<p>Does anyone know of any scholarships that aren't based on need besides the national merit scholarship? Also, when applying for financial aid, while my family's income is rather high, we're in a lot of debt due to a past time when my dad was out of a job for a while. Is there any way to let the colleges know that the amount we actually can pay is pretty far off from our EFC?</p>
<p>Does anyone know of any scholarships that aren’t based on need besides the national merit scholarship?</p>
<p>Some colleges offer merit scholarships for stats alone and don’t look at need.</p>
<p>What is your GPA and SAT/ACT?</p>
<p>*we’re in a lot of debt due to a past time when my dad was out of a job for a while. Is there any way to let the colleges know that the amount we actually can pay is pretty far off from our EFC? *</p>
<p>you can tell them, but it may not matter for some/many/most schools. Some schools don’t care about debt (unless from high medical costs) and some don’t have more money to give.</p>
<p>Debt from unemployment can be a tricky thing. How long ago did your dad get re-employed? How long was he out of work? How much debt was acquired during the unemployment?</p>
<p>1st in class, probable 2300+ SAT based on practice tests.
probably looking at ivies, most notably princeton (i’ll have safeties). i’m not saying i’ll get in, but if i do…
how much in student loans is too much? i’d be a potential economics major. i’ve heard starting salaries range from 60 to 90k for econ majors starting out from princeton. while these schools are really generous (most of the time) with their financial aid, my parents make upwards of 270k a year…and i don’t think they’re THAT generous.
is there some place on the application to explain why you’re applying for financial aid with income like that? we’ve also had some steep medical costs from my mom having cancer, but that was around 9 years ago. dad was unemployed ~6 years ago, out for 2 years.</p>
<p>thank you vey much for replying!</p>
<p>Your application will be need-blind, so if you do mention anything, it will most likely not help your chance of admission (or possibly hurt it seeing as your income is so high). You would want to send a letter into the school’s FA office when you submit your FAFSA, and they might cut you some FA (but remember, low-income families come before high -income , high-debt families). Good luck on your college applications (I’m also applying to Princeton, hope to see you there!) . </p>
<p>On a side note, try taking to the FA office at princeton, or another ivy if you are scared to reveal your situation to your school of choice, they will often give you advice on how to fill out your FAFSA/supplement.</p>
<p>my parents make upwards of 270k a year…</p>
<p>You won’t get any need-based aid.</p>
<p>the most YOU can borrow by yourself is this…</p>
<p>5,500 frosh
6,500 soph
7,500 jr
7,500 sr</p>
<p>So, not enough to put a big dent in the $55k-60k for top privates.</p>
<p>You need to ask your parents how much they’ll pay.</p>
<p>Private scholarships are not likely going to help you pay for 4 years of a pricey school. Private scholarships are often hard to get, for smallish amounts and often for only one year. And, some have a need component.</p>
<p>You need to speak to your parents about how much they’ll pay…then proceed with a strategy based on that info.</p>
<p>s there some place on the application to explain why you’re applying for financial aid with income like that? we’ve also had some steep medical costs from my mom having cancer, but that was around 9 years ago. dad was unemployed ~6 years ago, out for 2 years.</p>
<p>These instances were likely too long ago to make a difference.</p>
<p>If you are trying for MERIT aid…you will need to take the IVIES off of your list. They do not give merit aid. With an income of $270K per year, you will not be eligible for need based aid at any college.</p>
<p>HOWEVER if you really ARE a competitive applicant for the Ivies, you would be a very competitive one for schools that award great merit aid packages to high achieving students. They will NOT be the Ivy League schools…or MIT or Stanford…but there are some terrific colleges out there where a student with a 2300 SAT and tops in the class would garner significant merit aid.</p>
<p>Re: the above post about “talking to the finaid folks at Princeton or the Ivies”…unless there is something that you aren’t divulging here…your talk will net you nothing. They can’t tell you to falsify your parent’s incomes on the FAFSA and Profile forms (or on Princeton’s finaid form).</p>
<p>Try running an online financial aid calculator and see what your family contribution comes up to be.</p>
<p>My advice would be to dial your college choices way down. With your presumed stats, there are lots of very good private LACs that would give you a LOT of merit money. Thousands of kids go to these schools every year, work hard, make good records, stay out of debt, and go on to lead successful lives. You don’t need schools in the Princeton class and the enormous debt you would have to take on to go there.</p>
<p>Cross-posted with thumper, with whom I agree completely.</p>
<p>There are two components to college search - can you get in and can you afford it. Keep Princeton on your list but at that salary level you are already “off their charts” Absolutely your parents need to sit down and run financial aid calculators. If your family drew down assets to cover unemployment time then your assets will be lower and the EFC should go down but $270,000 is a huge, huge, salary and in and of itself with lower assets will still garner you a large EFC. Having an EFC of $50,000 compared to $60,000 is relatively meaningless. Millions and millions of people were unemployed for 2 years (including me) and once you’re back to work the past doesn’t come into play very much. You can try but don’t pin your hopes and dreams on it. ASK your parents how much they can contribute. ASK them now.</p>
<p>And yes, Thumper is spot on.</p>
<p>Thank you so much for all the responses!
@mom2collegekids…I mean what is the most you recommend considering that starting salary range? I really hate to divulge information online but feel it will be in my best interest…
I have a feeling (will ask soon enough, they hate when i ask about finances) that they will be willing to pay anywhere between 15 and 35 thousand dollars per year (35 is definitely pushing it), which would mean (just using princeton as an example…i know it’s a tiny bit cheaper than other schools of its caliber)anywhere between $60,000 and $140,000 in student loans…I feel like anything above 80 is pushing it, over 100 is definitely way too much. i hate divulging information, lol - but i have an uncle that just passed away. there are 9 people in the will including myself and his house will likely sell for around $600,000. i’m not sure how much money i actually get out of that after taxes or if there even are taxes on house sales and then how much of it comes to me (maybe someone here can shed some insight), but i’d be willing to devote most of that to getting out of my student debt or starting a fund for a house in the future…he was a very smart man and he’d definitely want me to use that money for my education.</p>
<p>@thumper…will do that when i ask my parents. i assumed that income tax meant the difference between the salary and the money that you can actually put in your bank account and it was around 35k… i was very pleased and then i realized income tax is just a small percentage of the deductions taken out of one’s paychecl</p>
<p>also, i know my family is very blessed and i’m not trying to come off as having “white boy problems”…so excuse me if i do.
thank you for the help!</p>
<p>If your parents really earn $270K per year…you will not get need based aid. </p>
<p>If your parents will spend $40,000 per year, that would be PLENTY to fund a college education at your instate public flagship university. It might be enough to pay for college at a place where you get decent merit aid (your parents’ $40,000 could supplement the merit aid you get). It will NOT be enough to pay for an Ivy League priced school. You will be about $12,000 to $15,000 per year short. </p>
<p>YOU (the student) would be able to take out $5500 in Stafford loans as a freshman, $6500 as a sophomore, and $7500 each for your junior/senior years in college. Anything beyond that would need to be either paid for by you (maybe from that inheritance) or your parents. If you intend to take out additional loans, you would need a cosigner for them. Will your parents cosign a loan with you?</p>
<p>Just an FYI when you are looking at college costs…do NOT look at tuition alone. Look at the total cost of attendance. Princeton is right up there…at or just above $50,000 per year…now…with costs likely to rise over the years you are in college.</p>
<p>You have excellent grades and hopefully those SAT scores will be terrific too. This will open up some excellent merit aid possibilities at some schools…but you will have to “adjust” your list to include these other schools. SURE apply to those Ivies if you want to…but if your parents have financial limitations, be prepared to work within them.</p>
<p>There is a longtime poster on these boards. His very bright daughter applied to and got accepted at some Ivy League schools but they did not offer her financial aid at all. She took practically a full ride scholarship at Rhodes where she excelled. She just finished her first year of medical school at one of those Ivies. The opportunities Rhodes offered her were outstanding. </p>
<p>Don’t discount some of these lesser known schools. There are many with less “name recognition” where you can get an outstanding education…and with your stats, perhaps a decent amount of merit aid as well.</p>
<p>Very informative - thank you! I’ve been searching and I don’t think I’m looking in the right place so I figure I’ll ask you - what are some of the colleges that I could qualify for merit aid at that are also great schools? Again, I’m looking at econ programs. Also, if you know anything about rutgers, do you think i would have a good chance to go to school at rutgers and then get a masters at a top program? thank you very much!</p>
<p>If your SAT scores come in where you think they will, I believe you would get a GREAT merit award guaranteed from U of Alabama…I know their business school is quite good…don’t know about economics but seems to me that’s related to business. Perhaps Mom2 will pipe in.</p>
<p>If your SATs are that good…you should apply for the McNair Scholarship at U of South Carolina…a full ride complete…the application is a doozie and it’s due early…as would be your application to this school if you apply for this scholarship. I say GO FOR IT. U of SC also has some scholarships they award to OOS students based on the strength of their applications…these reduce tuition to the instate rate plus a scholarship too.</p>
<p>Did your meet the criteria for NMS finalist? If so…and your SAT scores support it…University of Southern California offers a merit scholarshp for half tuition to NMSF. AND there are a number of other schools with guaranteed merit awards for NMSF.</p>
<p>Thank you!!!
i hope i qualify for that next year. this year i took it as a sophomore and scored a 232 and even with NJ having a comparatively difficult cutoff to reach i think i can still do it. those suggestions are great…i know im being picky but do you know of anything a little closer to NJ or on the east coast? those are all awesome suggestions and i’ll definitely look into it!
also looking at Duke’s scholar program…i’d LOVE to go to duke and looking at the finalists from this forum (i believe they select 30 finalists for one scholarship and 50 for the other and there are 10 recipients for each) my stats match up to, or exceed them. not sure if they’re looking for something racial but i’m hopeful that i’d at least be a finalist…that’s definitely being confident though.</p>