It's over 9000! But under 50k...

Paying for College
1

<p>Hey CCers! Long time lurker, first time poster.</p>

<p>One of my parents passed away this summer, which dropped our family income to 45k (Mom's income).
My brother, the only other member of the family, is a freshman at UW-Madison.</p>

<p>When I was younger, my parents would always tell me that if I could get into any college, they would find a way pay for it. Now that circumstances have changed, I don't think my mom will be able to contribute a lot towards college, especially with another dependent college student.</p>

<p>I'm currently a junior in Wisconsin, and have started looking at colleges, but the thing that keeps jumping out at me is the crazy OOS tuitions at some schools that interest me (UMich, U-Illinois-UC, UC-Berkeley, MIT (Matches and Reaches).</p>

<p>UW-Madison is right next door (I would live 10 min. away) and is a good engineering school, BUT I don't want money to limit my college search. I would be the first person in my family, including some of my grandparents, that didn't go to UW-Madison.</p>

<p>How can I make OOS tuition not so crazy expensive compared to in-state? I know UIUC and MIT don't hand out a lot merit-based scholarships.</p>

<p>Any advice would be great.
Killacard</p>

2

<p>I am so sorry to hear about the loss of your beloved father.</p>

<p>Your brother needs to let UW-M know about the severe change in the family’s finances. He may qualify for some aid. Has he submitted a FAFSA for last year and this year?</p>

<p>When you go to college, there will be two in college, therefore that will be an additional consideration.</p>

<p>Since your a junior, you might have some more options if you find some schools that will give you a generous merit scholarship and/or financial aid.</p>

<p>What are your stats? (GPA and SAT and ACT)? If you’ve only taken one type, take the other, too (some do better on one than the other). IF you haven’t taken the SAT and ACT, what was your PSAT score?</p>

<p>Right now, you need to make sure that your junior year GPA is the highest ever. Colleges don’t give a lot of weight to senior year grades, because many acceptances occur early senior year.</p>

<p>Are you saying that you have a $9k EFC? Did you include your brother in your calculations? Did savings/assets affect your EFC? Are you basing the $9k on your brother’s EFC? His EFC will change when you go to college.</p>

<p>Forget about UC-Berkeley. The UC schools don’t help out out-of-state kids. Actually, most OOS publics don’t give OOS kids financial aid (exception: UVa), but some will give OOS kids merit scholarships. So, target some of those and some privates - depending on your stats. :)</p>

3

<p>First thing first, do not worry about the money. Get your test score and grade high enough you may get a full ride instate or out. Every state school has different yard stick. As to MIT, Stanford, any Ivies and top schools their financial aid is base on your need not merit. If you get accepted by any of them, you will have no problem attending. When the time comes, apply to quite a few ( safety, fit, reach), then compare the FA. Rest assured if your stats are good there will be ways to attend a good college. Just don’t apply to a early decision( binding) school. Almost every public U. has web page detailing their merit scholarship requirement. My condolence to you and your family’s loss. Doing well in school and personal life would mean a great deal to your mom.</p>

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<p>U Alabama offers full rides to those that have the right stats ([Out-of-State</a> Scholarships - Undergraduate Scholarships - The University of Alabama](<a href=“http://scholarships.ua.edu/types/out_of_state.html]Out-of-State”>http://scholarships.ua.edu/types/out_of_state.html)). Also see this thread: <a href=“http://talk.collegeconfidential.com/parents-forum/148852-what-ive-learned-about-full-ride-scholarships.html[/url]”>http://talk.collegeconfidential.com/parents-forum/148852-what-ive-learned-about-full-ride-scholarships.html&lt;/a&gt;&lt;/p&gt;

<p>MIT doesn’t offer merit scholarships, but will meet “full need” of a family. Duke doesn’t require a parental contribution for families making under 60k. ([Duke</a> Financial Aid: Basics](<a href=“Homepage | Karsh Office of Undergraduate Financial Support”>Homepage | Karsh Office of Undergraduate Financial Support). /Financial%20Aid%20Initiative.html) This: [Project</a> on Student Debt: What’s the Bottom Line?](<a href=“http://www.projectonstudentdebt.org/ncoa_chart.php?sort=b.range_1]Project”>http://www.projectonstudentdebt.org/ncoa_chart.php?sort=b.range_1) is a good place to start for schools known for more generous financial aid.</p>

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<p>Just don’t apply to a early decision( binding) school.</p>

<p>Very good advice!!!</p>

<p>You can apply to many top EA schools, but don’t apply ED (binding), otherwise you won’t be able to compare financial offers.</p>

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<p>

No one does. But for the vast majority of students, that’s real life. You’re just being introduced to it in a very unfortunate manner, and I too send you my condolences.</p>

<p>Consider looking at private schools that give merit aid, or that pledge to meet 100% of need (if your stats put you in the running for them). For many students, private schools can end up less expensive than the OOS publics.</p>

7

<p>I agree with Chevda, and just to be sure you understand, some schools have imitated the Ivy league model of guaranteeing (sp?) no-loan financial aid for family incomes under a certain amount, and 45K is definitely under at most of these places. So you don’t have to have Ivy stats to get into a great school and potentially get this kind of aid. For example, at Tulane:

from their website [Tulane</a> Admission: Scholarships & Aid](<a href=“http://admission.tulane.edu/aid/index.php]Tulane”>http://admission.tulane.edu/aid/index.php)</p>

<p>I feel confident there are lots and lots of other private schools that have similar programs.</p>

<p>I am sure I speak for many here on CC when I say we wish you the very best of luck.</p>

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<p>BUT I don’t want money to limit my college search.</p>

<p>Except for the lucky few, money always is a consideration. If you don’t consider the financial aspect, you could be one of many here that end up with unaffordable acceptances. Be sure to come back to the forum around March or so, when many will post that their schools’ financial packages were inadequate and now they have no place to go. :(</p>

<p>*I would be the first person in my family, including some of my grandparents, that didn’t go to UW-Madison.
*</p>

<p>With a good thoughtful strategy, you may be able to go elsewhere. :slight_smile: But, to make intelligent choices, your stats and financial situation will come into consideration.</p>

<p>What are your stats? Weighted GPA and test scores?</p>

9

<p>Thank you for the advice everyone!</p>

<p>

</p>

<p>No, the title was just a Dragon Ball Z (cartoon) reference that’s popular on the internet, I haven’t calculated the EFC.</p>

<p>

</p>

<p>That would be great! I guess the dream of a top engineering school stays alive :)</p>

<p>My potential major is electrical/computer engineering.
I’ve worked at an engineering firm for 2 years as a computer programmer (but haven’t saved a whole lot for college (5k), they grossly underpay me as the only teen worker)</p>

<p>Quick Stats
UW GPA: 3.96 (Junior year is looking to be a 4.0)
School doesn’t rank
Wisconsin, Public School
White Male
ACT: 34
Science: 35
Math: 33
Reading: 33
English: 34</p>

<p>Can go into more detail if requested.
Do ECs factor into scholarships as much as admissions?</p>

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<p>ECs sometimes factor into competitive scholarships, but not usually for automatic scholarships.</p>

<p>What is your PSAT? With a 34 ACT, you may have scored high enough on your PSAT to become a NMSF. </p>

<p>Since finances are an issue, you’ll need a strategy.</p>

<p>1) Reaches that meet 100% of need without loans (ivies and certain elites, like Vandy, etc)</p>

<p>2) Reaches that meet 100% of need with limited small loans. </p>

<p>3) Matches that meet 100% of need with little to no loans</p>

<p>4) Matches that will meet need by combining scholarships and FA.</p>

<p>5) Safeties that are affordable because of merit scholarships and FA.</p>

<p>If you are a National Merit scholar, you’ll have some financial safeties that will give you full-rides. :)</p>

<p>But, has your brother let his school know about your family’s changed financial situation?</p>

11

<p>I was disappointed with my PSAT result of 208, because I think I missed the cut-off for NMSF in Wisconsin by 1 or 2 points. (On a side note, is it common for high schools to put everyone who is taking the PSAT (~450 students) onto 3 basketball courts filled with tables? I had never taken a standardized test in that environment. One kid puked, the kid next to me had a nose bleed, and the school was testing the PA system for part of it. LAME!)</p>

<p>My mom wrote a letter to the UW-Madison FinAid department but I don’t know if any forms were submitted or changed.
Can my brother qualify for financial aid as a returning sophomore, or is it a one-time shot when applying as a future freshman?</p>

12

<p>^^^</p>

<p>Since your family experienced a major financial loss (the death of a bread winner), schools don’t usually follow the “must apply for FA as a freshman” rule. (I don’t even know if UW-M has that rule, like some do, but either way, the death of a breadwinner is an exception that schools will consider.)</p>

<p>Your PSAT situation sounds awful.</p>

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<p>

</p>

<p>The worst possible advice.</p>

<p>I’m very sorry to hear about the death of your father. But Chevda is correct. You must go into this with eyes wide open. You didn’t mention life insurance, but any the family received will be considered an asset and impact aid.</p>

<p>If it’s just your mom’s income and no significant assets or home equity, MIT and other need blind schools are a good bet.</p>

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<p>Try not understand what I meant out of the context. " Do not worry about the money" doesn’t mean the money is no small matter. When your stats are great, your options are even greater. Some of the top private schools which offer merit scholarship say on their web sites that their FA is negotiable. You just don’t limit yourself. Just because so and so said this or that school is expensive, therefore you don’t apply. Do your homework. This time of the year a lot of schools put financial aid calculator on their web site. It give you some idea what to expect. Every school has it’s own formula. Some school count your equity in your home. Some don’t. Some Ivies wouldn’t ask you to pay more if you need the asset to generate income to live on. Only when all the FAs arrive, then you can compare and decide which is the best one for you.</p>

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<p>*Do not worry about the money" doesn’t mean the money is no small matter. When your stats are great, your options are even greater. *</p>

<p>Yes, but even those with perfect stats get turned down by schools that meet 100% of need without loans. That’s why someone with money concerns needs to have a strategy. It would do no good for such a kid to apply to any matches or safeties that can’t meet need and won’t give merit. It won’t do any good to apply to a top school like NYU which is stingy with aid. </p>

<p>That’s why money must be a concern. This student will still have lots of choices :slight_smile: But, carefully chosen choices. :)</p>