<p>One parent, income around $65,000
I also posted this in the Princeton forum but would like general opinions. </p>
<p>Total cost: $52,980
Princeton Grant: $40,890
Campus Job: $2900
Family Contribution: $9,190</p>
<p>Looks extremely good to me.</p>
<p>It looks very good. If you work during the summers you can kick in at least a couple thousand, that would bring your parents’ contribution down to around $7000. If you earn $2900 in work study you should have enough for personal expenses and text books.</p>
<p>Remember your parents will also get a couple thousand back as a tax credit next year, too. Between that and summer earnings from you, that parent contribution piece is getting pretty modest.</p>
<p>Congratulations.</p>
<p>I’m surprised the family contribution is that high actually. I thought it would be about 10% of income. The campus job amount strikes me as high too for a first year. Williams for example has $1800 for campus job the first year. Does your parent find it acceptable?</p>
<p>Well, you won’t necessarily be able to work all the hours needed to get all the money from the work-study (if it is a federal work-study program). That amount, in my experience, is usually a maximum possible award rather than something that you will get per year.</p>
<p>I think the w/s jobs at Princeton pay more than minimum wage so the $2900 is not unreasonable.</p>
<p>Students are in class school ~ 30 weeks a year if student can find a job making ~$10/hr and works 10 hours a week, the package is doable.</p>
<p>Or student grinds it out over the summer, saves $$ and then takes a job making less $/or works less hours.</p>
<p>Overall a very generous package. IF the EFC is doable by the family, student will graduate debt free. Worse case if they make him have some skin in the game and takes out stafford loans each year, s/he graduates with 20k in debt</p>
<p>Congrats, your family must be thrilled!</p>
<p>I would ask about that family contribution. Unless your family also has a lot in assets/savings, it seems a bit high.</p>
<p>I thought that Princeton doesn’t charge for families who make $60k or less. If so, it seems odd that when you make just $5k more, that they expect nearly $10k. That’s not fair. </p>
<p>If they don’t charge for families who make $60k, then they should only charge like $2k for a family that makes $65.</p>
<p>However, if they don’t have that policy, or your family has a lot in assets, then this might be the best possible.</p>
<p>princeton usually expects a ~$2k student summer contribution, so I assume that the $2900 is ws + summer contribution, since they recently lowered ws amount for freshman. The ws jobs pay between 10-14 / hr usually. As far as I know, P doesn’t have the same cutoffs as HS, they just tend to have generous aid.</p>
<p>Wow, that looks great. Congratulations! You must be super happy</p>
<p>Op wrote on another thread</p>
<p>EFC 6672
parent Contribution 2500
Work Study 2000</p>
<p><a href=“http://talk.collegeconfidential.com/princeton-university/896341-accepted-good-financial-aid-package-can-you-post-yours-2.html#post1064495272[/url]”>http://talk.collegeconfidential.com/princeton-university/896341-accepted-good-financial-aid-package-can-you-post-yours-2.html#post1064495272</a></p>
<p>Op also has a non-custodial parent, so we do not know to what extent NCP has to contribute.</p>
<p><a href=“http://talk.collegeconfidential.com/massachusetts-institute-technology/887350-financial-aid-noncustodial-waivers.html[/url]”>http://talk.collegeconfidential.com/massachusetts-institute-technology/887350-financial-aid-noncustodial-waivers.html</a></p>
<p>Overall, he got a good package.</p>
<p>Yes, this recent trend toward lobbing out finaid offers and asking if they are “good” reminds me of the chances threads. Difficult since there is no way to ascertain “good” compared to “what.” In general I’d say being able to attend any college let alone an Ivy for under $10 grand a year is “good” unless a family is dirt poor with unemployed parents and even for this OP with $60,000 income, never mind not having a clue about assets, financing any college with the exception of a CC for under $10 grand is good. If I were the parent(s) I’d be doing the “happy dance.” The OP can take out Staffords and knock out at least $1500 out of a summer job and that $10,000 is easily $5000 and within the federal EFC by the end of summer if the parent(s) haven’t saved any money.</p>
<p>*One parent, income around $65,000
I also posted this in the Princeton forum but would like general opinions.</p>
<p>Total cost: $52,980
Princeton Grant: $40,890
Campus Job: $2900
Family Contribution: $9,190 *</p>
<p>Well, it it’s true that there’s a NCP income that has also been included in Princeton’s calculations, then the above info is very misleading. </p>
<p>What is your NCP’s income? Is he/she going to contribute?</p>
<p>My noncustodial parent does not have a job. 0$. My custodial parent makes all of the income. We do not have any house assets/investments.</p>
<p>If you have a specific question you could certainly call the finaid office and have them walk you through your package. I’m sure they are used to calls and questions. Assuming you do have a part-time job to bring some spending money to college, if you and your parent are unwilling to take out Staffords and are unable to fund this college do you have other options? You obviously are an excellent student so hopefully one of your acceptances has given you a better package. If one of the other upper Ivies has given you a better package you may also be able to use that in your conversation with the finaid office if you need to do that. Best of luck either way…</p>
<p>*Op wrote on another thread</p>
<p>EFC 6672
parent Contribution 2500
Work Study 2000*</p>
<p>What does the above apply to?</p>
<p>My noncustodial parent does not have a job.</p>
<p>Your NCP has no income him/herself? How does he/she live? If he/she is married to someone with an income, that income would count.</p>
<p>However, if the NCP has no income, no spouse, and is just living with relatives (so no income to count), then I still don’t understand the contribution expected in the earlier post…also the above quote.</p>
<p>My non-custodial parent has no income. He might as well be dead. He lives with his parents or friends or something, I don’t even know. So, my family income is 65K.</p>
<p>My EFC from fafsa is 6672</p>
<p>I did not type the 2500 or 2000. I don’t know where the person who quoted me got those numbers.</p>
<p>sybbie719, don’t misquote me, kay thanks.</p>
<p>
</p>
<p>I totally agree!! At the end of the day, unless the student has a full ride merit package some where, he is going to attend Princeton for less than the cost of attending his state U.</p>
<p>If your FAFSA EFC is 6672 (with is low for an income of 65K) means that the student is not pell eligible, and is probably not eligible for state aid (with the exception of bright futures if he lives in florida, hope scholarships, or some other similar state initiative in his home state). Again, unless there is a full ride on the table, you will probably be paying this $6,672 regardless of where you go to school.</p>
<p>Even if he got a full tuition scholarship at Penn State, he would still have to pay ~10k for room board and books.</p>
<p>The current cost of tuition room and board is $47020. Op will currently have to come out of pocket with $6130 to cover room and board.<br>
I agree with M3B</p>
<p>
</p>
<p>If student takes the 5500 stafford and works over the summer his cost of going to class, sleeping and eating at Princeton are covered. His parents can pick up the ends (books, pocket $) if they can’t pay the EFC. All said and done family is paying about $20% on a 200k education.</p>
<p>Use this as a jumping off point; how much would your family have to pay for you to attend your state u? Is the cost of attending Princeton considerably more of less? If you are paying roughly the same 10k, you got an excellent return and it is an excellent package.</p>
<p>iCalculus what do you want to know? EFC is used to deliver federal monies (Staffords, pells, perkins etc) you have applied to private schools so the situation is not reliant solely on your EFC. EFC is “useful” only because it can give people a benchmark for earnings/savings but private colleges determine their own expected family contribution based on the information your parent(s) submitted. Is there a specific question or are you simply interested in comparing yourself to others? That is difficult because everyone’s’ situation is different. Do call Princeton and walk through your package so that you are comfortable before you make a decision as you and your parent will “live” with this for at least 4 years. Princeton is no loans and expects a certain amount of student contribution – the amount is not defined but buried in the aid information. After that they determine some amount of family contribution and the balance is grants. So “your contribution” + “your parent(s) contribution” + grants = COA. Call them next week. On the surface, in general, it’s a good package for you.</p>
<p>I am puzzled because Princeton says that, according to my income bracket of 65K, my family contribution should be next to nothing. I did not expect as high as 9,000 something. I don’t want to seem crazy or that I’m asking for too much. I really thought I would get more aid.</p>