“I am not sure where you expect to get a almost full ride since you seemed to have decided not to apply to schools below Kentucky in the rankings.”
Competitive merit scholarships could give an “almost full ride” at schools that are higher ranked than Kentucky. Utah is one example.
Keep in mind that she will be applying RD to Princeton and to the other elites on the list. Admissions rates for RD at elite schools are low single digits. Vandy likes their ED. Not sure which other schools are on the list that take a large percentage ED but applying RD to some schools make admittance chances much lower.
This kid has a great application profile. She will get accepted someplace(s) with sufficient aid to attend.
@KevinFromOC the date for matriculation decisions is before May 1.
@Twoin18 Good point! Maybe Utah should be added to the list?
Interest of up to $750k (for couples filing MFJ) on a home equity loan is deductible as long as the loan proceeds are used “to purchase, construct, or make substantial improvements to your primary or secondary home.”
“Elite top 10 (such as Princeton) : $25K
Top 50 (such as Northeastern or RPI) : $17K
Top 100 (such as Kentucky) : $10K
Not even in the top 150 : $3K”
In line with the comments from @NJEngineerDad, I think you will have a number of guaranteed merit offers at $15-$20K per year total cost and then a 20-50% chance of either:
Either would probably be preferable to the guaranteed offer, if you have to choose from both options then it will be more difficult.
I just want to toss out an additional consideration regarding need based aid. If your income rises in the next two years, you might find that your need based aid will be reduced. Make sure you feel comfortable absorbing possible cost increases…which are possible.
@thumper1 right. And cost of admission goes up every year. When I made a spreadsheet figuring out total cost for four years, that was painfully evident.
@homerdog The good thing about ASU’s national scholar scholarship is that it is full tuition for four years rather than four years of first-year tuition, so tuition increases are not an issue. However like the cable-TV offers, there is no guarantee that the fees will not go up… And they do go up!
One in college. There’s still a chance that our other daughter might attend Cal State Fullerton half time, which may qualify as a second child in college and greatly reduce the cost. She takes the SAT in October, we’ll see how she does…
Yes, Northeastern gives a hefty sum for NHRP which they say “may” be stackable. And yes, my top 50 $17K hypothetical example assumes merit aid. Replace Northeastern and RPI with Vanderbilt and Rice, or any one of several schools.
@KevinFromOC You might have missed my comment pointing to another comment from a NHRP recipient disappointed by the merit scholarship received at Northeastern, but one should note that they do not even pretend to give hefty sum for NHRP anymore. Now it’s openly competitive (assuming the adjective competitive in that context means you have to compete for the award rather than the award being as good as what other schools offer). And it is most likely not stackable with need-based help.
“Students who are admitted to Northeastern and are recognized as National Merit Finalists* or National Hispanic Recognition Program Scholars** will receive a competitive merit-based award, and may also be eligible for financial aid.”
Keep in mind that if your daughter is accepted to Princeton at $27,000 her first year…this may go up every year if your income rises. All of a sudden the $15,000 that you wanted to pay…goes from $27,000 her first year…to possibly $30,000 or more the following years. This is something that you need to consider and decide if it’s doable.
What if she is at Princeton and wants to stay for the summer working on a research project with a professor…with no pay? Can she afford to stay there? These are things to consider.
And keep in mind that if your older daughter goes to college for one year, but this doesn’t work out…your family contribution at Princeton (and MIT, and the other elites in your list) will double.
And if your daughter earns money during the year and/or over the summer, her income will be a consideration for the following year’s FA.
@jym626… My wife does this portion but isn’t there a limit a student can make before it has an effect on financial aid? I thought there was a lower limit so they can get a job but not have a big impact on their aid whether work study or not.
Yes, the first $6240 of student income is protected from FAFSA. So most kids working a part time job don’t have to worry about any of it counting against them.
While I believe there is some asset protection (there are others more knowledgeable about this) the Profile schools in particular do look more at the student contributing to the COA. If this student has savings or other assets in her name, this factors in to the student contribution expectation.
Colleges assume students on FA will earn certain amount of money during the summer, whether they actually does or not, and is factored into the FA offer as student contribution for the following year.
Highly unlikely. Princeton (or schools of similar caliber) has plenty of summer research grants, even for rising sophomores in humanities.
If the difference is only $8k, it’s almost a no-brainer to pick Princeton over NEU or RPI, not because of rankings but the actually quality of instructions and outcomes.
The financial aid forms use prior prior tax year info. So if this first kid earns money in summer 2020, it won’t be used as income until she files the 2022-2023 forms.
However, if she has the earned money in her bank account the day she files the forms, it will be counted as an asset…20% assessment on student assets.
Thanks for clarifying that we are of course talking about prior prior years for FA calculation. But my point is, as the OP says they are now seriously considering PROFILE schools where some loans may be necessary, they look at income/assets differently and do expect the student to have skin in the game. If finances are tight, these are important considerations, as one should plan for how they will pay for all 4 years. JMO.