<p>I am posting this question on the parents board because I figure since you guys are the ones fitting the bills for college you will be able to answer my question the best. </p>
<p>I am a middle(lower-middle) class high school student from maryland and I am having trouble with my parents in regard to where I want to go to college and what they will be able to afford. </p>
<p>My parents make about 70,000 a year combined and have no major assets. We have 3 vehicals all worth under 14,000 together and we are still paying for the house we live in. </p>
<p>By the time I am in college I will be the only child they are supporting. </p>
<p>So my dilemma is, is that I am looking into schools like Bryn Mawr, Davidson, etc. and my parents are worried that I will get my hopes up and get in and then they wont be able to afford to sent me there. </p>
<p>I know these schools are supposed to give great aid packages, but do they really? I think I am a strong applicant, but I am not ivy material so I don't think I will get any merit scholarships. If I am accepted what type of aid package do you think I should expect? </p>
<p>Well any advice will be greatly appriecated. I am going to an open house at Bryn Mawr on friday and I would like to ease my parents concerns a little so maybe they will be more open to the idea of my attending an expensive school. I keep trying to tell them that I should recieve some good aid, but in reality I am not to sure of that myself.</p>
<p>It would be good to know exactly how much your parents are willing to put up for your college education--in cash per month (for living expenses?) and loans they are willing to undertake. Add that to the loans you yourself will be able to get (there is a set amount that students can undertake, depending on whether they are a senior or a freshman, I think). Add that to the amount of $$ you can honestly make in a summer and during school. If a school costs more than that, you will either have to get grants/scholarships from the school or scholarships from outside sources to cover that amount in order to attend.</p>
<p>There are financial calculators available on the web where you can put in your income and asset numbers and the calculator will generate what it thinks you could get in aid from any school. Maybe one of the other parents can tell you which ones are more accurate than others. I seem to remember that the Princeton (?) website had one that some parents liked. That might give you a basic idea of what aid you might get, although some schools are stingier than others and other schools more generous. Some schools may count the equity your parents have in their current house as an asset, even if they are still paying for it.</p>
<p>Basically, you should tell your parents that you'd like to apply to these expensive schools along with other schools that you and your family can definitely afford (financial safety schools). And you need to tell your parents that if the financial packages don't work out, you realize that you can't go to that expensive school and you are willing to accept that without pitching a fit. </p>
<p>The women's colleges are known for having good finaid compared to many colleges, so you may want to look at Mt. Holyoke and Smith also.<br>
Basically, you will need to apply to a number of schools and see which ones give you a financial package that will work for you. </p>
<p>DO NOT fall in love with any school at this point!!</p>
<p>My guess from what you are saying is that your family's EFC will probably be about the same or somewhat less than the overall cost, including room & board, of attending most in-state universities - that is, you probably can expect enough financial aid from a college like Bryn Mawr to make the cost roughly equivalent to what U. of Maryland would cost (unless you lived at home). I can't guarantee that, of course -I'm guessing an EFC of about ~$15K - but if you use the financial calculators you will get a better idea. </p>
<p>Go ahead and apply to private schools with U. of Maryland as your "financial" safety - and see how things come out. I never thought I would be able to afford a private college for my son, but when the numbers were all in, it was a different story.</p>
<p>Peep, I agree with Calmom, although I do not know what your efc will be. I suggest that you apply to the schools that you like, but make sure that you have couple of financially safe schools that you can be happy at as well. When the financial aid offer is given you can make your decision. Too many students gain admission, but then are unable to attend for financial reasons. Do not fall in love with a school and decide that this is the only place for you. Keep a level head about it, just make sure that you have some schools that your parents feel that they can afford to send you to, and do not put yourself or your parents into an unreasonable amount of debt.</p>
<p>"Basically, you should tell your parents that you'd like to apply to these expensive schools along with other schools that you and your family can definitely afford (financial safety schools). And you need to tell your parents that if the financial packages don't work out, you realize that you can't go to that expensive school and you are willing to accept that without pitching a fit."</p>
<p>Great advice from ellemenope. If you can assure your parents that you have a good plan B in the event the financial package doesn't work out, then they will be more willing to accept you applying to the more expensive private schools. I also agree with what others have said, "don't fall in love with any one school." Apply to your dream schools, have good safeties to fall back on, then hope for the best. That's what we are doing! Good luck!</p>
<p>Your situation is very similar to my Ds - we are from MD have similar income and circumstances and have an EFC of $12,000. D applied to 10 schools with 2 being financial safeties. She was able to get significant enough financial aid to attend a very expensive private university out of state so the plan did work. Great advice above and it is possible to do it.</p>
<p>I'm not a parent, but I'd like to add that you don't necessarily have to accept "defeat" right off the bat if you don't want to. </p>
<p>I knew that I would have been unbelievably unhappy if I did not go to a good school in an urban area. I was just too bored in high school and really needed to be in my own element. The issue was that my family did have financial issues and my mother was ill, resulting in high medical bills. Essentially, my parents couldn't really pay anything, and I had to foot the bill.</p>
<p>I'm now a senior at a school that costs $42,000 a year (including room and board). I'll graduate with substantial debt, but I'm going into a field where I'll be guaranteed a great paying job come graduation and, after working through the numbers, I know that I'll be more than ok. It's not an easy road, but you can pay for school yourself IF you really want to. I agree with ellemenope that you shouldn't fall in love with any school, but I also would carefully consider what you need to make you happy. You have plenty of options--one of the great things about being a high school graduate who is smart enough to go to college.</p>