<p>I had a very heated discussion with my dad today about, among other things, paying for college. Here's the deal, colleges expect your parents to have been saving for college basically for forever. They also look mainly at income and don't consider certain other expenses (even expecting you to include home equity at times!).</p>
<p>My situation: my parents took out my entire college fund and used it to pay for prep school tuition for me and my siblings, because they felt that the area public schools wouldn't do a good enough job. Also, my dad makes about $100k a year, but they still devote a large portion of that (along with the college fund) to the aforementioned tuition of four children.</p>
<p>End result: I have a legitimate chance of getting into an Ivy, Stanford, Duke, Georgetown, Vandy, or Davidson (all obviously private, with tuitions of $40k+). I've been told that HYPS are reaches (as they are for 99.9% of applicants, since it's really a crapshoot lol) and that all the rest are very attainable matches. Problem: I have no way of paying for any of it. My college fund is gone. Our income is deceptive b/c of the prep school's high tuition. Therefore, all pleas for need-based financial aid will be largely unsuccessful.</p>
<p>In short, my dad yelled at me for an hour about how I needed to get hundreds of thousands of dollars in scholarship money so that I could finance my own eff-ing education and make something of myself.</p>
<p>do the calculators for both the federal and institutional method. One way includes home equity, the other doesn't.
then look at the schools you want to go to and see what they use. Also consider schools that give merit aid regardless of need. Harvard and some others will still give you aid with income over 100K, but very very very few schools will expect a zero family contribution</p>
<p>most schools aren't going to care that your parents spent your college money on HS tuition.</p>
<p>Harvard limits parental contribution to 10% of income up to $180,000 and Yale does the same up to $200,000. So if you do get into Harvard or Yale, you will get a ton of financial aid (if you are accurate regarding your family income). Other elite schools are giving alot of lipservice to matching Harvard and Yale, but their formulas are vague and less predictable. Don't let money limit your application choices. Try and see. But definitely also apply to affordable safeties and do as your father suggests and apply for any scholarships you can.</p>
<p>So maybe your father didn't come across correctly but he has a good point. Instead of sitting around hoping for a "free ride" he is telling you to plan your future. If I were you, I would be applying for every scholarship I could. What is wrong with planning your own future? What happens if you don't get into any of the schools you listed? Or even worst you get accepted but they don't feel that you need the aid you think you do. If they expect 20-30K from your family which they don't have. What are YOU going to do. This is YOUR decision and I would be working to make sure that your dreams are possible.</p>
<p>It makes me want to cry that parents, students and high schools aren't telling kids about the financial aspect of college.</p>
<p>if they spent as much time talking about FA, EFC, scholarships, merit vs need based aid, grants, loans, etc..... as they talk about test scores and EC and AP stuff, they would be doing a BIG service to the kids.</p>
<p>Heck, I think hospitals should be putting this website on the list of stuff they send babies home from the hospital with. </p>
<p>This is the Information age, yet so many are so clueless.
It's one thing to not be able to afford college, it's quite the other to find out why too late.</p>
<p>Even in lower income areas, this information could be available if the people 'in charge' wanted it to be.</p>
<p>
[quote]
Also, my dad makes about $100k a year, but they still devote a large portion of that (along with the college fund) to the aforementioned tuition of four children.
[/quote]
</p>
<p>So some of the current household income is devoted to paying for your prep school, and could perhaps be devoted to paying for college. </p>
<p>Your dad probably needed to vent, too, which is why he was yelling at you. It's hard for a parent to have to tell a child, "I can't pay for the college you deserve to go to." You have been well-prepared for college, presumably, with the prep school education you have received, and are in a position to seek entry into very selective schools.</p>
<p>I suggest you expand your college admissions list to include the honors college at state U and some other colleges for which you would fit into the top 5% of their applicant pool. Don't seek just big names.</p>
<p>There are many people in my school district who, if their children do not make it into particular public schools/public school programs, feel compelled to put them into private schools. It's a trade-off many parents have to make -- giving their children an education at fine private secondary schools and having little or no money for college, or making do with public schools to keep contributions going to the college fund.</p>
<p>I'm in the same position. My father won't contribute money to my college education, and so any money I get from my family comes from my mom's part time job.</p>
<p>However, even with me working 20-40 hours week during the summer, and then getting a job while at college, and hopefully getting some merit based awards, and with loans, I'm still going to be at least $11,000 short at one of most affordable LAC's. Even if I were to go to a cheap public instate it will be difficult.</p>
<p>It's a tough go, I know, but better you are actually talking even shouting about the situation. At least it's out there. What you need to do is make sure that your parents know the difference between schools that give out only need based aid and those that also give out merit money. Then you may want to get your parents numbers and run them through some of the on line calculators to get some idea what you can get from the colleges. The ivies, Stanford and Georgetown do not give merit money, so all you are going to get from them is what the need calculators say you need. Then you may want to look at schools where your numbers put you way up there in terms of students and go for some of the merit awards, merit within need awards. You need to get a financial safety in there as you can probably get into a number of schools that would be reaches for most kids, but the aid you get at some of them may not be what is affordable to your family. Get a good feel as to who is giving what, and your chances of getting some of it.</p>
<p>I want to re-iterate what Owlice said: Ask your father if he would would be willing to use the amount he was spending on private school tuition for your college. Also, do the calculators. You may not be as far off as you thought.</p>
<p>Apply to some good state schools where they give out full tuition, and where even if they didn't give you any scholarship it would cost as much as ivies generally do with financial aid.</p>
<p>You don't have to go to an ivy league school.</p>
<p>And when you have your own children be very clear and upfront with them about the issues involved in funding their educations so it doesn't have to come to screaming & upset when the time for college decisions come.</p>
<p>You probably aren't in as big trouble as you think. I know at Stanford you are not responsible for any tuition if your family makes 100k and in fact, probably a lot less than just room&board. At H/Y/P you can also expect to pay very little too. The other schools may require 20-25k, but through work and loans you can make your dreams possible. Furthermore, when your siblings enter college, your family expectation will be cut in half so that 20-25k can become 10k by your junior year. Good Luck!</p>
<p>Don't despair yet, OP, and as others have suggested apply for lots of scholarships. I know Davidson particularly has a scholarship application and you may be selected for a Presidential scholarship or similar merit scholarship. Once you show that you are working on your own to get this help (and hopefully are awarded), then perhaps your father will help with the rest. At least you'll have options and from our experience it is amazing what one college will award you when another gives you zilch.</p>
<p>With an 100k family income, you can actually expect a lot of need-based aid from the Ivies.</p>
<p>Also, I'm guessing from your screenname (Hook 'Em Horns?) that you live in Texas. If you really do, then feel blessed that you live in a state with a great flagship university (UT) that should not so easily be dismissed.</p>
<p>It doesn't work that way. Currently there four of us attending the prep school. The tuition is certainly not set in stone. Instead, they recalculate it every year, not necessarily giving financial aid, just lowering the total cost of tuition based on your family and how many kids you're sending. When I leave, the average tuition for my three siblings will go up, basically canceling out the fact that I'm not attending anymore.</p>
<p>I do live in Texas (Austin, actually!)
Thus far, UT is shaping up to be my most viable option because I'm automatically admitted and my freshman year is free because of being valedictorian. So that's nice.</p>
<p>Some colleges will take into account the tuition that your siblings are costing in PROFILE. Still, a full ride at a name school is not going to be easy to get. College is considered the responsibility of the parents just as high school is, so your parents income and assets will figure heavily in financial aid. </p>
<p>I suggest you look at some lesser known schools where you have a good chance of getting a subtantial amount of merit money or even a full ride; there is a thread on how to get a full ride. This means applying to schools that are not likely to be on your radar screen. Also look at low sticker cost schools including state schools, and local ones. Commuting should also be an option. Though you can include your high reach schools in the mix, be aware that you need a much broader field if you need substantial money to go to college. Find out from your parents what they feel they can afford per year for you. They will get the option to borrow money (PLUS is the program) as you will (unsubsidized, possibly subsidized Stafford). Most parents do not have the amounts needed saved for college and do end up having to borrow.</p>
<p>Well I have an automatic school already.
I know we can afford UT, it is absolutely not a problem because of my automatic scholarships (and many more if I get into Plan II Honors).</p>
<p>So, at the very worst, I'll be a Longhorn.
I do not need to look at other state schools.</p>
<p>However, I am definitely looking at Vandy and Davidson because, although their sticker price is high, they offer great merit aid (Davidson has loads of full ride scholarships).</p>