in place to deal with the cost estimate as given and not do ED blindly, but that’s just me.</p>
<p>To clarify, my parents do not own a business. They are both teachers. I will have two siblings in college for two years, so 20k seemed a little high. We just contacted the FA office and they said the parent contribution would be 17k and student would be 2k; the rest grants. Is it still too much?</p>
<p>*Have your parents checked that they qualify to co-sign on loans of this size for you and have they agreed to do so? That needs to happen before you push the submit button. *</p>
<p>And the long-term concern is that the parents may not qualify for the loans for the later years. many parents can’t qualify each year for more and more loans.</p>
<p>Is it still too much? That is for your family to decide. Sounds like you would be asked to pay about what the average state school would cost (if you were full pay there). I would be hesitant to apply ED with so much financial concern still up in the air. Good luck.</p>
<p>Thanks for the advice. At this point I’m not sure what to do, maybe I should just hold off and apply regular? My chances at acceptance would be much much lower and so much would be up in the air… Gahh I’m stressed to the max</p>
<p>Ok, this makes more sense now.
Run a few more NPC’s.
Would your family have to pay $17,000 or less at any school?
$17,000 is an average cost of attendance for a state school (can even be lowish) and you’d take on $5,500 in loans in both cases - state schools always include federal loans in the package as far as I can tell. So can your parents pay 11,500? If they think they can swing it, apply.
However, if their limit is $10,000 and under, your choices will be very limited unless you get a full ride scholarship somewhere. Go to the financial aid forum and check out the sticky threads for automatic scholarships .</p>
<p>This is a tough decision - I still say you submit and see what the package really comes up. Then you decide.</p>
<p>Here’s something else to think about - I think you originally wrote you were going to have to come up with $10k per year to go to the state school. You would earn the same during the summer for either school, your parents contribution would be the same, so what you’re really talking about is an extra $28k. </p>
<p>Is Haverford worth an extra $28k? I would say yes, without a doubt. If everything is loans for both however, the question then is would be is it worth $68k in loans vs. $40k in loans? That’s a much more difficult question.</p>
<p>Savannahstar, it looks like you’ve started several threads roughly on this topic about less elite vs. more elite school in the past couple of months. In some you allude to a possible free ride or near free ride to UMBC. Is that still available? Also you mention 2 older siblings in college. Are your parents paying similar amounts for them? It’s clear you really want to attend a more prestigious school. What are your parents saying about it? Will they cosign these loans? Do they have loans cosigned for your siblings?</p>
<p>If you apply ED, your parents need to sign the ED agreement, no? Have they agreed to do that?</p>
<p>My parents said that they will support my decision wherever I choose to go, despite the finances. My brother has not decided where he wants to go, but is leaning towards community college to save money. My sister is currently at a state college, and my parent’s cannot afford to pay for much of her education, so they co-signed on loans for about 23k per year. I really don’t want to be in the same situation (and be in 80-100k debt!!) but I do want to get the best education I can. I know I will be happy whether I go to a state school or a more elite school, but I feel that I would thrive more at an elite school like haverford.</p>
<p>To answer the other question, I’m not sure if I would get a full ride to UMBC as circumstances have changed that I will not elaborate on. However, although I’m not sure it is still a definite possibility. I know it would be my cheapest option at this point.
Thanks for the advice everyone, I’m currently freaking out and very much appreciate it.</p>
<p>BTW, your parents’ contribution to your siblings’ college will likely be adjusted when you start college.</p>
<p>What do your parents think, is that feasible? Are they okay with your applying ED to Haverford?</p>
<p>BTW, without a scholarship, UMBC is about $21,000 (in state tuition, room&board, mandatory fees) so if you don’t have the scholarship already you should make sure your scholarship application is in by the deadline. (If you apply ED and are admitted and receive a sufficient FA package, you will have to withdraw from the UMBC scholarship pool.)</p>
<p>If your choices are UMBC, Towson, and Haverford and you’re not sure you want to major in the sciences, I see why it’d be a tough call between UMBC and Haverford because Haverford wins for academics and UMBC for engineering and scholarship (if you have the full tuition or full ride scholarship).</p>
<p>If your parents are in that much debt (and that WILL be counted when FA is calculated), then I think Haverford would be cheaper than the amount they quoted. Elite schools sometimes can cost less than a state school.</p>
<p>In your situation, I don’t think you have much to lose by applying to Haverford if your parents agree.
Do let us know your decision and also once admission/packages are in how it turns out. :)</p>
<p>BTW, your parents’ contribution to your siblings’ college will likely be adjusted when you start college.</p>
<p>The sister is at a state school. Unless the new EFC is at Pell levels, the parents’ contribution isn’t likely going to change a bit. Having a new lowered EFC may indicate having some “need” …but at a state school that often means nothing. </p>
<p>Many people with “split EFCs” that are rather low (like $9k each child) find that they’re still expected to pay all costs at their children’s state schools because they don’t qualify for Pell, and their incomes are too high for state aid (if their state offers any)</p>
<p>My sister is currently at a state college, and my parent’s cannot afford to pay for much of her education, so they co-signed on loans for about 23k per year.</p>
<p>that’s not a good sign. That means that by the time you’d be trying to get loans for your soph or Jr years, your parents will already have co-signed for $75k or more in debt. At some point, the banks are going to say “no”…then what? Leave school with no degree???</p>
<p>Thanks ! Again I really appreciate it. It’s a stressful situation. I know there isn’t an 100% perfect way to go but I want to make a smart decision. If anyone has any info about their experiences or fav/least favorite things about haverford as well, I’d be pleased to read it! (Or I can just look at a different forum…
And if anyone else thinks I should apply or not apply ed let me know. I really do read and highly consider every response.</p>
<p>I think on my daughter’s list of schools, Haverford is #3 or #4, depending on if you include a school that she doesn’t have a very good chance of getting in. Academically, it’s impressive, but D thinks it’s a bit small, but could live with it. The whole honor code thing is both cool and weird at the same time. Pre-med advisor, access to Philadelphia, new sciences building, new gym, new dorms, cricket team, all awesome. Food is better elsewhere, but decent. Older housing could be better. Bryn Mawr is impressive, but I could feel the testosterone being drained from my body. Nice Jewish population. D would join FABs. Senior thesis is both intimidating and inspiring. Access to UPenn and Swarthmore is not easy, but nice to have it available.</p>
<p>Your education is what you make of it. Yes attending a prestigious school might open a few doors for you but it is ultimately what YOU do with your education. I know two guys who both started off at community colleges right after high school. That certainly doesn’t have a prestigious ring to it but after two years both ended up at great universities and both ended up with excellent careers - one as an engineer and the other working for IBM ultimately in an executive position. Neither were athletes but neither left school with great debt either. I certainly feel for you having to make this huge decision. Giving up a prestigious school for one that is not well know would be difficult for anyone especially if they knew the acceptance was within reach but you need to long at the looong term goal. Will having attending that top school make a big positive difference in your life 5-10 years from now? Will you be left w/ a mountain of debt and no free time to enjoys these years during college because you are working all the time? But, maybe your don’t mind the idea of working so you have the opportunity to attend such a well known school. But, you have to consider, will your ultimate outcome be just as successful if you attend the state school and don’t incur so much debt. Will you be left pining away that you should have gone to the elite school if you choose the state school. Of course no one can answer these questions but you but best of luck to you making this very difficult decision. I think you will be successful whatever you choose.</p>
