<p>So I'm feeling pessimistic with my family's income increase about our EFC and our ability to pay. My question is, if it's not possible for them to pay it (with it probably being from 10,000-20,000) are there any options? Or is there only private loans with a cosigner (probably not possible) or going to a state school (no chance of that happening)? I extremely doubt I'd be able to get a full tuition scholarship as well. So are you basically screwed?</p>
<p>Why is there no chance of going to a State school? How about a State school and communing from home at first-- State tuition will be well below the 10K EFC you envision.</p>
<p>Home equity loans are a good option to help pay for college.</p>
<p>You should also learn as much as you can about how student assets, student income, parental assets, and parental income feed into the formula they use to compute EFC. In the months before applying for aid, most families can apply some strategies to decrease the EFC, and thereby increase their aid.</p>
<p>I would rather die than attend a state school, I can't stand the cold anymore. Not an option, end of story.</p>
<p>How do home equity loans help/work?</p>
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I would rather die than attend a state school, I can't stand the cold anymore. Not an option, end of story.
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<p>First of all financially you are on the down side of the power dynamic because your parent may not want to or feel they cannot afford to take out a home equity loan (where you borrow against the value of your house. Example if you have a house valued at $200,000 and you have paid off 100,000, you have 100,00 in equity). Even with a home equity loan, the bank must deem you to be credit worthy and there are additional fees that may have to be paid by your parents.</p>
<p>I also would not be so quick to die and let some one place th lily on your chest over the though of going to a SUNY school. Because in some families it is a very real option that they must go where their money can take them.</p>
<p>Since you state that you may not get a scholarship, your parent may ask is it financially feasible or worth it to shell out 2 to 3 times the cost of educating you at another school. I would not rule them out because you need a financial safety (someplace that your parents can afford, you are likely to be admitted and you would be happy to attend if admitted)</p>
<p>I don't know your parents or the dynamics of your family, but some parents are not willing to spend the extra money when they have a comprable school (in terms of academics) right in their back yard.</p>
<p>Are you sure that your parents are willing to borrow 80,000 over the course of 4 years to finance your education? If not , I would suggest wrapping up and heading off to SUNY</p>
<p>I'm sorry I brought it up. I'll just see what happens and hope for the best.</p>
<p>You're welcome.</p>
<p>Anoel , I remember how I hated the thought of my first D going to a SUNY college . In fact , I was more adamant than she about it (She wanted to go to Potsdam in the worst way ) . I did not go to SUNY schools but my H did - and felt lukewarm about them . My D did end up going to an out-of-state private college that costed less than the SUNY college . She was not a great scholar , a B student but the out-of-state smaller , less well-known colleges will offer more money to out-of-staters . Have you considered looking at small privates that may not cost so much with that predicted EFC. </p>
<p>Also with my S entering college search next year , we have been pleasantly surprised by some of the SUNY campuses on our visits . Go visit some of the other SUNY colleges with an open mind and also realize that your parents may have home equity but they may not be in the most secure financial position to take out a loan or there may be younger children to consider or health insurance premiums to anticipate in the not so certain future of our economy.</p>
<p>I have a bunch of schools in California that are small privates and provide good aid, one meets full need. But I've never heard of a school helping you pay an EFC unless you get some kind of huge scholarship. </p>
<p>It's not the SUNY campuses themselves that bother me. It's just that I KNOW what the weathers are like here in NY and I'm not going through it again. Anything below 50 is too cold for me and I'm not considering colleges in cold areas because of it. SUNY's may be fine for a lot of people but not me, just as I know a lot of people who have hated the cold and other things at my high school and still manage to do okay. I rather not go to college than to go through my high school years again (which have been horrible in general) which looks like is going to be the case.</p>
<p>I understand my parents can't easily do the loans and risky fiancial things and I'm not asking them too. I'd just like a chance to succeed in college in an environment is right for me and it sucks that I doubt I'm going to get a chance.</p>
<p>anoel,</p>
<p>You must keep in mind that just becasue a school states it is going to meet full need, doesn't mean that that need will be met with only grant aid. </p>
<p>A school can essentially offer your parents a plus loan and they have "met your need". You should really check out the average amount of grant aid the school gives (because that is the only free money). You need to look at the average amount of work study a student is given (if you decide not to so the work study, the school does not increase your aid). You need to find out if the school gives their own loan in addition to a federal loan as student loan. Most important you need to look at the average amount of debt a student graudates with.</p>
<p>I have looked at that information, the school in question is Chapman University and it seems good. Basically 75% grants and 25% loans/work study. The average debt is about 18,000 which is average I think. That kind of distrubution sounds fine to me.</p>
<p>Just finished filling out the FAFSA with estimate and the EFC actually doesn't look too bad and my parents might be able to pay. So maybe I'll be alright :) This whole process can just be so iffy.</p>
<p>i sorta know how you feel Anoel. I would personally never want to go to a state school (i hate Ohio). so my parents will probably end up with full tuition to a private school...</p>
<p>Quick question that is sort of off topic, but not too far off the mark: When you finish the FAFSA estimations, that you used from '04, they will process those figures until you've filed your '05 taxes, right? Then when you get the income taxes back, you send copies to the schools, and then go back online and adjust the figures to meet '05, right? I just finished submitting my '05 estimated FAFSA and I'm trying to figure out what to do next with it. The same works for the CSS Profile, right?</p>
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When you finish the FAFSA estimations, that you used from '04, they will process those figures until you've filed your '05 taxes, right? Then when you get the income taxes back, you send copies to the schools, and then go back online and adjust the figures to meet '05, right?
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<p>As a prospective freshman, your parent should file their tax returns asap in order for you to get the most accurate aid package possilbe.</p>
<p>Do not wait until you get your parents get their income taxes back to update the information in the fafsa or send copies of your parents 2005 tax returns to your prospective schools.</p>
<p>THis should be done as soon as your parents complete their taxes. (if they file on line, then they just need to print out a hard copy of their tax return, sign it and make copies of the supporting W-2 information</p>