<p>hey everyone, i am from a somewhat lower middle-income family (around $100,000 ish income) in Canada. with some decent family savings. We don't own any property. What sort of aid could i expect among the ivies generally?</p>
<p>thanks a lot guys.</p>
<p>first -- your biggest hurdle will be to gain admission to an Ivy. I believe that as a Canadian, you are competing against other international students -- and that pool of kids is even more super-qualified than the ivies domestic pool of students. Your stats better be off the chart and you should have a solid hook.</p>
<p>As far as FA -- ivies only award need-based aid. Input some of your numbers here (choose institutional methodology and use US dollars as the figures) <a href="http://www.finaid.org/calculators/finaidestimate.phtml%5B/url%5D">http://www.finaid.org/calculators/finaidestimate.phtml</a> . It will give you a general idea of what your parents would be expected to pay.</p>
<p>If your parents do earn ~$100,000 per year and have no assets (no cash, no stocks, no property -- and you rent your house) than a good estimate for the EFC is probably $15,000. That is if the $100,000 is US dollars. Just use the calculator for a more accurate figure.</p>
<p>Your FA package would make up 100% of the difference if the ivy meets 100% of demonstrated need for international students -- you need to check on that yourself. Remember that you and your parents will be expected to pay the EFC and most FA packages will include loans. </p>
<p>I would suggest you read each school's FA website very carefully to determine whether you will apply as an international, whether they meet 100% of demonstrated need for international students, whether they are need blind for internationals (that means that they admit students regardless of the ability to pay) and whether the FA package will include loans.</p>
<p>you cannot count on the same aid as a domestic student unless you are a US citizen -- so be very careful to make that distinction when reading posts.</p>
<p>yeah. thnx a lot hsmomstef. the thing is, you see, my family has quite significant savings. basically. more than the amount required for ivy education. problem is, we aren't a rich family, and especially since we don't own a house, i don't know how that is gonna figure into.
hmm and yeah it's hard to get into ivies. my only hook, really, is a 2400 SAT score. but i dunno. i don't even know anymore how much that counts for.</p>
<p>The fact that you don't own a house only means that your family does not have any home equity to be used for your college expenses. You will need to read the Ivy websites carefully to find out about finaid for international students. If I may be so bold...if finances are a consideration, you would likely be a candidate for some nice merit aid at schools other than the Ivies (which do not give merit aid). Again, however, you would need to check to find out which schools award merit (and need based) aid to international students, and which do not. Re: the estimate of the EFC for your family being $15,000 with an income of $100,000....that is on the low end of EFC's for a family with that income. Adding in your family savings could boost that EFC a bit higher. Our family had an income of about $120,000, not that much higher than yours, and our EFC was $40,000. Our kid got NO need based aid at all...not even a subsidized loan. We didn't have the savings amount that you describe (an amount that could pay the bill for an Ivy education), but we did have home equity.</p>
<p>If what you just posted is true, you will not receive aid at an ivy. If your parents' savings is actually in some type of protected retirement account (like US 401k), that might change things. The bottom line is, if your parents CAN afford the cost of an ivy (by FAFSA/Profile formulas), they will be expected to do so.</p>
<p>You might consider looking into non-ivy schools that have merit aid. Of course, you have to make sure they offer merit aid to internationals, but there are a number of good schools that do so.</p>
<p>Cross-posted with Thumper1!</p>
<p>You are actually better off if you do own a house that is your primary home as some of that would be protected from the financial need calculation. Savings and investments (unless in a protected vehicle such as retirement accounts - and this means money in retirement accounts like 401Ks or IRAs not just money 'earmarked' for retirement - not sure how non-US retirement funds are protected) will be considered available money - they will not care that you do not own a home or if the savings are to buy a home.</p>
<p>"i am from a somewhat lower middle-income family (around $100,000 ish income) in Canada."</p>
<p>Things must be good in Canada. Median annual family income in the US is 48K. So your family makes twice the US median (exchange rate is about 1:1). That wouldn't be considered "lower middle" here. What's the median in Canada, do you know?</p>
<p>von_herrs -- kudos for checking on these things now and not this spring when it is too late to alter your strategy for college admissions.</p>
<p>If you have been reading college confidential, you know that it is important to have a safety school you will enjoy attending -- one that you are certain to gain admission to and can afford. That is most likely a school in Canada.</p>
<p>I certainly don't want to discourage you from applying to the ivies -- but kids with 2400 SAT scores are rejected from the ivies every year. That is not a hook -- but your academic record may be fine and you might gain admittance. That isn't something we can tell on this board -- but don't blindly apply to ivies assuming that you will be accepted. </p>
<p>You need to have a long talk with your parents. The figure that I quoted (EFC = ~$15,000) is indeed a low figure for a family with the income you stated. I was assuming no savings, property, etc. With substantial savings -- your parents will be expected to use that money to pay for your schooling. You need to find out exactly how much your parents are willing to pay for school each year -- and come up with a strategy that works around that number. Seek out merit scholarships, look at schools that award merit aid and schools that are within your parents budget.</p>
<p>I think you will find that with significant savings, your EFC will indeed be closer to the figure Thumper quoted (~$40,000) and your parents may not be willing or able to pay that.</p>
<p>I think he will be admitted to a few Ivies...2400 is extremely impressive, considering some ivies consider Canada as domestic, which is perfectly legal due to the fact that Canada is in fact our 51st state. As for the money, you'll end up paying at least 30k since you're an only child. However, I don't know if they have any scholarships for members of the 51st state, so it will be your duty look for some (there are many websites on this that require a basic google search) Also, talk to your parents about how much they will be willing to pay. Good luck with your college admissions!</p>
<p>You've received some good advice. I don't know anything about how Canadian citizens are treated for FA purposes. That said:</p>
<p>Use the FA calculator.</p>
<p>Read How to Pay for College Without Going Broke.</p>
<p>As FredFredBurger said, depending upon how much savings your family has, your EFC is likely to be in the $30k range.</p>
<p>Ivies and other colleges that meet 100% of financial need typically cost about $42k. That means you could be eligible for about $12k in FA each year. About $4k/year will be in loans, but $8k or so could be in grants. Over 4 years, that means you could be eligible for $30k or so in grants.</p>
<p>Without knowing any of the details of your family, in general, it would be a wise move for your family to move some of that savings into home equity.</p>
<p>thanks everyone. i just heard from a friend at columbia that i should worry about financial aid AFTER getting accepted. he says that even after getting accepted, you still can get financial forms even if you didn't apply for aid originally. whats your guys' take on that? is this true?
cus right now i am really worried i might not get into ivies at all</p>
<p>Check the deadline for each school. All will require the FAFSA, most will also require the Profile. Don't wait until you're accepted.</p>
<p>If $100K is lower-middle income, I'm moving to Canada - though I'll still go to the doctor here, thank you very much.</p>
<p>Typically one must apply for financial aid at same time as admission application is due. Based on your posted info., you do not seem to be a candidate for financial aid. P.S. Your friend's advice is not correct for most schools with which I am familiar. Many schools do not award financial aid until after acceptances are released, but financial aid forms are due before admission decisions are made.</p>
<p>Check out USC- a Canadian friend who did get full finaid at an Ivy also got a half tuition scholarship from 'SC based on SAT scores. I am not sure how they do it these days as this was a few years ago, but check them out and other top, but not Ivy schools, too.</p>
<p>kelsmom:</p>
<p>the OP did not say how much savings, only enough to pay for an private education. If the savings totals $300k in liquid assets, for example, only about $16k would be added to the efc. Thus, its intirely possible that aid will be forthcoming.</p>
<p>icy9ff8, my son has applied to three, been admitted to one, and they all seemed to indicate that financial aid had later deadlines than the actual application. Two were EA, one was regular. On the regular one, he put his application in early because they have a limited number of full ride scholarships for NMF based on date of admission, but they said we didn't need a FAFSA in until February. What type of schools want the financial aid forms with the application?</p>
<p>wow! That financial calculator was a shock. It said that we could pay almost $50,000 for our son's education. With 5 kids, unless I don't feed them, we could never afford that??? Let's hope he picks a nice state college.</p>
<p>Dadx4
don't want to sound stupid, but is this on the website or a book?
"Read How to Pay for College Without Going Broke."</p>
<p>Thanks</p>