<p>Here is my problem. My parents make a good amount of money ($160,000 combined), the thing is they are both older and have plans on retiring within the next few years. Thus they have alloted a certain amount of money for me to go to college, which just so happens to be about half the price of most Ivy League schools ($20,000). In addition, I am the first child in the family to be going to college, and I have a sister who will enter 3 years after me.</p>
<p>Is there any way ivy league schools would give me enough money to attend(~$15,000)? Also any suggestions for grants and/or scholarships without having to write a million essays?</p>
<p>Thanks for any information you guys can give me. If you need more information to give me a good answer go ahead and ask.</p>
<p>Is $20,000 really half the cost of Ivy League schools? </p>
<p>But yeah, I'd say that you are kind of in a rough spot. Middle class kind of gets the shaft when it comes to financial aid...they don't have enough to just pay for college straight up, and they're too rich to qualify for need-based aid...</p>
<p>Good luck though.</p>
<p>20000 is about half the cost - - per year of course.</p>
<p>Ivy League schools do not give merit aid. They give need based aid only. Use one of the EFC calculators for an estimate of your EFC. The reality is that your family's income will probably not put you in a place to receive substantial need based aid. Your family income (for a family of 4 with only one child in college) will likely give you an EFC of about 35-40 thousand dollars per year. If your family owns a home or has any other assets (bank accounts, CDs, etc) those will also be taken into consideration as will any money you have.</p>
<p>is the EFC what my family is expected to contribute per year, or over the course of 4 years?</p>
<p>20000 is roughly half, includes miscellaneous expenses and travel from where I live (missouri) most of the ivies come to about 45000.</p>
<p>my parents don't want me swimming in loans, but they figure about 10000 a year is manageable after I graduate.</p>
<p>EFC is per year. You have to resubmit finaid applications annually for qualification for need based aid. So...my estimate (not knowing your family's assets) would be that your EFC will be in the 35-40 thousand dollar PER YEAR range. I'm saying that because our income is actually a bit less than yours and our EFC is about $39000 per year. We also have two children and both will be in college in the 2006-07 school year. THAT year, we hope that one of them will get some kind of need based something...but we aren't very hopeful.</p>
<p>if it is per year then I have no chance at getting any financial aid at all. i sat down with my parents this afternoon and used the calculator on CC and it said we should be able to give $70,000. </p>
<p>The only reason I think it is so high is because my parents have a lot saved because they plan on retiring soon, is there anyway the financial aid people would be sympathetic to my parents wanting to retire?</p>
<p>If your parents have their "retirement" money in regular savings or certificates of deposit then the assumption is that is money that is available to be used for college expenses. If they had put their money into retirement accounts...e.g. 401K, or IRA or TSA, then the amounts IN the accounts would not be counted as assets. The amount contributed TO the accounts annually is still considered income, but what is IN the accounts is not used as an asset for finaid purposes. My understanding is that if your parents are very close to retirement age (and that would be 65 ish) than the finaid calculators do consider that...not because of the money in their accounts, but because retirement income is usually less than when one is working. I'm not a finaid expert...but this is one time when you might want to speak to someone whose area of expertise is retirement planning AND asset management (for things like college expenses). A person with that kind of expertise would better be able to help you.</p>
<p>I think it is unlikely that you will qualify for ANY financial aid from the Ivies, stupefied. If your parents have set in stone that they will contribute no more than $20K/year to your college education, I would suggest that you drop the Ivies from your sights (it is unlikely that you would be able to get $20K/year in loans on your own without parental co-signature) and look at the many excellent schools that offer substantial merit aid.</p>
<p>"Middle class kind of gets the shaft when it comes to financial aid.."</p>
<p>IF parents make $160,000 a year and don't qualify for need-based aid, I don't see that as middle class families getting the shaft.</p>
<p>Sorry to have to agree with the rest but the chances are slim that any "ivy" will give you financial aid but if you are ivy material scholastically you should be able to get a terrific merit scholarship at many wonderful schools. Do some investigating and I'm sure you will find schools to love that would love to have you and reward you for coming.
As for Northstarmom's comment I can only say this - I don't know where stupified06 lives but in several areas of this country 160K is not exactly rolling in the dough. Financial aid is blind to cost of living. They act like it costs the same to live in North Dakota as it does to live in California. Try buying a starter home in some of the more costly counties in the US and suddenly 160K doesn't look so large.</p>
<p>"Try buying a starter home in some of the more costly counties in the US and suddenly 160K doesn't look so large.
"</p>
<p>However, parents who are nearing retirement in some of the pricier areas of the country often are sitting on gold mines when it comes to their homes. </p>
<p>The OP's parents also have some choices: refinance their home; delay retirement; retire to a low cost of living area. They really are making a lot of money and it's unrealistic of them to expect that colleges offering need-based aid will give financial aid to their kids.</p>
<p>And, teefore2 mentioned, if the OP is Ivy material, the OP probably has an excellent shot at great merit aid from good colleges that offer such scholarships.</p>