<p>So I just started receiving financial aid packages from some of the colleges I've been acceped at, and my parents and I are shocked.</p>
<p>Not counting loans or grants, so far every college I've heard from is expecting me to pay 20-25k out of pocket each year! Not to mention, I have a twin brother my parents will probably be expected to pay something simliar for (we haven't heard back yet, but we're hoping he'll get a better deal because they're mostly state schools). Do colleges really expect us to fork out 40-50k per year when they only have an income of 60k annually? My father has been saving money over the years, but as he pointed out, such fin aid packages give incentive not to save, because it seems for every penny he saved up, the college counted that as one more penny they didn't have to give us. And for what it's worth, as far as I know, everything he's ever saved for college would cover only slightly more than one year's tuition.</p>
<p>I'm sure there's someone on this board who was put in a similar situation.
How did you manage to pay?</p>
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Not counting loans or grants, so far every college I've heard from is expecting me to pay 20-25k out of pocket each year!
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<p>Does that mean that you still have loans and/or grants that you can deduct from the 20-25k? Because that seems to be pretty normal. Did you include the fact that your parents will be paying for your twin brother? Because parents' paying for a second child will also help. Did you check out the financial aid policies of your schools? Because many schools give you the aid they can, and then you have a "gap" that you are responsible to fill. A lot of schools are not able to fill 100% of need. And, a lot of schools consider that some of their "aid" is offered as loans. To me, that is pretty funny, because a loan is, in my mind, not aid at all. There is a lot to think about, and a lot of it is not really explained before you get accepted. It continues in the succeeding years, because you have to apply for aid each year. </p>
<p>Maybe, with an income of 60K, there were some mistakes made on the FAFSA, CSS, or other forms you filed. I know, it's very tough....</p>
<p>My dad's usually pretty good with filling out such forms (he's an accountant), so there might be some error, although it wouldn't be some guess.
What I meant by out of pocket was
total cost=(out of pocket)+(loans)+(grant)
where the loans is just the loans that they included in their package, and like you said, I don't really consider that financial aid at all.
So really, I can't deduct anything from the 20-25k, in fact, I'm expected to take even more out in the form of loans.</p>
<p>As franglish said, it depends on the school whether it's "normal" or not. What did your father get for the family's EFC from FAFSA? (Of course, that can change with Profile, but it's a place to start.) Are these schools that promise to meet 100% of need? Most schools don't. And they do consider loans to be "financial aid" because tuition is expected to be paid out of current income, past income (savings) and future income (loans).</p>
<p>You may simply have to go to a cheaper school. Tough to hear, I know, but sometimes that's just the reality.</p>