<p>My parents filled out a form for Carnegie Mellon in order to receive an early rough estimate of how much money we might get in financial aid and the letter came back with a value of about $2,700 reducing tuition to $39,000 which is not really at all helpful. My mom does not work and my dad makes a little under 100,000 a year and so this value seems very low. Is this actually a low estimate or is it realistic?</p>
<p>I'd say realistic. An income of $100K puts you in the top 13% of households by income (based on year 2000 census). Assets are another big factor, in addition to income, and you did not mention anything about that. Google "EFC" and "calculator," input the data, and you can confirm the estimate yourself.</p>
<p>Well the problem is that my parents assets not including retirement are over half a million dollars but every year we spend well over what my dad makes and dig slowly away at those savings. So is it this money that gave such a low estimate?</p>
<p>Yes, those assets are probably what the colleges expect your family to draw on for your college costs.</p>
<p>$500,000 in non-retirement assets is significant and if clearly reported isgoing to limit your need-based aid. Are you looking at any schools where you might qualify for merit-aid?</p>
<p>Uhm, Carnegie Mellon, Rensselaer Polytech, Ohio State, Univ. of Delaware, and Lehigh give merit aid and I'm not sure about Cornell though they likely don't. Stanford and Northwestern both don't give merit aid and those are two of my three top choices (CMU is the third). That is kind of depressing though because I really want to go to Stanford but if I only get 3,000 or less in aid then my parents will definately want me to go to Rensselaer where I already have a 60,000 scholarship or OSU where I will most likely get a large scholarship. :( Of course if I don't get into Stanford or Northwestern then I won't have to worry about that problem...</p>
<p>You have to realize, that while yes your family may be spending over 100k a year, digging into your 500k nest egg, need aid is meant for people making 40k a year with no nest egg to dig into. I'm not surprised that that's all you got, I'm in a similar situation (without the 500k nest egg, just dad's salary) and was estimated about 10k aid from an online calculator. </p>
<p>Look into merit aid, or else go public, that's what I'm doing.</p>
<p>Thanks gatordan...maybe better to look at Stanford for graduate school and just go to a strong, cheaper undergrad school and do extremely well (as opposed to going to Stanford and getting a C average).</p>
<p>That's pretty much where I am. I got it narrowed down to UF (where I got a full ride essentially) and Emory (Where I'm a long shot for an Emory Scholars scholarship, but submitted it nonetheless)</p>
<p>Consider yourself very, fortunate that you got $2700. We don't have that income, live in a high cost state, not near your family's assets- -we got zip initially and only later got an institutional grant based on another school's high scholarship offer. </p>
<p>Is the $2700 a Stafford Loan or a scholarship or work study? Based on previous postings, appears and sounds like a stafford or work study. You would also like to examine how OSU and Ren. Inst. are breaking down the award,</p>
<p>BTW: definately is spelled and pronounced with an "i" and not with an "a"</p>
<p>NPerk,
We received about $2500 as our early FA estimate from CMU, as far as I can remember. They ultimately gave us exactly that amount, half in grants and half in loans.</p>
<p>I don't think it is wise to take out tens of thousands of dollars in loans or to deplete the retirement savings. After an unfruitful FA appeal and much soul-searching, my son is attending a public school as suggested by gatordan. $40K+ schools are only for those rich enough or poor enough (or for those that have some desired hook). </p>
<p>Here's what's available for deserving middle income students:
"Presidential Scholarships are awarded to artistically and academically talented middle-income students who qualify for little or no need-based financial aid." That came to a whopping $500/year ...whoohoo! That was for a top 1% student who was admitted to several CMU majors, including engineering and fine arts. Not much help there!</p>
<p>I don't personally know about the other schools on your list, but I think you have to believe what CMU assigns as your early estimate.</p>
<p>istoomuch:
The $2700 is a grant so I wouldn't have to pay it back.<br>
BTW, what is spelled with an i and not an a?</p>